These days it seems like every brand wants to connect with consumers through social media. Facebook, Twitter, foursquare, YouTube, you name it — companies want to make “friends” in the hope that social exposure will benefit their bottom line.
But do any of these social strategies actually work?? Sure, plenty of brands are racking up millions of Facebook fans and finding engaging new ways to interact with customers on Twitter — but is any of it actually leading to higher sales? It’s a huge open question, and no one has found a good way to determine an answer.
A screenshot from a Nordstrom.com product page with integrated social sharing tools.
Clearly, there’s a major need that can be addressed here. With this in mind, social media marketing company Buddy Media has just purchased Spinback, a seven-month-old analytics platform that helps retailers track just how effective their social campaigns really are.
Buddy Media’s CEO, Michael Lazerow, told Mashable that “Spinback provides an ‘elegant’ way to analyze all the sharing on a website and explain how it affects a company’s bottom line, especially because 90% of purchasing decisions are subject to social influence.”
Now clients who sign on with Buddy Media (a company previously confined to optimizing brands’ Facebook pages) will be able to measure just how many sales they’re getting from Facebook and Twitter, what products are being shared the most, which social network is generating the highest sales, and more. Obviously, harnessing that type of data could prove VERY valuable.