3 Ways Social Communities and Engagement Will Redefine Marketing
The growth of social media provides many new opportunities for brands, including the ability to identify best customers and influencers, and to actively engage those influencers to grow brand advocacy and community. Naturally, it's this prospect that's helped fuel the enormous growth in spending across and within key social communities like Facebook, YouTube and more.
But as always, marketers have been pressured to do more with less, particularly in today’s tough economy. That means even more pressure to track and measure marketing program success. For many marketers that success is increasingly defined by engagement and the ability to measure its value and impact on the brand. But what's the value of engagement?
One of the best studies I’ve seen on this front was conducted by Aite Group. The study looked at the relationship between Generation Y and their banks. It dove into how the level of engagement impacted loyalty, influence, advocacy and sales. Specifically, Aite Group found that highly engaged Gen Yers are significantly more likely to use their debit cards, pay their bills online and receive email.
These users were also more than 3.4 times more likely to use their bank’s website and social networks to research products. Additionally, highly engaged Gen Yers were found to be high-value customers. Specifically, they were 86 percent more likely to open new accounts, 73 percent more likely to recommend their bank and 62 percent more likely to trust their bank.
While the value of engagement is likely to vary by industry and brand, one thing is certain: Social engagement is an important component to add to your integrated marketing tracking and it will have a profound effect on the way you plan, target, execute and measure marketing for many years to come. Here are some of the most important changes you'll see as a result of realizing the enormous value of catering to highly engaged consumers who use social media and influence others: