How can marketers measure the success of their digital strategies?
What will be an ideal response?
Social media monitoring involves activities to track, measure, and evaluate a firm's digital marketing initiatives. Monitoring and evaluating the digital marketing strategy is part of the strategic performance evaluation. An advantage of digital marketing evaluations is that there are methods to capture the metrics that indicate the outcomes of strategies. Therefore, expected level of performance can be compared against actual performance. Metrics develop from listening and tracking. For example, a firm could set up a hashtag and promote it. Metrics can be quantitative or qualitative. For example, click-through rate (CTR) determines the percentage of consumers who clicked on a link on a site as a quantitative measure. In addition, a qualitative metric could relate how consumers feel about a product.Key performance indicators (KPIs) that can allow almost real-time measurement and evaluation should be embedded at the onset of a social media strategy. This provides a foundation for making iterative changes to implementation and tactical execution. Applying analytics to social media performance can help develop better targeted social media campaigns. Selecting valid metrics requires specific objectives for the social media strategy. Objectives that are quantitative could include the number of likes on an Instagram post or the CTR of a Facebook post.Additionally, firms can use outside tools, like Google Analytics, to monitor traffic and thus better understand their customers and measure the effectiveness of their marketing efforts.
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Indicate whether this statement is true or false.