IPA Social Work’s review of 130 recent social media campaigns reveals that only 6% effectively assessed the business impact of the campaign. An article in Research highlights one CPG brand which was successful in quantifying the impact.
“By integrating Facebook data into its traditional marketing mix models, and modelling by these customer journey stages, Ohal was able to determine that Facebook activity was primarily driving the awareness and active consideration stages. Furthermore, Ohal found that viral activity from Facebook users liking, sharing and commenting was generating the greatest incremental awareness, while targeted paid advertising was driving consideration. The impact of these earlier customer journey stages on sales means that Facebook demonstrated a positive return on investment for the relevant period.”
Organizations should start by moving away from counting likes, and instead develop an approach to measure business value, “whether that be in terms of sales, cost reduction, customer satisfaction or other business measure. The diverse case studies show that there is no single best methodology as each organization and its goals will be different.”
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