Six Key Aspects of Inbound Marketing ROI: Part 1 Brand Health
Ok, so your business has decided it is finally ready to invest the time and resources into social and inbound marketing activities. The most critical first step you will need to take is to ask yourself and your stakeholders to determine what the business expects these activities can positively impact.
Whilst the social channels and devices constantly evolve, one thing will always remain constant – the top line goals of the business.
In our practice, we introduced a Social Media Measurement Compass inspired by the work of Susan Etlinger of Altimeter. She created and delivered this concept in her marketing manifesto A Framework for Social Analytics and we have since adapted it to become a building block during our CIMA™ Audit process and essential to effective social and inbound marketing strategy implementation and shared herein with grateful attribution to Altimeter, Susan and Charlene Li.
(Authors Note: I had the privilege of hearing Susan articulate the origin of the compass in a green room chat at #Engage2013 in New York City and she is equally eloquent in person as she is on paper!)
The first in the visual narrative is Brand Health. A pedestrian definition of brand health is what others feel, think, say or articulate by their actions about your brand. Monitoring this critical component has many benefits. It can alert you of potential threats and dynamic evangelists. Paying attention to the volume of conversations online, and comparing them to the amount of mentions of your competitors will give you an indication of share of voice.
This powerful number will give some depth to how your above the line campaigns are resonating, how your company is perceived, and what is most popular among online stakeholders and should not be minimized.
Whilst essential, the best word of mouth and brand signal is never a result of a massive advertising spend. It is typically a result of a business just being awesome with their product, customer service, a good place to work, and a bi-product of well-executed corporate social responsibility.
Some other essential metrics around this critical component is the lifetime value of the customer. Measuring the loyalty and duration of a relationship, increased and made more obvious through digital, mobile or social campaigns aligned with churn (the attribution due to causes beyond a business’s control) are two factors in identifying the requisite volume of leads that need to be attributed to such activities to determine their raw impact and value on an annual basis.
Brand Health is often a top priority for c-suite executives when investing in digital, mobile and social media strategy. If your organisation is concerned about whether your social activities contribute to brand loyalty, this is a key aspect in measuring your return on investment and influence.
This was the first part of our 6 part series in the Six Key Aspects of Inbound Marketing ROI. The next instalment, Part 2 – Revenue Generation is only a click away.
If you enjoyed this blog – please check out our latest ebook – “The Inbound Marketers Manifesto“
About the Author
Stephenie Rodriguez founded Mighty Media Group, a leading data-driven digital, mobile and social marketing strategy and solutions firm, in 2004 and is currently the company’s Chief Executive Officer. She is also the former publisher of Ocean Drive Magazine (Australia), a speaker and futurist on all aspects of social technology, an evangelist of engagement, and has advised companies including SSP – The Food Travel Experts, Austereo, JR/DutyFree, Radar Group of Companies, Transfield, Allied Mills, Lincoln Indicators, Income Solutions, and Bayer (Berocca), Toyota, Mercedes Benz, and the UN FAO. You’re likely to find her Tweeting here @digitalgodess or present at events such as #SXSWi, #TFWA, #Tedx and #SocialBiz.