What is the ROI of Social?

Every time I get asked that ROI of social, I just want to walk away. Its one of the few questions in the world that I am starting to get annoyed at. I understand that when most people ask me this, they don’t really know how to calculate the impact of social. They just think we need to be broadcasting on all of the social platforms, all the time and track all the clicks to the sales. I wish it was that easy.

I wish I can just say what Gary Vaynerchuk says, when he replies to that question, with “What’s the ROI of your mother?” I would love to say that. To me that is a great answer. Can you really answer that in a quantitative, concise way? Here’s the video:

Let’s really answer the question, What is the ROI of social? My answer: A Long Term Customer Relationship. Social can help you engage in real time, be transparent, be authentic, and build a personal relationship with someone. Today customers expect personal targeting mixed with a customer experience that caters to them 24/7. Why shouldn’t they? You have all the tools and they expect you to deliver an amazing customer experience.

The Best Marketing in the world is “Word of Mouth.” Social helps you spread that word faster than you have ever imagined.

When sales teams ask me, why should I be on social, I increased my sales 10% from last year? My answer to that always is, “that’s great, but wouldn’t it better if you increased it 12% or 15%” Social helps you enhance your value which in turn can enhance your customer acquisition.

This is how most companies measure Social ROI:

  • Filled-out contact forms
  • Online purchases
  • Time on site
  • Engagement with content
  • New visitors vs. returning visitors
  • Pages per visit
  • Link clicks
  • Newsletter signups
  • Asset downloads
  • Social interactions
  • Video views

Now this list above is very important, don’t get me wrong but we should also look beyond this. Our approach to social should be different, instead of me talking about it, I will let David Meerman Scott enlighten us.

Originally posted on LinkedIn 

@mjassal

Manpreet Jassal

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The 4 A’s, C’s, E’s and P’s of #DigitalMarketing

Anyone that first formally started learning about marketing is familiar with the 4 P’s. Edmund Jerome McCarthy introduced the Marketing Mix which we now know as the 4 P’s. Professor Philip Kotler (who I love) popularized the 4 P’s even more in his 1967 book called The Principles of Marketing, which is now in its 16th edition. Here are the the famous 4 P’s:

Productitem that satisfies what a consumer demands

Price amount a customer pays for the product

Placedistribution of the product

Promotionmethods of communication that a marketer may use to provide information to different parties about the product

But now marketing is going through a paradigm shift and some are calling for these to be reinvented and change part of the mainstream thought process mix. Jagdish Sheth, Professor of Marketing in the Goizueta Business School at Emory University, wrote in 2011 a book titled “The 4 A’s of Marketing: Creating Value for Customer, Company and Society.” Robert F. Lauterborn, Professor of Advertising in the School of Journalism and Mass Communication at University of North Carolina wrote in 1990 about the 4 C’s of Marketing. Brian Fetherstonhaugh, Chairman and CEO, OgilvyOne Worldwide wrote in 2009 about the 4 E’s of Marketing.

Here is my breakdown of the A’s, C’s, E’s and P’s:

Acceptability—>Consumer—>Experience—>Product

Affordability—>Costs—>Everyplace—>Place

Accessibility—>Convenience—>Exchange—>Price

Awareness—>Communication—>Evangelism—>Promotion

The 4 A’s: Acceptability, Affordability, Accessibility and Awareness. According to Professor Sheth, “the 4A framework derives from a customer-value perspective based on the four distinct roles that customers play in the market: seekers, selectors, payers and users.”

The 4 C’s: Consumer, Costs, Convenience, and Communication. According to Professor Lauterborn, you have to start studying Consumer wants and needs, understanding their Cost to satisfy that want or need, thinking about Convenience to buy and communication that creates a dialogue.

The 4 E’s: Experience, Everyplace, Exchange, and Evangelism. According to Fetherstonhaugh, you have to stop thinking just about your product and start thinking about the full Experience, intercept consumers on their turf and on their terms, and that could be anyplace or Everyplace, offer your consumers something valuable in Exchange for their attention, their engagement and their permission, all to inspire your customers in becoming Evangelists for your brand.

All of these mixes have one thing in common: Creating “Value” by looking at marketing through the lens of the Customer.

I am sure there are more 4 letter marketing mixes out there but I really liked these because they are customer-centric. The 4 P’s for me stand as the foundation of any effective marketing campaign. Realizing we do have to speak the in the language of the customer I think the 4 A’s C’s and E’s are a great way for the modern marketer to get started in a world where demand for inbound/content marketing is increasing to provide a valuable customer experience.

Originally posted on LinkedIn on March 16, 2015.  

Manpreet Jassal

@mjassal

The Best Marketing Advice I’ve Ever Heard

I am a huge fan of the Content Marketing Institute (CMI) and I believe that Joe Pulizzi and Robert Rose have been doing a phenomenal job of bringing insightful thought leadership around content marketing to marketers around the world.

I was reading a blog post on their site last week and they were interviewing Robert Rose and it gave me one of the wisest, most sound marketing advice I have ever heard. Just to let you know Robert Rose is the Chief Strategy Officer at CMI and he was talking about his new book coming out called Experiences: The 7th Era of Marketing.

They asked him what was the most valuable advice you have given personally or professionally? He told them that his grandfather was a wealth of information and advice and years ago he shared this wisdom with him:

What experience have you created for somebody lately?

After I read that I thought to myself wow I can’t believe how amazing this is! I paused and thought about it for a minute. You can use this advice for so many areas in your life not just marketing. But since I had my marketing hat on (or turban) this is probably the best marketing advice I have ever heard.

Every day that goes by marketing now is becoming more of a customer approach, experience and service than just advertising. The way people want to be approached, engaged, acquired, and retained all relates to the experience your brand provides for them. Take any brand in the world, when customers think about them they relive the experience in the mind. Our job is to create the best possible experience we can through all the channels available to us in this digital business era. Going through that experience you learn a lot about yourself and your business.

My Instant Change: The steps I now take in formulating my marketing strategies should have a great and meaningful answer to the question “What experience have you created for somebody lately?”

Thank you Robert Rose’s grandfather!

Manpreet Jassal

@mjassal