Tired of hearing about social media? Still can’t figure out if it is tweet, twit or tweeter? Haven’t figured out your Facebook page from your profile or your group?
Well, a great new video from the Socialnomics guys that told us all that Social Media is not a fad has been released and it showcases some of the numbers and statistics behind successful launches and implementations of Social Media Campaigns. Will this be the result for everyone? Who knows, but if you haven’t even claimed your Twitter url or sent a single tweet, how will you ever know? What’s the worst that could happen? As the video shows, here are a few ideas:
Increase in sales?
Decrease in call center costs?
Traffic to your website?
Boy, any one of those would be terrible in this economy. The simplest benefit that I could see would be preventing someone from squatting on your name and your brand.
Don’t think that would happen? Check out these examples: vw, Kellogg, Walmart or even Ad Age’s Marketer of the Year, Hyundai. Big brand names that were beat to the tweet and now are left wondering if their brand reputations are left at risk. Maybe, maybe not, but if I had worked to build my brand, been recognized as a Marketer of the Year, in a year when there was little good news out of the automotive industry, I would hate to see it fade due to some ill-fated tweets about oysters, cellphones, and Yankees. Not a big deal? Interestingly enough, if the course of writing this blog post and following the recent article in Ad Age regarding squatters, Twitter has finally taken the action to suspend the account. But don’t think it is easy to get them to sit up and take notice. This only happened after they contacted the social media site’s headquarters and began to contemplate legal action. This account most likely was suspended due to inappropriate content like their bio that previously read, “Have a Lustful Day,” more so than due to any interest on Twitter’s behalf to protect brand names.
So, if you decide to join the Twitterverse to engage and interact and see if you can get a good ROI or if it is just online reputation management, please do so and do so quickly as this Social Media Revolution is not going away.
But when you do, don’t think it will happen overnight or that there is any “easy” way to gauge and measure ROI on social media. There isn’t some nifty Google Analytic (yet) that you can track all of the ties to Social Media. You have to bear in mind the indirect and direct traffic, the benefit of the buzz around your brand, a positive reputation, and sometimes, just being considered a trendy brand by engaging consumers through this new method. The diversity, the sheer number of social media networks out there make this an ever changing environment. That may not fit well into the single page report your CEO wants to see, but it is a reality. Erik Qualman (author of Socialnomics) uses what I think is a great analogy “What is the ROI of your Phone?” Any ideas on how to quantify that? We haven’t come up with anything yet either.
Bottom line, you can look around at your competitors and see if you are going to be first or if you will just be left behind. You can’t afford not to engage, and I haven’t met a company yet in this economy that can afford to wait.
Check out this great video, focused on Social Media ROI by Socialnomics, with all of their amazing stats. We summarized them below for you. If at the end of the video, you are ready to jump on the Social Media Bandwagon, feel free to check out Kansas City’s Social Media Agency to begin analyzing the steps to launch your social media campaign.
Here are the stats and quotes used in the video: