Week 5 MKTG Plan _Monitoring_.docx

Week 5 MKTG Plan _Monitoring_.docx - Monitoring Week5 Kyle...

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Monitoring - Week5 Kyle Chesnut Monitoring one’s successes or losses is a key to the success of the firm. With this in mind not only must we monitor how we perform but we need to assess specific metrics that will allow the firm to best understand how it is faring in terms of social media marketing effectiveness. One way that a firm can monitor the effectiveness of campaigns via social media is through KPI’s or Key Performance Index. These KPI’s are advanced analytics that show us the deeper meaning behind consumer actions and statistics. Some KPI’s that would be effective for Nordstrom would be KPI’s such as conversion sales by platform, hashtag usage, cost per conversion, and marketing ROI. What needs to be kept in mind when generating KPI’s is making sure that they are visible and easy to track, they’re measurable in the sense that we are quantifying the interactions, and that they are relevant to our current target goal.
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