Do you struggle to accurately measure the return on investment (ROI) of your social media marketing?
You’re not alone. Several new research studies reveal that marketing managers are under increased pressure to show measurable results from their social media efforts.
But these same managers indicate that measuring the returns is one of their top two challenges for 2012.
This article reveals the findings of a few new research studies. What they found might surprise you.
Small Business Focusing Big Time on Social Media and Blogging
Small businesses are spending three times more on social media and blogs than larger businesses.
In HubSpot’s 2011 State of Inbound Marketing Report, researchers discovered that small businesses plan to spend 29% of their lead generation budget on social media and blogs. Asked the same question, medium to large businesses only plan to spend 9% on the same categories.
Social media return on investment (ROI) is simply a measurement of efficiency. It’s a lot of things to a lot of people: “return on inactivity,” “return on innovation” and “return on engagement.”
However, in a stricter sense, social media ROI is defined as a measure of the efficiency of a social media marketing campaign. This definition might sound complicated, but in reality, it’s quite simple.
Twitter, Facebook, LinkedIn, YouTube, Google Buzz, Foursquare, and others that have just joined the game—and the list goes on and on ad nauseam!
“We already have a website and we get email. Isn’t that enough?”
The words invading our vocabulary are legion… and silly at times: blogs, fans, tweets, diggs, etc. Is this trip really necessary?
At a time when businesses are using social media to promote content and start discussions, Avaya has found that listening trumps talking.
“We’re listening to social media and responding,” said Paul Dunay, Avaya’s social media ringleader, who is global managing director of services and social media marketing.
“There is no Tweet that goes unturned. No forum post that goes unturned where our name is mentioned.”
What began as a way to engage and support customers has evolved beyond even Avaya’s expectations. And if Avaya ever doubted its investment in social media, those concerns are now put to rest.