Ian Kooperman

Associate Director, Social Media

Assessing The True Value Of Your Social Media Investments

As marketers, we realize the consumer’s path to purchase is not as straightforward as it once was. People now use a variety of devices when determining which product is right for them, and they make purchases across a number of locations and online channels. Right now, the question that most social media marketers struggle with is how to determine the online and offline sales effectiveness of campaigns. Let’s take a look at how you can prove the value of social media through online sales, offline sales, and in-store visits.

Online Sales
During my time leading the Social Media team I have heard “Social Media doesn’t drive sales. It is only good for brand awareness”, or “You can’t expect to make sales simply from an ad on Facebook”. But both statements are not true, the reason being that a majority of marketers still utilize a last-touch attribution model. This way of allocating credit for your marketing channels allows for bias, giving all the credit to the last touch point a user hits. For example, a customer may see an ad on a social platform, visit that product’s landing page, receive an email about the product, and then finally purchase it through searching on Google. In last-touch attribution, search would get 100% of the credit. However, it shouldn’t because the purchase may not have occurred without the other touch points leading up to it. In a last-touch attribution model, social will not be able to prove its value.

At Rise, we recommend and utilize multi-touch attribution to understand the impact of your social investments. It allows marketers to measure the effectiveness of each and every touch point that leads to the ultimate sale. Fair attribution is not only better for the marketing channels involved, but also as a whole for the brand’s bottom line.

Offline Sales
Assessing the efficacy of social media campaigns offline can be a challenge. This is because establishing a direct link between those campaigns and offline sales is often a guessing game, particularly for smaller to medium size brands. One way advertisers connect offline sales to social media campaigns is to upload offline data manually. Unfortunately, this process is tedious, time consuming, and usually isn’t completed until days or weeks after the campaign has been activated.
 
However, it is important to have this information in real-time. In order to do so, Rise applies an offline conversion API to match transaction data from a customer database or POS system to ads reporting. This ultimately allows for an understanding of media performance in real-time. By connecting campaign exposure data to offline sales transactions, marketers can understand which campaign strategies are truly generating real business returns.  Additionally, having the direct connection to a social platform is key to being nimble, optimizing campaign performance, and justifying higher digital marketing budgets.
 
In-Store Visits
Despite the boom in online shopping over the past decade, people are still going in stores to purchase products. A challenge to many brick-and-mortar businesses is measuring the impact of their advertising campaigns on store visits. The majority of brands I have worked with want to measure offline sales but aren’t focused on how to actually get consumers to their stores, let alone evaluate store visits. One strategy to achieve this includes targeting people in a radius around a store, then automatically populate ads showing the store location that is closest to the customer. Once the users have been reached online, we can then assess if they visit the actual store. After that, we are able to take this even further by re-engaging with these specific audiences, or utilize look-a-like modeling, created from people similar to those who visited the store. This opens up a broader audience of new customers to reach.
 
Technology has wholly disrupted the way purchases occur. Consumers are no longer loyal to a single brand or type of shopping. They now shop in an omni-channel fashion, sometimes buying on a mobile device while in a brick-and-mortar store, or browsing a marketplace before heading to a category-specific site. Due to Rise’s unique measurement system—incorporating online sales, offline sales, and store visits—the ability to create an omni-channel measurement framework for even the most sophisticated client is possible.  
 
If you have questions on how you can prove the value of your social media investments, contact Rise today.

04/24/2018 at 06:05

Subscribe to
the Rise Blog

Sign up to receive valuable industry content, delivered straight to your inbox.

or Close this form

 

Want More?

Subscribe to the Rise blog and we'll let you know when new articles are available.

You might be interested in:

Blog / Analytics, Social Media

Facebook Analytics: Tracking Customers Through Their Entire Journey

Read More

More than 40% of adults online start an activity on one device but finish it on another. They [...]

Blog / Web & Mobile Development, Analytics

Fashion Digital New York: Creating a Testing Culture

Read More

Hundreds of e-commerce's most fashionable marketing and tech gurus gathered in the Big [...]

Blog / Analytics

Why Qualitative Insights Are the Missing Piece in Your Analytics Strategy

Read More

User experience analytics has emerged as a major differentiator for businesses. In the age of [...]