Social media is taking up a bigger portion of marketing budgets, but few companies said they have been able to quantitatively measure its impact. Despite the increasing investment in social media, it’s still difficult for marketers to quantify their return on investment. Only 15% of marketers in the study said they can show the impact of social media on their businesses using quantitative approaches, while 40% of marketers can only demonstrate the impact qualitatively. Nearly half of marketers said they haven’t been able to demonstrate the impact of social media spending on their business at all.
More and more companies are adding people with titles like “Manager of consumer insights” or “customer insights specialist”. However too many of these positions are nothing more than a renaming of market research people and departments that still rely on old market research methodology to gain insights from consumers who, by the time the insights are analyzed and acted on, have moved on to competitors products. Consumer insights people have to be able to two things very well identify key insights but more importantly ensure the organization acts on those insights with speed and quality without weeks and months of meetings and Power Points.
The ‘purchase funnel’ is no longer relevant. Customers are experiencing your brand everywhere. That audience is drawn into an experience, a brand, or a product when a social experience is present. The next era of marketing centers on facilitating brand-relevant social experiences to any digital touchpoint. But is this true for every brand and product ? My belief is no, it’s not.
OK, I have had enough of it. The idea that consumers really want a relationship with 99% of brands is pure bull spread by social media experts who are waiting to pounce on companies that feel that social media is going to lead them to sales and profits. Well, I don’t mean to throw salt on the wound, but that’s not going to happen anytime soon.
One of the negative things about the Internet is that it gives every Bozo a voice (including me), but marketers have to be able to understand what is pure bullshit and what applies to their brand, company and target audience. The lastest bit of stupidity comes from someone who wrote an article called “Four Reasons to Jettison the Traditional Website and Go Social”. This “article” was so off base and full of bullshit that I had to take a blood pressure pill to ensure that I could read it without yelling out “no, no, no..you idiot !”
How many articles do we have to read about social media marketing ROI before marketers realize that you can’t measure the ROI on every conversation? The truth is that many marketers have to justify their budgets because company executives are used to cutting “expenses” to improve bottom line results and because too many agency people and “experts” have over sold social media as a golden path to increased sales.
Shhhh ! It’s a secret that only a few of us know about. What is it ? It’s that most consumers do not want to be friends with a brand. That’s right. You see today there are very view iconic brands that people love to say “I’m a fan” and even though they purchase your product they will drop you like a bad habit if you don’t give them a reason to continue to purchase your brand beyond the product itself.
When looking at your social media monitoring strategy, note that your brand/company mentions on social will likely not come from social’s biggest players. Social monitoring website Mention analyzed over 1 billion social mentions from the past two years, and in their analysis they found that 91% of mentions come from people with fewer than 500 followers.