The industry benchmark for measuring the impact of social media marketing is “engagement”.
Engagement is the metric the social platforms themselves use to show the success of their ad products. Get more engagement and all is good. They use engagement because they can only measure “likes, favs or shares”. They have no lens into the actual “transaction”. Marketers use engagement for the same reasons. It’s very difficult (read impossible) to pull together all the data and tracking needed to gain some intelligence on who exactly is participating across channels.
The problem with engagement is that it does not necessarily correlate to actual ROI.
Likes, favs, shares, pins, check-ins, retweets… none of them can be effectively mapped to roi, and none of them provide all that much utility for the consumer. They’re good to have, but for lack of a better term, they’re table stakes.
Engagement is the minimum CMOs should expect their marketing to deliver.
The real metric all marketers should care about is conversion. Of all the people who saw your ad, how many of them expressed intent to participate? But, not only how many, who actually converted? Only when you understand those statistic are you able to measure the ROI of your marketing spend across any advertising channel.
At Chirpify, we deliver metrics for both intent (how many people raised their hand to take part in your promotion) and conversion (how many people actually participated). We can do this because we enable marketing conversion from any advertisement across any marketing channel – TV, in venue, as well on social. Even further still, our conversion data comes with attribution natively built in. As an integrated marketer you can measure the ROI of ad spend per channel per consumer. When you run an ad on TV and at the ballgame, we enable consumers to participate with either simply by posting a hashtag.
The result is earned media, new customers, and instant measurable conversion tied to social identity, all delivered neatly to your brand’s CRM.
Chirpify enables adidas to engage our customers in fundamentally new ways, leveraging social media as the point of conversion. They’ve allowed us to drive more value – and revenue – from our brand marketing efforts.
Jeremy Darlow, Sr. Brand Manager, Adidas
Independent ROI Studies
Independent ROI studies conducted by our enterprise retail and hotel customers found that their socially connected loyalty members (connected via Chirpify) had the following data points vs non-connected members. To find out more, download the ROI study.
Have a higher NPS score (79% vs 73%)
Have a higher trust in the brand (65% vs 60%)
Spend more with the brand (35% vs 22%)
Mark the brand as #1 in preference vs competitors (62% vs 57%)
Spend 75% more
2X more bookings in the same time period
It’s time our industry moved beyond vanity metrics and CMOs were empowered to know the exact ROI of their ad spend across all channels.