Social Media – Slashing Marketing Costs by Measuring Results

Many firms that are slashing their PR and advertising budgets are boosting their social media spend. In fact, the funding for social media projects rarely even comes from the PR budget anymore. Money often comes from product marketing, business development, or a general marketing fund for a project.

If the CFO puts an axe in a marketer’s hand and forces some chops to the marketing budget, where’s the blade going to strike first? The most vulnerable things are either difficult to measure or are delivering weak results. If there is no life in advertising click-through metrics, a good marketer views the activity as deadwood and chops away.

An effective social media process starts with a definition of business goals and ends with a continual assessment of metrics to support these goals.

Increase web site traffic – usually to a specific section like the product page, community portal, or blog;

Increase product downloads – this is usually a key goal if there is a free or community version of the product;

Increase registrations – companies usually require registration to access support information, participate in a contest or survey, download white papers, access documentation, or get access to product demos.

Marketers are tracking customer behavior on their website more accurately with lead nurturing systems. They combine these systems with web site analysis tools such as Google Analytics to make decisions on which marketing programs deliver results they care about.

If you can’t measure it, it doesn’t matter.

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