Even as they rack up the number of businesses using social media for their promotion, marketers are still struggling to find ways of tracking their social media efforts.
To me, it really says something that despite all the efforts to use social media as a marketing tool there are still few ways to gauge the ROI of those efforts. Companies don’t mind the up front costs of using social media–most of the tools are free to use. But they expect some return on the labor involved in maintaining a social media presence.
And there’s nothing wrong with that.
Yet despite the fact it is near impossible to gauge ROI on social media efforts, marketers and the companies they serve, continue to flock to social media, making it grow at an exponential rate.
Hopefully, as the industry continues to mature more efforts will be put toward finding a solution to this problem.
With 74% of marketers now trying to keep track of consumers’ conversations about brands in the digital space, it is clear that the importance of social media to marketers is significant – and is growing.
In a recent study conducted by New York-based digital marketing agency Web Liquid and agency new business development group RSW/US, it is clear that digital marketers see the value in the practice of social media monitoring. Of the 237 senior level marketers that responded to the survey, 95% believe that monitoring online word-of-mouth from consumers’ conversations in the social space is an important part of their overall marketing programs.
While social media monitoring is widely used, there are indications of room for improvement. Only 23% of marketing executives state that they are “very satisfied” with the monitoring tools they are using. The survey also points out that marketers are twice as likely to be satisfied with their social media monitoring tools when using more sophisticated paid solutions, compared to a free tool like Google Alerts.
According to Matt Cronin, Founding Partner at Web Liquid, “Word-of-mouth is one of the oldest and most trusted forms of media, and provides foundational insights about customers and brands even in today’s digital environment. There is a wide array tools on the market to monitor social media, but marketers also need more sophisticated programs in place to capitalize on the growing opportunities in this online conversation.”
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