I came across the results from a new study today, highlighting a shift in the delivery and expectations of corporate social media marketing, and took a few key points from it around the thorny subject of ROI from social media activities.
The main findings are centred around financial ROI from social media marketing, namely:
The Top 3 KPIs corporate marketers track are Followers, web traffic and engagement – this is all very well, but these three factors rarely equate directly to increasing (or proving to increase) financial ROI from social media marketing.
These three factors enhance the feelgood factor, but don’t necessarily deliver cash in the bank for a business.
What do I mean by cash in the bank from social media marketing? Find out more here.
What the study does suggest – in no uncertain terms – is that corporate marketers trying to get more bang for their buck from social media marketing should be focusing on the following:
* Focus more on conversions – such as downloading resources, signing up for a newsletter, contacting the business directly to discuss products and services.
* Cross-reference new clients – directly to social media groups to benchmark and track the percentage of new clients from social media sources.
* Correlate revenue with Brand reputation – if social media marketing works, this will impact a business’s overall financial health, through rising stock prices, increased sales through social media campaigns, or more sales-based interest.
Making social media engagement a financially-viable part of the marketing mix is no longer a ‘nice to see’ – it’s become a ‘must-have’ and the study highlights how businesses are changing their tactics. Does your social media deliver a cash ROI?
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