Measuring Social Media Return on Investment
Harry Dresden is a marketing consultant for Online Advertisers, a modern social media business. He needs to come up with a proposal and a whole sector and an internal review. The business wants to carve a niche instead of vying with existing companies that have the experience and financial strength to outperform it. In doing so, the challenge is to harness the capabilities of Online Advertisers and to build a distinguishing point. The aim is to come up with a solution that measures social media effectiveness. The problem is identifying the most effective means of ascertaining the return on investment that would set it apart from the competition and enable it to carve out a niche market. Hence, the company should analyze the social media industry and ascertain the product it could offer to allow it to claim a reasonable share of the market.
Alternative Solutions
Solution 1: The Company should implement Community Management to represent its interests on social media
Pros: Online Advertisers will have the opportunity to engage current and potential clients in interactive sessions, where it will explain its product offerings.
Cons: The organization might give out information that might be detrimental to customers if it lacks trained staff to implement the plan. Besides, competitors might infiltrate it and seize its opportunities.
Solution 2: The organization should implement a Campaign Management program
Pros: The Company will have the opportunity to highlight its product offerings and win the hearts of potential clients.
Cons: The process could be costly and might backfire as it lacks the technical expertise and financial means.
Recommended Solution
Solution 1 is recommended. Community Management is the ideal procedure because it will give the company the platform to engage with clients directly. Equally, the option is the cheaper of the two options.
Action Steps
1. Establish the objectives of the company and ascertain the expectations of the clients
2. Select the appropriate community engagement platform and identify trainable individuals to manage it
3. Soft-launch the project and measure success to identify areas that need improvement
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