ROI from social media?
10/01/10 22:17 Filed in: Technology
On the PropertyTribes.ning.com website people tend to
discuss residential real estate investing in the UK.
Maybe better known as property investing in the
specific market. The founders of the site, Nick and
Vanessa, also have a passion for social media and its
business usefulness.
Right now there is a bit of a debate that I characterize as ships passing in the night. One side seems to be advocating Social Media as the future while the other side is championing the standard direct response mantra: test everything and only focus on marketing which can trigger a direct response.
I did a week long class with Jay Abraham where he drilled into the students that everything you do should be tracked so you know the action response pair. If you run an ad, post a comment or do something else you really want to monitor the result so you know what to do next.
The use of social media is still in the early stages. People are struggling to measure the ROI.
Brand advertising tends towards fuzzy measures of ROI. Nothing all that direct compared to the results of a well run direct marketing campaign. Social media in today’s world is very much like brand advertising. The touchy-feely form of feels good branding. Good brands have long tail value. Social media seems to be well in the brand camp and not a tool where one can easily know what it costs vs. what it produces in terms of ROI.
For the PropertyTribes.ning.com discussion, follow this link. Once you get to Colin’s post in the thread you will be at the ’start’ of the discussion, social media vs. measurable marketing.
Personal bias. If you engage in direct response marketing correctly the customer will tell you what to spend money on through there actions.
-John Corey
Right now there is a bit of a debate that I characterize as ships passing in the night. One side seems to be advocating Social Media as the future while the other side is championing the standard direct response mantra: test everything and only focus on marketing which can trigger a direct response.
I did a week long class with Jay Abraham where he drilled into the students that everything you do should be tracked so you know the action response pair. If you run an ad, post a comment or do something else you really want to monitor the result so you know what to do next.
The use of social media is still in the early stages. People are struggling to measure the ROI.
Brand advertising tends towards fuzzy measures of ROI. Nothing all that direct compared to the results of a well run direct marketing campaign. Social media in today’s world is very much like brand advertising. The touchy-feely form of feels good branding. Good brands have long tail value. Social media seems to be well in the brand camp and not a tool where one can easily know what it costs vs. what it produces in terms of ROI.
For the PropertyTribes.ning.com discussion, follow this link. Once you get to Colin’s post in the thread you will be at the ’start’ of the discussion, social media vs. measurable marketing.
Personal bias. If you engage in direct response marketing correctly the customer will tell you what to spend money on through there actions.
-John Corey
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