Companies and their CEOs seem to be increasingly interested in the potential of social media marketing, according to studies conducted this month. A recent IBM study of 1,709 global CEOs found that 16% participate in social media, but that number is expected to grow to 57% in the next five years. 73% of CEOs polled indicate they are investing significantly in ways to better gain insight from their customers. With over 900 million active users, Facebook might just be an opportune platform to gain that valuable insight.
A study by Facebook marketing company Pagemodo concluded 64% of business owners say social marketing is a promising tactic that will eventually produce ROI. Another 20% say social marketing is producing a measurable ROI and plan to continue investing in it, while only 6% are social media skeptics.
How do businesses measure social media marketing success? A survey by Chief Marketer found:
- 60% of companies look at number of Likes or followers as an indicator
- 39% measure the sharing of brand content in the form of retweets or postings
- 35% of companies look at the number of qualified leads through social media
- 30% measure time spent with branded social content
- 25% look at incremental sales attributed to social media
- 18% judge brand awareness via surveys
The ultimate goal of social media is for companies to interact with people in order to convert users to customers. Our philosophy at Blue Interactive Agency is an ABT approach: Always Be Testing. The many different social media platforms available allow for testing of new products and ideas with instant feedback from your fans or followers. There is great value in corporate social media, and businesses seem to be catching on. How does your company measure social media ROI? Let us know in your comments below!