In August, Denver’s premier social media for business group, Social Marketing for Business – Join the Conversation!, held its annual conversation about measuring social media marketing ROI.
Webolutions Director of Strategic Marketing, Peter Hodges, offered his experience as a member of Bellco Credit Union’s marketing team, specifically referencing a photo contest in which the primary metrics were engagement and reach, measured by number of entries, increase in likes and followers, number of shares, comments, votes, etc. These broader and deeper connections were employed to increase Share of Wallet (SOW) by subsequently using the social media channel to educate current and prospective customers about the full scope of the company’s offerings. Hodges also spoke to broader, more qualitative goals for social media such as thought leadership and brand sentiment, using the opportunity provided by social media to inform about Bellco’s Corporate Social Responsibility initiatives.
Mike Hanbery, Webolutions Director of New Media Strategies, moderated the conversation and gave examples including a Facebook advertising campaign for a Denver-area business district in which the primary ROI metric is email addresses.
Patrick Pratt, Business Growth Advisor at the South Metro Denver Chamber of Commerce, spoke about measuring Relationship Marketing and how groups like the Chamber foster business development through creating opportunities to develop relationships.
Much of the group conversation was about the similarities between traditional networking and online networking and the similarities with which relationship development could be measured across both mediums.
In addition to breakfast treats provided by My Favorite Muffin and Peet’s Coffee SouthGlenn, attendees received handouts that included basic metrics for ROI measurement and tools for tracking and measuring online metrics.
Comments about the Meetup continue to be positive. Examples:
“This was a great Meetup. I learned a lot of practical social media applications. It was well organized…The breakout session was very good.” – Lee W.
“My favorite Meetup group.” – KC K.
In September, 2012, in addition to conversation about Creating a Social Media Action Plan, the group celebrates its third anniversary with a festive atmosphere and giveaways. There is no cost to attend and the entire business community is welcome.
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