Should social media generate a positive return on investment?
It’s time to lay to rest any misgivings you may have about using social media to market your business. Not only have blogs, Facebook, Twitter, LinkedIn and other social media channels become legitimate promotional channels but savvy marketers have developed a number of ways to ensure that their social media efforts contribute to the bottom line.
On March 29, a panel of three such experts will convene to give their insights on Monetizing Social Media. Participating will be M Squared Group Managing Partner and Founder Mark Price, Checkerboard Strategic Web Development President Jason Kocina, and Genoo Founder and President Kim Albee. The panel will be moderated by Minnesota Business Publisher Stafani Pennaz. Each panelist will present a short case study followed by a short discussion session.
“Measurement can be qualitative, such as traditional surveys, as well as quantitative in dollar impact of social media,” advises Price. “The key strategy is to move customers from social media into other channels, such as email or the retail environment, in a way that they can be identified as those social media customers. Then their behavior — transactions, redemptions, web site visits and email open/clicks can be measured to provide the start of a financial impact analysis.”
Adds Kocina, “Once we build the infrastructure, we see social media ROI as a four-step process: Start with content streams, establish engagement channels, build your network and then monetize. Using valuable content to connect with those most likely to buy from you is the best place to start. So remember to always include a call to action! Be clear about what you want them to do once you get their attention.”
Albee agrees. “The value of having a social media presence builds over time. We’ve made a tremendous number of contacts in the social world and turned them into customers. There are ways to drive traffic to your website with social media and to measure results. But it’s important to understand that it’s the whole system that delivers your ROI. It takes consistency and staying active. Too many companies make the dangerous mistake of quitting too soon.”
Sponsored by Sales & Marketing Executives International of Minnesota, the event will take place at The Woman’s Club main dining room from 7:30-9 a.m. A hot buffet breakfast will be served. To register, visit www.SMEIMinnesota.org. The fee is $20 for students, $30 for members and $50 for non-members.