Topic > Count shots on net? Social Media in Review

In the world of sport there is the saying “there is no me in the team”. It is used to express the importance of each player on the ice, field or field. No matter how many goals a player scores, he cannot face another team alone. Social media marketing is very similar. As tempting as it is to look at the final score, or return on investment (ROI), and credit the scorer, there are many more players or metrics that help achieve the outcome. ROI equations – profit from the investment subtracted and then divided by the initial cost of the investment (Finance Formulas, 2014), are used to evaluate whether a new investment or marketing strategy is profitable. In terms of social media investments, however, Business Insider's John Heggestuen suggests that many organizations are realizing that social media is “not a transactional engine or a sales machine” (Heggestuen, 2013). Therefore, ROI calculations are not as effective when measuring social media strategies. This raises the question of how an organization can evaluate the effectiveness of its online campaign. Heggestuen continues to suggest that companies are now focusing on new metrics such as “audience building, brand awareness and customer relationships” (Heggestuen, 2013). He states that this does not mean that the budget for these efforts decreases, but rather that the emphasis is placed on measuring awareness and social reach, rather than financial transactions (Heggestuen, 2013). Russ Henneberry, uses the analogy of basketball assists when explaining the effectiveness of social media in his ExactTarget article, “How to Truly Measure the Success of Social Media” (2013). He states that in business, as in sport, great importance is placed on profits – or ultimately… middle of the paper… audience size, which means that the content should be interesting enough to engage the audience and entice them to click on a link to a website and/or sign up for a subscription. Social media analytics allows an organization to measure and monitor the process of its social media campaign. As Henneberry argues, companies need to look beyond the simple result and analyze the building blocks, the aids, that helped them get to that result. This way they will be able to measure the effectiveness of their social media campaign and improve it in the future. Awareness, Engagement, and Traffic show the planning, execution, and evaluation stages of a campaign. Each of them reinforces each other and contributes to the success of an organization's end goal. After all, as the Canadian Tire Olympic commercial says, “there is no such thing as an unassisted goal” (CT, 2014).