POST SUMMARY: In an Advertising Age and Citigroup study, 37.6% of marketers said that the ROI of Facebook was inferior to the ROI of other platforms. Only 17.9% said it was superior. Well to quote Bruce Willis from Die Hard “Welcome to the party pal!”.
82% of B2C CEOs would like B2C ROI Marketers to focus on tracking, reporting and very importantly boosting four Key Marketing Performance Indicators: Sell-in, Sell-out, Market Share and Marketing ROI (defined as the correlation between Marketing spending and the gross profit generated from it).
The amount of business advice floating around the social space is like a noisy traffic jam – each post honking desperately for your attention. Social media has spawned a new generation of “experts” who say the darndest things sometimes. Becoming a social media “expert” isn’t very hard either. If you have 8-10 hours a day to spend online and/or nominal experience in any marketing/PR/sales position (to include internships or having a friend who works in either marketing/PR/sales) and/or a large twitter following and/or a respectable Klout score, then you’re pretty much qualified to advise on traditional business practices.
The disturbing thing is that many people will actually believe these people to be experts in business, regardless of whether or not said “expert” has ever held an executive position in any business (nobody bothers to check their bios anyway). Despite the redundancy or, in many cases, the absurdity of what they write. Despite the lack of any credible research or data to support their theories. Perception becomes reality! And this perception has a way of spreading to the social masses through twitter RTs and facebook shares, like a deadly plague, until it is accepted as truth.
The facts are that a lot of marketers got caught in the hype of social media which in turn led to unrealistic expectations.
Now that they have spent a lot of time and money on social media management wants to know what it’s doing for ROI and marketers are scrambling to cover their asses. You can’t tell me that if tomorrow Coke’s facebook page went down that their sales would be effected 1% ! Does this mean all social media marketing is useless ? Of course not. Some brands do a great job cultivating demand for their products and sharing information but for 99% of consumer products found in grocery stores brand would be better to get back to marketing basics and ensure their brand promise delivers at every consumer touchpoint.