While advertisers and companies alike are often struggling how to measure Return-on-investnment, our guest speaker in class this morning, @laurabower , pointed out that return-on-engagement is actually a quite reliable and measurable way for people to judge their social media influence.
In my Twitter feed this morning, I ran across this story by Casey Hibbard in the Social Media Examiner (via Michael Stelzner ). It showed great usage of social media to encourage attendance and participation at races at the Del Mar Racetrack (horses not cars) in California.
With virtually no other marketing changes, social media boosted attendance this past season by 4.2 percent.
“That’s an increase of 27,000 bodies,” said Craig Dado, senior vice president of marketing at Del Mar Racetrack. “In this economy, I’ve got to be honest, it was a little bit surprising.”
The story goes on to explain how their social media usage came about. It shows a great deal of success and ROE (Return-on-Engagement) for their social media efforts. The company has two websites, as well as a strong presence on Facebook, Twitter, Foursquare & YouTube. The information and conversation on these sites is not one-way promotion, but interactive conversations and sharing with followers, friends, etc.
Return-on-engagement will also play a part in the many conversations about Super Bowl ads. This year, several companies are opting to either involve social media in their campaign (Audi’s hashtag inclusion) or abandoned traditional 30-second spots for more innovative campaigns (Papa John’s No-Overtime Campaign). Other companies are allowing leaking of information and/or parts of their commercials to generate buzz, as with the Vader Volkswagon ad which is a Trending Topic on Twitter today as “Volkswagon Commercial”.
As Super Bowl time nears, I am interested to watch how these new campaign strategies work and what type of ROE they receive!