If the ROI on your social media marketing leaves you ROTFL than you might not be doing it right. That is not to say your efforts aren’t being done correctly, maybe it’s just the way you are collecting your social media marketing analytics. Many social media managers are reporting impressive returns on their marketing efforts. Knowing what sort of return they are getting for their investment is crucial information for business owners. Spending on social media is expected to increase exponentially this year for almost all business, but so is the desire to know just what they are getting in return. Check out this post from Lisa Arthur at The Marketing Revolution for more information.
Research results are beginning to reflect the shift, as well. For instance, the 2011 Social Marketing Benchmark Report from MarketingSherpa found that the overall average social media ROI reported by CMOs who are measuring it is a whopping 95 percent. What’s more, nearly one-third (30 percent) of those in the survey reported a ROI of at least 150 percent!
That’s a dramatic shift from MarketingSherpa’s first benchmarking report in 2009. Back then, soft objectives such as building customer awareness were key, and marketers said they were having a tough time demonstrating any ROI from social media, at all.
Plenty has changed in just a few short years.
For its latest report, MarketingSherpa polled 3,342 consumer and B2B marketers, giving us valuable insights about how they are using social media to engage audience, build brand, generate leads and drive sales. In other key findings, the data showed that:
Developing social media strategy and proving ROI remain top challenges. When survey participants were asked which were the most frustrating challenges to social marketing effectiveness, the top five responses were: developing an effective and methodical social marketing strategy (55 percent), achieving or increasing measurable ROI from social marketing programs (54 percent), converting social media members, follower, etc. into paying customers (45 percent), achieving or increasing measurable lead generation from social marketing (37 percent) and increasing website traffic through social media integration (36 percent).
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