Another article about tying an ROI to your media expenditures.
Perhaps the most pressing question in online marketing today is: How can Facebook or Twitter translate to monetization online and why should luxury brands support this effort?
As of today, Facebook has over 500 million people active. That’s approximately 1 in 13 people who log on any given day. Luxury brand marketers simply cannot afford to ignore these numbers ¬– the value and reach of this social media tool are too tremendous and it’s only growing. There’s no telling if any marketing platform will be bigger than this tool in our lifetimes — meaning your brand needs to be on Facebook.
It is still not clear whether social media is the direct reason that someone goes into a store and buys a product. But if you’re a savvy CMO, you need to be able to explain to your CEO why an investment in social is necessary. Allow me to paint a snapshot.
Every fan or “Like” on Facebook has value. When you mention a brand on your status update, or wall, you are automatically entered into a digital community of people who also have mentioned this brand. If your company spends advertising dollars with Facebook, then those who work at Facebook will be much more willing to help you get these fans. Still here?