Protecting your investment on a changing social media

InsightAsia Singapore recently welcomed ProRelevant's Guy Powell to a discussion on how brands and marketers can keep pace with a rapidly changing social media environment. Take a look at what we learned...

The last few years have seen discussion about communications strategy in Asia move quickly from viewing digital and social media as fringe efforts to ones which are central to media planning.

Social media marketing is no longer just about going viral and getting earned media. It’s more about finding the most effective way to combine paid media with your efforts to bring in organic traffic.

This is thanks in no small part to Facebook and other major platforms moving towards a paid model, combined with an enormous shift towards users consuming digital information via mobile. Key players in this space now exercise huge control over who sees what, and for how long. Of course, this is influenced directly by the revenue they earn from advertisers.

In order to develop the best social media strategy, marketers must consider how social now needs to fit in with their overall marketing strategy. Gone are the days of vanity metrics like simple views. Instead, success on social is measured as a more truthful reflection of impact, with criteria like:

  • effect on a brand’s image
  • ability to track audience behaviour
  • interaction between digital and traditional media.

 

How does social media influence consumers?

The most important thing to consider is how social media influences a consumer’s purchase decisions. That is, how consumers:

  • become aware
  • generate purchase intent 
  • build brand preference.

Secondly, we need to consider how consumers consume media. Media consumption has moved from a relatively straightforward process to a complex zig-zag pattern of media consumption across devices, times and locations.

Lastly, we need to consider how consumers consume messages. Often, the same message can be perceived differently, depending on the context in which it’s presented. One big ad campaign can disrupt competing campaigns for an entire sector!

By understanding how context informs reception, we can increase social media effectiveness in significant ways.

 

Executing and measuring your strategy

But marketers don’t live by strategy alone. They also need to execute their strategies and measure effectiveness in near real time and stay flexible, making short-term course corrections in order to deliver the highest ROI possible.

ROI can be measured in many ways but the top methods include:

  • last touch or last click attribution
  • experimental design
  • marketing mix modelling.

Of course, each of these have their pros and cons. The best way to measure ROI should be decided on the goals and needs of your business, but should always be formulated to:

  • reasonably form assumptions and provide a good level of credibility
  • scale up and be continually refined as new data emerges
  • allow for fast optimisation based on this data
  • accurately model consumer purchase behaviour
  • account for the interplay between different media platforms.

By fostering a deeper understanding not only of the way consumers interpret marketing messaging but of how to measure their reactions, the power of data-driven social media marketing can be a powerful ally to your more traditional channels.

Take a look at Guy’s full presentation here.

Has this got you thinking about taking a fresh look at your efforts on social? Want to talk about setting new goals to ensure your marketing is working hard for you? Reach out to ramesh@insightasia.com today.

Posted on July 11, 2016 and filed under News.