WWW.CHIEFMARKETER.COM SPRING 2013 15
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THE MULTIPLIER EFFECT
This metric multiplies the number of
impressions by the follower count. The idea
is that if you can get an influencer with a lot
of followers to retweet or share something,
your reach will be greatly expanded.
important to try to figure out who the
followers are and how important they might
be to your brand, and then to make the best
possible effort to reach those influencers
online and measure that multiplier effect.
CAN SOCIAL DRIVE SALES?
How do you know if your social marketing
is driving sales? This is a no-brainer
i a a
Hoerbelt says. can easily
and efficiently tie back your social activity
to sales by driving fans to your website.
But if a retailer or a CPG brand,
you have limited options. One way is to
use couponing to test the effectiveness
of your marketing in social or encourage
participation in other
Try giving unique coupons to your Facebook fans or Pinterest followers and track
redemption rates. Again, be careful not to
overuse this tactic without getting something from fans in return. Encourage them
to enroll in your CRM or loyalty program.
Keep an eye on the health of your communities by looking at qualitative metrics, such
as what comments getting. If you
receive a lot of consumer comments begging for coupons, that could be a bad sign.
If you receive product praise or an increase
in advocacy metrics, your brand is on the
right track to driving trial.
For example, Coca-Cola has over 59
million Facebook fans. If it posts a photo
with brand messaging, that post probably reaches millions of people. The cost of
those impressions starts to rival the cost
of TV impressions. One could even argue
that these impressions are more valuable because a lot more is known about
the audience. Facebook gives you precise
demographic and geographic information.
Surveying that audience and testing different types of posts can give you even more
psychographic information. If Coca-Cola
then puts out a coupon, a 2% redemption
rate would mean a great deal. If your brand
have that kind of reach in social, it is
a lot harder to see its impact on ROI.
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There are two types of mentions that are
important to track. The first is an official
mention, say in a Twitter feed, that is seen
by that followers. The second is
harder because a general word like
could appear hundreds of times, making it
almost impossible to understand in what
context the word was used.
much of the analytics doing
today is hard because its text, and computers very good at analyzing text, only
absolute Shedd says.
establishing the correct benchmarks, marketers can determine the
positive or their social efforts
are having on shaping brand sentiment and
its impact on brand says Brad Nierenberg, president, RedPeg Marketing.