The ROI Obsession

I recently read an article which assigned actual dollar values to social media actions. This Eventbrite blog post explains how they valued our tweets, status updates & emails:

“When someone shares an event with their friends through social media, this action results in real dollars. Our most recent data shows that over the past 12 weeks, one share on Facebook equals $2.52, a share on Twitter equals $0.43, a share on LinkedIn equals $0.90, and a share through our ”email friends” application equals $2.34. On an aggregate level across Facebook, Twitter and LinkedIn, and our email share tool, each share equals $1.78 in ticket sales. We’re seeing this number improve every week with the most recent four-week average equaling $1.87.”

Finally! A legitimate value placed on social media. And I’m not excited because we can prove that there is real ROI involved; I’m excited because now us crazy creative marketers can shove this onto the desk of our clients who’s only concern is turning every marketing dollar spent immediately into two dollars earned.

What these business owners and executives refuse to accept is that social media is NOT about ROI, it is about engagement. It isn’t about page views, clicks or conversions. It is about creating a loyal, engaged online community. What is the value of each brand-obsessed user? How much would a company shell out to purchase a large community of engaged, loyal consumers?

Look at the companies that understand social media: Starbucks, Apple, Google and even Old Spice. Visit their Facebook or Twitter page. You’ll never find Starbucks tweeting daily about products and shouting at followers. They are engaging, which most importantly requires listening.

So marketers, lets bookmark this article and send it off whenever our client starts throwing out their three favorite letters. Don’t let that chain of command of the Fortune 500 company stop you from using social media the right way. Ready, set, engage!

Social Fashion: Polyvore

So I came across a definite online gem: Polyvore. Not only is this site absolutely fabulous, but it is a genius marketing tool.

So here is the run down of the site:

• You sign up in 2 seconds (awesome)
• You drag the bookmark to your toolbar
• You can “clip” any image from websites, like a scarf or bootie you just LOVe
• You can create sets to see how different clothes/shoes/jewelry look together (similar to a page out of a fashion magazine…)
• You can ask for advice of other users on trends and more
• You can share everything on Twitter, Facebook, Tumblr & more

So basically it’s every fashionable girls dream: you can be your own stylist, and get the advice of a huge community of fashion enthusiasts.

The marketing GENIUS part:

• Different retailers can sponsor the site, so that their “sets” are featured. They blend in with the user content and don’t stand out like most online advertisements do.
• The site brings in a user-base of extremely passionate people, who WANT to spend lots of money on the material items being featured on the site. No convincing necessary, just some searching required for the right cut on that bootie.
• You can click on individual items in each set, no matter who created it, and then purchase the item.
• User can express themselves, spend lots of money, and advise others on how to spend lots of money. GENIUS!

…And being a bit obsessed with overpriced shoes myself, I decided to try it out and create my own set. It took my 15 minutes, and I posted to to my Facebook & Twitter in a flash. Check it out below, and go here to see it on Polyvore.