evelynchou

Posts Tagged ‘ROI’

Where’s your social gold mine? Facebook or Twitter?

In Business, Marketing, Social Media on 2010/10/15 at 2:00 AM

Nowadays there are a lot of articles discussing the value of your audience in social media sites. Even though Scott Stratten in his latest book claimed “social media isn’t for ROI, it’s for relationship & conversation,” the demand of numbers, return on investment, or even “how much we can cash out of social media” will forever and ever be an ongoing process for digital marketers or those who want to combine their business with online presence.

Forbes recently posted an article comparing social networking value between Facebook Fans versus Twitter Followers. The finding is that your Twitter followers are more likely to buy from brands (37% versus 21% Facebook friends) and recommend brands to others (33% versus 21%) than your Facebook friends. Interestingly enough, Advertising Age, around the same time, featured Eventbrite’s eCommerce result nurturing social networks to drive sales leads. According to the case study, Facebook share generates far more dollar value than the same action on Twitter (Facebook $2.52 versus Twitter $0.43).
Social Commerce
Based on Forbes article & AdAge case studies, I came to this conclusion:
When it comes to possibility of recipient action: Twitter > Facebook 
When it comes to the value per recipient action: Facebook > Twitter

Most of us agree social network has tremendous potential whether promoting brands or driving sales. (not just a bunch of geeks connecting with each other in cyberspace and give those platforms some fancy names. But if you do, you can stop reading now :P) The challenge is, it’s still new for marketers or digital strategist to develop some metrics measuring the value & the cost or each platform.

So which platform is better than the other? To answer this question, I don’t think we should merely look at individual case studies or numbers just because there are way too many variables. I suggest that you ask yourself these questions first:

  • Who is your target audience?
    If you can confidently give me an answer, then ask yourself:
  • Where are your they? Are they only use social networks to complain about bad customer service or are they avid adopters of the technology or applications?
  •  

In my opinion, Facebook and Twitter are two vary different network with very different types of users. To tackle your promotional campaign successfully, you have to at least understand who those users are. While Facebook may have dozens of games & applications to use entertaining or attracting visitors, your customers may not use Facebook for entertainment purpose or simply have no interest “liking” a brand via Facebook over a Farmville reward.

After figuring out your customer behavior & properly segmenting them, you can then look at your offer to see if that would be a relevant draw to the customers.
Personally I like to keep a list separating Facebook & Twitter and matching my strategy towards the uniqueness of each platform. You can try making one yourself.

comparison between Facebook & Twitter

Strategy-wise, I do believe whichever platform you end up using (or both), your campaign has to be connected with your brand.
If your business is about fundraising or nonprofit activities, don’t create a game and ask users to play to win some awards. If your customers don’t even know what a retweet is, don’t tweet about your weekly promotion and put a “please RT!” verbiage at the end of each tweet.
Also, utilizing visual icons or images is always a good action applicable anywhere. People in general like to be pleased in their eyes and I do believe Facebook, in this circumstances, stands a better chance than Twitter. But you can still discover various ways to make your brand “pop,” like NewTwitter’s video functionality.
 
To sum up, discovering your social network gold mine requires sophisticated customer segmentation and relevant campaign. Patrick Vogt, chairman and chief executive of Datran Media also a constant contributor of Forbes article said, “Perhaps a successful social media strategy is not about figuring out the monetary value of a Facebook fan vs. a Twitter follower, but instead involves understanding each social channel and the native advantages of both.”
 
But personally, whether you are my Facebook friends or Twitter follower, you all mean a lot to me.
 
Now, what’s your value assessment for your social network and how do you measure the effectiveness? 

 

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Stop Marketing & Start Engaging – takeaways from @unmarketing book tour Detroit

In Inspiration, Marketing, Social Media on 2010/09/29 at 1:41 PM

It all starts like this on UnMarketing. “Scott Stratten is the president of UnMarketing. Between blah blah blah and blah blah blah…..”

If you haven’t had a chance to read this Canadian guy’s marvelous insight about social media and modern communication, please read on my takeaways from his presentation last night. Scott is great, sharp, insightful, and…hilarious. And he absolutely shake my head with his ideas of social media and how to communicate.

Here are some ideas Scott threw at Detroit last night:

  • Social media ROI – “Forget about ROI. Social media sucks in conversion but rocks in building relationships & engaging conversation.”Takeaway: You have to watch Scott’s animation when he talks about ROI. Besides laughing at the idea of companies or #sm gurus using statistics to prove how important this new communication medium is, I was sort of relieved the concept Scott proposed, that neither Twitter nor Facebook is a shortcut for relationship. The 140-words-limitation might force us to make content more effective, but the key lies in how you use these social media tool, not to sell, not to blast, but to engage and talk.

    But again, as an in-house marketer, I get freaked out while being told the ROI is going to suck at any tool or medium being used. So there, I contribute to one of my favorite article about social media analytic tools http://www.dailybloggr.com/2010/03/social-media-monitoring-tools-analytics/ (sorry, Scott!)

  • All the social media channels should enhance one another. Build platform first, and establish individual stream for each platform.Upon writing this, I can still hear Scott screaming in my head, “Please, do NOT feed your tweet with Facebook status!” The difference between each platform (limitation of words & how people use it) reflects the complexity (and beauty) of communication. Some people like to read concise & straight-forward messages, (Scott’s recommended tweet length: 120 words) So when the person sees the unfinished tweets and has to click on the link, then being directed to facebook status, the communication flow has been interrupted.

    Takeaway: create unique content & feed the platform on purpose. Nobody likes to go through more than one platform to have a normal conversation.

  • Consistency is the secret of success in social media

    Again, among all the content frequency myth, Scott points out he hasn’t blogged for more than a month (confirmed. His last blog is back in Aug 2010) and he doesn’t want to blog for any of the SEO purpose. “Want best SEO for your blog? Then write awesome content!” Hopefully my blog about UnMarketing book tour is qualified as a half-awesomeness 🙂
  • Sometimes you just have to polarize

    I guess the concept scare lots of people as we all try our best to manage our online reputation. As we cater to more readers, customers, the core value of products or services gets diluted. This is a scary part for me too but I guess practice makes perfect. If you have some advice taking a stand and embracing all the feedback, please do share
  • Liking auto-tweets? Please don’t.

    We all want others’ attention or feedback but that doesn’t mean we can manipulate the way how communication works. True, if you set up your tweets to go out 3AM in the morning, people in the other side of the world more likely to read your blog or even comment on it. And chances are they will retweet or exchange ideas. But what happens after 5 minutes (action taken time after a tweet)? Nothing. (because obviously you’re asleep) This kind of communication drop does more harm than help to your content strategy because it ruins the flow. You may still be able to follow the stream and answer the questions, but the vibe has already been missing.

Overall, quite an eye-opening experience hearing a successful tweep talking about his strategy and passion. I remember times I tweet like a maniac and then just wait to count followers or Klout. Those times have gone, gone to the fundamental idea Scott has been pounding us on, again and again, that social media doesn’t speed up the purchase cycle, doesn’t all of a sudden win you a thousand new customers, it’s simply a great channel to start relationships.

How do you like to use social media engaging your readers?