Can social media actually deliver ROI? It’s one of the first things that a CEO thinks about when the budget proposal to implement social media channels lands on his desk.
It’s hard to succeed financially at the moment. No matter how large or small your business is, you’ve noticed the downturn in sales. Its hard to buck the downward trend and increase your margins without slashing costs and reducing the workforce. Budgets for non essential line items are reduced as companies try to stay afloat. Marketers are focused on improving
Companies want to increase traffic to their website. They want to achieve this through social media integration. segmentation and targeting and integrating their existing activities into social channels to leverage social data. These are top objectives for marketers according to the Marketing Sherpa social marketing benchmark survey report for 2011
CMO’s plan to increase their use of social media over the next 3-5 years increasing their technology investment, customer analytics and CRM. Using social media as a key engagement channel and using the data gathered to improve customer intelligence is a good strategic point which will enhance brand advocacy
The challenge is finding suitably knowledgeable staff to be able to implement social media communications channels, mine data and interpret the results effectively. It’s important to realise the ROI from your social media activities and making sure you have an effective way to measure your results.
Eileen is a social business strategist and author of Working The Crowd: Social Media Marketing for Business. Contact her to find out how she can help your business extend its reach.