Last week, eMarketer released data on how marketers get value from Facebook fans. The results showed, overwhelmingly, that marketers want improved brand loyalty and more customer insight.
Improving Brand Loyalty
After this data was released, there were a lot of tweets saying Insight and Loyalty were tied as the top value drivers for brands on Facebook. But have a look at the third and fourth spots on that list – those sound an awful lot like loyalty measures, don’t they? While the survey results make it seem like Insights and Loyalty are neck and neck, if you include these additional measures it makes Loyalty seem like the number one.
Additionally, some basic analysis should let you link loyalty measures to ROI. Most sophisticated marketers know the value of a loyal customer, so why not link your Facebook data to your segmentation scheme?
Facebook as a Source of Insight
Facebook and other social media channels offer brands additional insight into the perceptions and behaviours of customers. Market research has been providing this for decades, but social media offers two new benefits.
- Reach new respondents: brand research is skewed to the people who actually respond to surveys (in whatever form you use). Gathering data on customer behaviour on Facebook lets your brand reach a different set of customers, whose opinions may have previously gone unnoticed.
- Track actual behaviours: most traditional market research relies on customers to tell you how they feel and what they do, and their statements may not always be completely accurate. The data produced by customers on social networks is based on their actions, not what they say they are going to do.
All too often marketers and strategists gripe that they cannot measure the ROI of their brand’s presence on Facebook – they can measure the cost, but not always the benefit. But the same is true of other forms of market research. Do you measure the ROI of customer surveys?
Social media will continue to evolve and help brands in new ways. Having a full understanding of how this channel differs from other techniques will remain crucial to those who are not satisfied with the status quo.