“It’s not rocket surgery.”
That malapropism became a bit of a mantra at last week’s Inbound Marketing Summit.
Social media isn’t complicated. When you boil it down it’s about listening to your customers, being helpful by offering your knowledge and giving them interesting content to share and thereby advocate for you. The IMS speakers shared several case studies (yes, too many of them mentioned Comcast and Zappos) on how organizations have embraced social media to connect with and built trust and affection among customers. None of the examples required hyper-specialized knowledge or technology for a company to connect with people. Read more
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Did you know that 87 percent of SMBs say that social media has helped their business, and that 74 percent of marketers saw an increase in website traffic after investing just 6 hours per week in social networking?
Ever wonder how much time you should devote to social media each week? While there is no set formula, this infographic breaks down the components of maintaining and measuring a social media strategy, based on a 40 hour work week. Maintaining a social media strategy is not only about scheduling tweets and replying to mentions. Rather, social media marketing is a living process in which each component is connected to the others. From content creation, to post scheduling, to campaign development, to analytics reporting, social media is an ongoing process.
STATS: 84% of Social Media Programs Don’t Measure ROI
We talk a lot about the rapid adoption of social media in a wide array of industries. According to an August 2009 survey by Mzinga and Babson Executive Education, 86% of professionals in a variety fields said that they have adopted social media in some way.
While the survey results are great in that they indicate an enhanced role social media in many industries, it also indicated that some professionals or companies are adopting social technologies without having a way to actually measure how effective or useful the measures actually are. In fact, 84% of respondents said they don’t currently measure the ROI (return on investment) of their social media programs.
Even less encouraging, more than 40% of respondents said they didn’t even know whether they could track ROI from their social tools. This is worrisome because it indicates that industries and professionals are adopting technology without actually taking into account how it will impact their business and what value it will add.
It’s easy to say, “social media will improve customer retention” — and in fact that might be true for a number of businesses, but without proper ways to measure how these tools work, making them more effective and efficient becomes difficult. Moreover, without having an ROI strategy in place, businesses might be more willing to drop social technologies or treat them as a short-term fad. For social media and social technology to really work, businesses need to be able to measure its impact, positive and negative.
How do you or your businesses monitor your social media ROI? If you don’t measure your ROI from social media, why not?
Originally posted on Mashable by Christina Warren
More Than Half Of Companies Say They Are Using Social Media With No Strategy
While 78% percent of corporate respondents say their company is using social media, only 41% say they have a strategic plan in place to guide such activity, according to a new study from marketing firm Digital Brand Expressions. Read more