I think its great that more retailers are getting into social media marketing. But as an online marketing consultant, I know you still need to have some metric that you target in your campaigns.
Maybe it won't be conversions or sales, but without something for the marketing VP to point to as a measure of success, you end up with poorly-supported or just plain sloppy campaign implementations Example: We all know companies with defunct or underutilized MySpace pages. This happens because companies expect a quantifiable gain, but can never find it on a spreadsheet.
Right now, I push social media in terms of branding with an emphasis on building loyalty. This works for larger retailers, but if you are a smaller firm, you want to know that this will equal 'x' number of new visitors or at least provide an SEO benefit through more links (and mentions in articles like this one).
We know social is here to stay and retailers want to get involved. What we need to do is formalize/standardize the expectations. Otherwise, I fear we will have a few more seasons where retailers jump on board and then it will peter out.
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Branding and Awareness Building
Many businesses are unfortunately still shying away from social media since they can't see the direct impact on actual online sales. However, there is no question that the branding and awareness building value is worth a fortune long-term.