Making Decisions by the Numbers
IN THIS CHAPTER
Utilizing metrics to decide
Diagnosing and fixing problem campaigns
Keeping your online marketing grounded
The 2014 Social Media Marketing Industry Report from Social Media Examiner showed that only 37 percent of professionals whose companies use social media said that they’re able to measure their return on investment (ROI). By using the tools for assessing qualitative and quantitative results, including ROI, you can certainly count yourself among those happy few who do.
However, there’s no point in collecting metrics just to save them in a virtual curio cabinet. The challenge is to figure out how to use the numbers to adjust your online marketing campaigns, whether they need fine-tuning or a major overhaul. This chapter shows you how to analyze problems, see what your data reveals, and then use the results to modify your marketing approach.
Using Metrics to Make Decisions
Despite of the hype, social media is, at its core, a form of strategic marketing communications. As a business owner, you must balance the subjective aspects of branding, sentiment, goodwill, and quality of leads with the objective performance metrics of traffic and click-through rate (CTR) and the business metrics of customer acquisition costs, conversion rate, sales value, and ROI. The balance point is unique to each business at a specific time. Alas, no fixed rules exist.
As part of your balancing act, you’ll undoubtedly also tap your instincts, incorporating ...