Using Data to Prove Your Team’s Social Success
There’s so much data surging through our new social world—from personal data volunteered on social networks to offline consumer data to engagement data from both brands and users. Marketers are faced with quilting together data sets, and integrating various analytics systems, in order to answer critical questions: How do my social goals map to business objectives? How is social making a business impact? Which elements of our social strategy are really moving the needle?
Current analytics tools, such as Spredfast Insights, offer marketers an understanding of message resonance, audience demographics, and campaign performance. These are really important concepts that need to be measured. But, there’s still a gap: How does a stellar social campaign translate to more sales, new customers, or the other important measurements by which your business measures success? Extra spreadsheets and reports are part of an arcane exercise to bridge this gap, but they are inefficient and fall short of the goal. The problem: they are all focused on external factors like industry benchmarks, trending topics, and generic definitions of success.
But, marketers also have internal business goals that they need to achieve through social. In their simplest form, these goals may tie to a bonus plan, while ultimately, they can define the contributions of your social team to overall business success. Smart marketers customize social goals of reach, activity, engagement, and impact within the context of their specific organization. Define which metric(s) support desired impact, for example, CTA downloads, sales conversions, and website referrals. You should track social analytics the way you define social success goals.
Spredfast Performance Index is launching today, and it connects social performance metrics with business impact. Uncovering the business value of social is a real issue that we know many big brands face today because they expressed their pain points to us. We listened to our customers, investigated current market offerings, and developed a unique solution that also highlights our vision of social analytics: to move beyond reporting raw social data and align social strategy with business objectives. And now we’re proud to introduce Spredfast Performance Index to the world.
Social analysis is not one size fits all. Since organizations come in all shapes and sizes and often have multiple brands, regions, and departments, each social strategy differs from the next. The Spredfast Performance Index is organized as a collection of “cards” allowing each social team (brand, region, or department) to create a unique success algorithm that contains individual reach, activity, engagement, and impact metrics.
Impact metrics correlate with the desired outcome of social activities, such as website clicks, sales conversions, and number of downloads. These business impact metrics are critical to alignment with business objectives and pull together relevant data sources, such as Google Analytics, Omniture, and Point of Sale data.
Social Strategists can also weight these metrics and categories indicating relative priority of specific goals in relation to others. This way, it’s easy for digital leaders to understand how each team’s social activities relate to real business impacts and they can compare the individual performance of teams across their social portfolio.
Social teams can also work smarter towards business goals. With visibility into trends that map to these goals, teams can take immediate action and quickly pivot when tactics just don’t work, instead of waiting for generic reports when it’s too late. This gives everyone the ability to march towards the same, easy-to-understand goal.
As a global food company, with brands such as Campbell’s, Pepperidge Farm, Prego, and V8, Campbell Soup Company manages a portfolio where each brand has unique target audiences, specific value propositions, and individual business goals. “We're constantly looking to connect both new and loyal consumers to Campbell brands around the world in personally relevant ways,” said Marci Raible, Director, Global Media at Campbell Soup Company. “We chose the Spredfast Performance Index to gain meaningful social insights and keep a constant, fresh pulse on our social engagement.”