So you’ve been plugging away at your social media channels. Posting, scrolling, sharing and commenting but your likes and follows aren’t growing exponentially in the way that you were expecting. So where’s your social media return on investment, I hear you ask?
But rather than What’s the return on investment? 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 most forms of marketing. As Social Media is also an extension of good business ethics, each interaction should be approached as a valuable exchange. Either interesting content or an ethical bribe such as a Newsletter or free e-book, rather than a monetary Return on Investment.
Many businesses have still 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 return on investment. As Social Media is still a fledgling phenomenon, a tangible track record is difficult to demonstrate. Although it is true that its impact does need to be measured, marketing based solely on return on investment misses the point.
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.