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Measure Twice, Cut Once
Google didn't seem to measure their audience quite right when they launched Google Wave and Google Buzz, both of which were new social networks that fizzled rather rapidly. Now Google has launched a new social network called Google Plus (most often referred to as Google+). Did Google measure correctly this time, or will Google+ follow its predecessors into the annals of Social Media history? We've got some guesses on that one!
Speaking of measuring, for a long time now, measuring the ROI of Social Media has represented a major stumbling block for companies not yet on the online band wagon. Because a lot of people who claim Social Media expertise did not go into the online world with a marketing or business background, the true meaning of ROI has gotten a bit cloudy and more mystery has been been created around the concept than what is really necessary. So how can you measure the ROI of Social Media efforts? We can help you with that. Keep reading to learn more!
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It's a Buzz! It's a Wave! No, It's Google Plus!
The last couple of years have been tough for Google, at least in the world of Social Media. After trying to launch Google Wave and then Google Buzz, it seemed like social networking was one area that Google would have to surrender to Facebook.
One thing about being Google, though, is that you don't give up without a fight. Another thing about being Google - you don't have to worry about running out of money! That's why it wasn't altogether too surprising when Google launched another social network, Google+, on June 28, 2011, just in time for people to play with it during the long July 4th holiday weekend.
The Facebook/Twitter/Blogging/Email killer
As people began to explore Google+, lots of buzz (pardon the pun) started about how Google+ would impact other parts of the social web. Because you can divide your contacts into "circles" (kind of like Facebook groups), and because you can mute other people you don't want to hear from, a lot of people are saying that Google+ will end up becoming a formidable competitor for Facebook. Because you have an unlimited number of characters to use in Google+, it offers the advantage of easier conversation, which is why some say it could kill Twitter. The organization of people into the "circles" is also akin to creating email groups. When you post an update, you can direct that update just to certain circles. That feature is why some are saying Google+ now negates the need for email.
For now, all of this is a lot of hype, but it will be interesting to see if Google+ really does give Facebook in particular a run for the money.
Business Implications
For now, Google+ is a bit too "Wild West" for consistent professional use, and it is also just in "beta" format, which means you can only get on the platform by invitation. Even when you are invited, you are not ensured that you will get in right away, which is causing a certain amount of negative feedback.
For people using the platform now, there are already concerns about privacy. Some of the features aimed specifically at businesses, like the "hang-out" feature (a video chat function that can include up to 10 people) need to be tested repeatedly to make sure they offer the confidentiality that businesses require. As of now, when you skim through the Google+ stream, you can see not only who is using the "hang-out" feature, but you can also see who they are "hanging out" with. That could obviously have serious business implications if not used thoughtfully and carefully.
Another obstacle in the way of business use is that while you can see your circles and who you are adding to those circles, you can't see how other people are categorizing you. You just know you're in one of their circles. You also don't know who else is in that circle with you. Ostensibly, a company could create a circle called "competitors" and keep all of their competition, literally, under one circular roof.
We'll be keeping an eye on Google+. Will it outlast Google Buzz and Google Wave? Will this represent Google's long-awaited successful entry into the world of Social Media? It's too early to tell for now, but Google is banking a lot on this venture. We'll see if they measured the risks and benefits of Google+ successfully over the coming months.
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 The ROI of Social Media
If we had to pick a key word for 21st century marketing, it would have to be "accountability." There is little interest in pursuing marketing tactics that do not offer themselves to evaluation and analysis, and that makes a lot of sense. Unfortunately, the myth has spread that when it comes to Social Media, measuring ROI or any kind of success metric is impossible. This myth has convinced some companies that Social Media tactics are unnecessary and undesirable. Factually, Social Media tactics are measurable in the same way that print ads or news releases are measurable. Companies need to have a way of tracking traffic to their website, which can be done using Google Analytics. Companies need to track where customers are in the buying cycle and how they learned about that specific product or service, which can be done using CRM (Customer Response Management) programs. Social Media marketing can also be measured using these strategies. The issue is that a lot of people have been looking at Facebook and Twitter as answers or difference-makers rather than additional tools in the marketing tool belt. The value of a tweetWhen Facebook and Twitter first entered the business world, people got the idea that "ROI" meant how many followers or fans you got in the online world. While this is a "return" of sorts, the number of fans your Facebook page gathers does not ensure that your company will make any money. A lot of Social Media experts have translated this to mean that there is no ROI in Social Media. One expert noted that calculating the ROI of Social Media is as unnecessary and as impossible as calculating the "ROI" of your mother. This is simply not true. Like other marketing tactics, the ROI of Social Media can be measured from your website and/or via your CRM program. Imagine the following scenario: 1. You begin to engage with a prospect on Twitter via occasional tweets and conversation. Let's say over a month you spend a total of 1 hour talking to that person. 2. After a month, you get a click to your "buy now" page. You capture the respondent's information and find out it's the same prospect you've been communicating with over the last month. They purchased one of your products. 3. The ROI of your tweets with that person is one hour of time versus whatever that prospect ended up buying. Bearing in mind that 1 hour is 1 hour worth of someone's salary, you would then be able to evaluate the ROI of your Social Media engagement. This of course means that the time spent on Twitter needs to be tracked, a manageable feat if companies enter into Social Media with clear plans, objectives, and strategies. Where Social Media can play the difference-maker is that you now know a lot more about that new customer than you might have before. You know what he or she looks like. You know what they are hoping to get out of that product, perhaps, and you know how they found out about it. Following up with them will be easy because you've already established a relationship with them. It is that part of Social Media - the personal ingredient - that is hard to measure. If you are hesitating to get involved with Social Media because you worry that your efforts cannot be measured, fear no more. If you want to talk about this some more, let us know!
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Continuing Blogs from a Mad Man
Marketing plans should no longer be based on a calendar year. Read Larry's blog to find out why.
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Sincerely,
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