Does it pay to Tweet? Why Social Media really can affect your bottom line
When it was first introduced in the early 2000s, Social Media was seen by many marketing professionals as a fad. Something the ‘kids’ were doing which would fade away just as quickly as it appeared but nearly a decade later, it’s clear that Facebook, Twitter, Pinterest and alike aren’t going anywhere.
The sheer scale of these social networks is rather scary – consider 750 million active Facebook accounts or the 340 million Google+ accounts which exist. And these are just a few of the more well-known Social Networks, for a more complete list visit this website which shows the true extent of Social Media.
However, whilst it’s great to be able to connect with friends and family on Facebook, tell the world what you had for breakfast on Twitter or get LinkedIn, calculating the ROI of Social Media for businesses has always been a little problematic.
James Dearsley, Founder and MD of Social Media specialists, The Digital Marketing Bureau, comments,
“A recent study by Adobe found that 88% of 750 surveyed marketing professionals felt they couldn’t accurately measure the effectiveness of their Social Media campaigns. Taking it a step further Social Media Today analysed online businesses and they state that 70% don’t even analyse ROI!
“It’s been a discussion that has dogged the market for many years now and one that worries and surprises me in equal measure. After all, how can you really tell the ROI of an advert in the paper or a series of TV adverts? The justification is that they are more tangible and business owners and more traditional marketers feel more comfortable with what they know.”
The situation is changing but it is important for companies to realise that Social Media isn’t a one trick pony and companies need to assess what it can actually do for them. Historically Social Media was thought of as solely an aid to helping sales and hence businesses wanted but struggled to justify its effectiveness – this was missing point of the social element to Social Media. Customer service is now seen as a major social media facilitator and thus a different ROI calculation is required.
Just as Google Analytics is used as a standard reporting tool, Social Media Analytics is becoming a growing market offering users a method of calculating ROI. It is now possible for companies to employ such tools to analyse both Customer Service and Sales Interactions using Social Media.
This is precisely what James Dearsley is offering his clients, he explains,
“More and more we are finding clients that are evaluating their Social Media presence and ultimately calculating what affect it’s having on the company’s bottom line. Executing a successful Social Media strategy takes time, energy, dedication and increasingly money for paid for promotion so it’s no surprise to hear people asking – is it worth it?
“In my opinion I believe that Social Media is one essential element of the marketing mix, appealing to a certain audience so should be implemented but fully in line with analytical tools so you know what is working, in what way and why. In today’s social world, it’s no longer all about selling to your client base but engaging with them, creating a relationship of trust and loyalty. Businesses should think less about the ROI of Social Media but more the ROE, the Return on Engagement.”
For more information about creating and executing successful property focused Social Media campaigns contact AB Property Marketing on +44 845 054 7524, become a Facebook fan or follow us on Twitter.
Or for more information about the Social Media Analytic tools available through The Digital Marketing Bureau, please contact James Dearsley on +44 1306 631 117 or follow him on Twitter.