Since the arrival of Facebook and Twitter, social media has been all the rage. Companies are racing to figure out how to leverage social and parlay that to the bottom line. Like everything else, collectibles have been impacted by social media, but the effect is difficult to measure. How much is a Facebook “like” worth? Or a tweet? Could you break it down to a dollar amount?
Data visualization company, SumAll, has launched SumAll Social Metrics, which tracks a company’s social activity against web traffic and revenue. SumAll Social Metrics integrates Facebook and Twitter activity with data from Google Analytics, eBay, PayPal, Shopify, Big Commerce and Magento to give users real-time insights into how effective their social marketing is. Users will see exactly what a “like” is worth.
I’ve had some experience trying to measure social influence when I was at Profiles. The challenge was in measuring live auction sales, non-Internet & online registration, and non-Internet & online bidding, against the number of fans and followers on Facebook and Twitter, respectively.**
Unfortunately, I don’t think SumAll Social Metrics would have helped when I was at Profiles because live auction bidding is not one of the available platforms (yet). SumAll is currently more compliant toward conventional e-commerce companies, like Prop Store or ScreenUsed.
** My conclusion from attempting to measure social media’s influence on Profiles’s auctions is… inconclusive. It’s certainly nice to have a large number of fans on Facebook and followers on Twitter. It looks impressive from the outside looking in. But those numbers don’t exactly translate to direct sales. The number of fans and followers that are actual buyers is probably very tiny. Is social marketing effective in getting the word out? Sure. As a marketing tool, they are great. But they are even more effective when woven in with traditional PR (print, TV, radio). One helps to feed the other. So I would say social media is important (and maybe because everyone is doing it). How important remains to be seen.