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The True Social Media ROI
Posted on December 19th 2012
It is getting increasingly difficult (not that it was easy earlier) to justify the investment that the client makes with respect to a social media campaign. Qualitative metrics no longer seem to work in a standalone manner.
As a solution to all this, we at Convonix have come up with the following.
Currently, multichannel funnel and social reports in Google analytics retrospect interactions only over a period of 30 days which means that the long term impact of social media is undervalued. I think all of you will agree with me when I say that some (read: majority of) users interact with your brand via a social platform and convert through some other channel 3/4/5/12/18 months later. However with the default setup of Google analytics for your websites, this is not tracked, meaning your performance reports show this – no. of last interaction conversions = 0, no. of assisted conversions = 0!
Example: Jessica wants to buy a new cell phone. She sees Blackberry do a campaign on social media and interacts with the brand (read: visits their website). She realizes it’s something that she needs to save for. She keeps interacting with the brand for a period of 60 days. After 2 months (60 days), she goes directly/via Google to the Blackberry website and fills up a form/buys the phone.
This is how her conversion path would look like.
Note that this is for a period of 60 days so with the default GA implementation, Blackberry’s GA data will be displayed as follows:
No. of Last Interaction Conversions as a result of Direct Traffic = 1
No. of Assisted & Last Interaction Conversions as a result of SMM =0
But this is not true! Social platforms have also had an impact on Jessica’s purchase decision! Hence the correct figures should be:
No. of assisted conversions from social media = 2
One from LinkedIn and one from Facebook – Remember GA only counts unique platform interactions.
This will only be possible if we can trigger a cookie in analytics that will track Multi channel funnel report data for a period dating back to 2 years as opposed to current implementation of 30 days.
We can access this data by creating a custom report in analytics. Best practice is that you include blogs/forums/article websites also depending on the kind of referral traffic you get from these sections in your custom reports.
Here’s a sample implementation - http://www.convonixanalytics.com/social/referral.html
Let us know your thoughts in the comments section.