One of the reasons measuring the return on investment (ROI) of social media has sparked so many discussions is because it’s not easy. The main barrier to end-to-end measurement is the lack of a true social customer relationship management (CRM) solution.
Although many marketers see the value and potential of social media marketing, most have yet to translate that into sales, found a new report by R2integrated.
According to the study, 65% of respondents said that their companies have not increased revenue or profited using social media. When asked about their biggest impediment, 36% of the respondents cited “not enough data or analytics to develop ROI” as their #1 challenge.
A few key finding determined what set the winners apart from the losers.
As with any new technology, social media has spawned its share of misconceptions and myths that keep people from interacting.
It’s time to debunk the big myths that are keeping business owners and marketers on the social media sidelines.
Myth #1: My Customers Aren’t on Social Media
Wow, if I had a dollar for every time I heard this one…. Seriously, this myth keeps more businesspeople from interacting with potential customers through social media than any of the others.
Many business owners and marketing professionals respond to the social media buzz with what Olivier Blanchard calls the “Social Media Terror Syndrome“—a wait and see approach. The next barrier is often a lack of time. And the focus becomes “how do I avoid the social media time suck?”