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  • on 04.08.2013
  • at 11:00 AM
  • by Kevin Hind

Measuring social media and the story of John Wanamaker 0

Not many people have heard of John Wanamaker – and if you have, it’s unlikely his name was uttered in the same breath as social media.

You see, Wanamaker came from a different era. He was an American businessman who died decades before the first room-sized computers were dreamt up and almost a century before you could buy your groceries online.

However, he’s most well-known for his quote. “Half the money I spend on advertising is wasted,” he grumbled. “The trouble is I don’t know which half.” Now he was talking about print advertising, of which he was a pioneer, but as it turns out, nothing’s changed. Even in the land of social media.

Half of companies have no ROI figure for the money they spend on social media. You’re on the sites. But how exactly do you measure the efficacy of your presence?

Here we offer up three viable options. None of them are perfect but they will get you a lot closer to how much buck you’re getting for your social media bang!

Metric tools

Using a Facebook tool, or even better a combination of tools such as Conversion Measurement and OptimizedCPM, allows you to record the behaviour of those who click on your ads. You are then able to see click-through rate, purchase rate, and by targeting the right people, cutting your cost of new customer acquisition by up to 39%.

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