ORLANDO, FL: Three central metrics are helping shape Visa's approach to social media, as the payments company seeks to effectively connect with consumers via this channel.
Kevin Burke, Visa's cmo/core products, discussed that topic while speaking at a roundtable session during the Association of National Advertisers' (ANA) 2014 Masters of Marketing conference.
And he reported that there is a trio of readings which all of its metrics ladder up to: "does it drive our brand, does it build our business, does it the deepen relationships we have with our clients".
"Then, within each of those, we have social metrics that will measure how the engagement we can create with the consumer affects any of those three categories of measures," Burke continued. (For more, including how Visa leveraged social during the World Cup, read Warc's exclusive report: A "delicate balance": Visa connects social media with its brand mission.)
Engaging with users of platforms like Facebook and Twitter has proven to be extremely beneficial for Visa, which has successfully attached hard numbers to this area of its marketing operations, too.
"We know the more engaged a consumer is socially, the more likely they are to rank our brand higher versus our competitors, and they're also more likely to choose a Visa-branded product over any other kind," said Burke.
Such a preference has knock-on benefits when it comes to fuelling product sales and usage, thus further improving the return on investment (ROI) generated by its marketing.
"If they're more likely to choose a Visa-branded product, that drives more transactions, which ultimately leads to a higher ROI," said Burke.
As part of this process, the organisation spends "a lot of time" considering how people might be encouraged to share and amplify its content, and therefore boost its earned reach.
"Again, that just increases that ROI overall, because we're not necessarily only relying on paid media, although paid media is a very important engine to get things going," said Burke.
"But then we want to get the consumers to then use that and take it forward on their own."
Data sourced from Warc