When working with social media data, it can be hard to draw definitive links between social media insights and marketing ROI. Maybe you’ve wondered how you can measure the effectiveness of your marketing or advertising campaign? Or maybe you’ve discovered insightful findings about your consumer via social media data but wondered what it means to other parts of your business, like optimizing advertising budgets and placements?
By combining social media insights with their own advertising data, brands can answer those questions and improve their ability to quantify the effectiveness of their advertising.
To demonstrate, let’s start with an example.
Super bang for your buck?
And now you can gain much deeper insights into your advertising strategy — how effective were your ads for each dollar you spent? Which spots resonated better than others? Usually, the ads that most resonate with social media audiences will help you stretch your advertising budget. We can think of this improved ROI as the “worth it” factor.
You could also take a broader approach by looking at total social conversation of your brand overall and comparing volume before and after the ads aired. This type of analysis isn’t just limited to television ads, the same approach can be applied to online or print or any other marketing technique where you are tracking costs and number of ads that run. But social buzz is also just one piece of the puzzle. Social media data gives the added benefit of understanding the why and what behind these metrics. Why did volume increase/decrease? Why did sentiment become more positive/negative? What were consumers reactions to the ads?
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Whatever your advertising budget is and wherever you choose to advertise, social media can help quantify the effectiveness and successfulness of those campaigns (and ultimately help optimize your campaigns) to ensure your ads aren’t just getting expensive air time but are actually engaging with your target audience and generating that “worth it” buzz.