Many businesses have yet to be convinced of the benefits of Social Media either because the very words are not synonymous with business or they cannot see how it enables them to measure ROI. As Social Media is still a fledgling phenomenon, a tangible track record is difficult to demonstrate and, although it is true that its impact does need to be measured, marketing based solely on ROI misses the point.
Rather than What’s the ROI? we should be asking What does or will success look like? Today’s Social Media savvy consumers publish and share their customer and brand experiences, therefore it has a far greater impact on the overall customer relationship than other forms of marketing. As Social Media is also an extension of good business ethics, each interaction should be approached as a valuable exchange (i.e. interesting content or ethical bribe such as a Newsletter, free e-book, etc.) rather than a monetary Return on Investment.
If you look upon Social Media as online word of mouth, this really encapsulates its usefulness to businesses and, in the words of Ford Motors, “you can’t just say it. You have to get the people to say it to each other”. People do business with companies they know, like and trust, so every online exchange is an opportunity to nourish relationships and network beyond prospects and investors. This is what will make you money in the long run.
Contact Katherine on 01202 798270 or firstname.lastname@example.org to see how I can help you navigate the world of online marketing and master the metrics.