It’s certainly true that social media now uses considerable marketing resource. A few years ago, many businesses considered a company blog the very height of digital innovation, and perhaps ‘Literate Linda’ from accounts was left to update it once a week with news of the company raffle. These days (thankfully) have long gone and social media is now a sprawling mass of interactions across multiple platforms.
We now have brands interacting on Twitter (the undeniable darling of the social media world), talking with consumers in forums, social network sites, mobile applications – the list grows exponentially every week. Despite the advent of social media however, the doubters are right in one thing – we don’t yet have a way to measure commercial ROI – but why should this be the yardstick by which social media’s value is determined?
From a business perspective, one of the biggest benefits of social media is the fact that it allows brands to interact with their consumers. Web 2.0 has killed off the days of one-way marketing communications - consumers no longer accept being ‘talked to’; they want to be part of the conversation – which is where social media comes in. Focus on providing excellent customer service and brand experiences and this will be replicated in social media channels again and again and again.
Similarly, social media puts faces to faceless corporations. Building relationships on a human level benefits businesses enormously – how could it not? Discussions on networking sites (such as LinkedIn) allow companies to listen to what their consumers are talking about, what their concerns are, what their needs are. What makes them tick, how your business can help them.
No ROI? I beg to differ.
The times are changing. The times have changed. And for those waiting on the sidelines, still wondering whether to get involved, you’re missing a valuable trick. Yes, we’re still waiting for a way to quantify monetary ROI for social media. But sometimes marketing isn’t about money. Worrying about social media ROI can blinker you – and ensure that you miss out on something of real value.