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Why you should ROFL when asked for Social Media ROI?

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[The next Webinar is “Why Dell is successful in online business without any near competitor?” by Amit Tyagi on 24 May, 3 PM IST]

The Webinar covered exactly what the title said with excellent information on Social Media ROI. He seamlessly challenges the concepts of ROI and gives you new ways to think around this question. Some of the questions that were discussed during the webinar are:

 

Q. When it comes to co-relations, what are the kinds of tools being used by small organizations to measure the co-relation rather than getting into the space of justifying all the investments. Can you share any practical way that companies are taking to build a co-relation or certain steps that can be taken by a small organization? 

A. If it is a really small organization or a really small brand, it means to have the levy to experiment without trying to have put shackles in the entire process. If it is a young brand then it has all to gain and nothing to lose, considering the fact that they would definitely not be able to compete with large players, but all that they gain in terms of optimally using social media. There are various examples of brands that bulge on creativity. Some of the examples that Unmetric keeps covering in their blog is of RedBull, which is a large brand to smaller unknown brands such as GoPro. Lux says that for smaller brands he often thinks that it is suicidal to constrain around a whole thought about social, before even they get started as they need to do a lot more with lesser resources for them.

Q. How will you justify or measure ROI when you are pushing a cause instead of a product?

A. To this question Lux answers that there is a very fundamental level of cause which very much like our product at some levels. A cause is a purer form of conversation than a monetary transaction ever. More often, they are not unless you have a very well funded cause like United Way or something chances are that your budgets are pretty lean if at all your budgets. Here you probably need to focus on earned media and owned media.

Q. I run an offbeat travel company and I m tracking all my clients through Social Media. However, there is not strategy to measure leads and conversion rates. Is there a possibility of automation or any tool that can help me?

A. Lux answers that what they usually do to track their leads on Twitter and different social media is that they we use a different URL or a landing page. This can help you in gauging the traffic that is coming from a particular channel. In fact Google analytics gives you an option of UTM code, which again can help you in understanding the percentage of traffic from different sources.

In terms of measuring leads and conversion rates, just Google analytics would be able to give you that. If you have conversion tracking optimized and goal definitions clearly defined over there, it can effectively measure the conversion rates.

Q. Most of the clients demand niche target fan base, should be we go to Facebook or Twitter with lower or no budget?

A. If you look at the beauty of social, the fact is that content automatically find the niches it is talking to. Particularly, there is no niche of people who love to see people dancing like horses. If you have an amazing piece of content that resonate a particular audience, the audience will only carry it forward. For example, if we talk about the Blendtec video, people specially took out some time for visiting YouTube to share and comment on the video.

To this answer Kapil added that the biggest way of digital in general social is the way you can target the niche audience.

 

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