Social media marketing isn’t short of metrics like click-through rates and conversions, and others. In spite of all the data social media marketing provides, however, it’s becoming less and less convincing in the boardrooms.
The board doesn’t really care for likes and engagement
A like means engagement, and engagement means interest in the brand; retweets and reviews are free promotions. However, the boardroom doesn’t really care if it doesn’t bring in paying customers, so if that’s not being boosted, then everything else is irrelevant.
According to the Bango Board to Death survey, which surveyed 200 CEOs, 65% stated they don’t care for hearing about likes, with 76% saying retweets don’t matter, and 66% saying that impressions aren’t really valuable to them.
This means that, overall 59% of CEOs believe that the digital marketing metrics that aren’t associated with sales don’t mean anything to them, while 62% say that too much marketing budget is wasted on things that don’t actually deliver meaningful results.
The truth about social media ads
In spite of the fact that Australian digital marketers spent $2.5bn on social media ads, they’ve been losing power.
This is because what people like on social media and what they search for doesn’t amount to a 1:1 ratio on the things they buy, meaning that behavioral targeting campaigns, the kind that social media ads fall under, are mostly guesswork. CEOs are seeing this, and are refusing to roll the dice like they did in the past.
In the place of behavioral targeting, purchase behavior targeting has been gaining traction in the industry that would most be interested in king kong advertising reviews and the like.
What’s different about purchase behavior targeting is that it backs up data from social media with third-party purchase data from outside of social media networks, analyzing payment information from multiple purchase channels to help marketing campaigns target people whose spending history means that they’re likely to buy.