Nearly half of marketers are concerned about demonstrating the value of social media to the c-suite, with nine out of ten admitting that their ability to measure ROI isn’t up to scratch.
Lithium and MarketingProfs conducted a survey of marketer attitudes around social media and while 35% reported that social media marketing helps to meet primary business objectives better than most other channels, there are still widespread concerns.
The study reveals that 74% of marketers say creating a community around their brand is a social media business objective - but only 18% of them say their company has an online community.
Elsewhere, 86% say they actively use Facebook in their marketing efforts – but only 2.8% report that when fans “like” their brand on Facebook, it results in better quality interactions.
42% also admit that they are very concerned about demonstrating the value of social media to executive management - but only 4% say their ability to measure the overall impact of social media is excellent.
Nonetheless, the finds suggest that while social media marketing ROI remain s elusive for the majority, businesses are best able to realise the potential of social media and deliver demonstrable ROI if they combine the following two assets:
- Leading-edge technology - listening to social customers who want to be heard, building online communities to deepen social customer engagement.
- A mature, strategic approach to measurement - tying social media objectives to real business outcomes like increasing revenue and driving awareness.
Katy Keim, Lithium CMO, believes there is “a clear disconnect between the value of social media and marketers’ ability to demonstrate and act on that value”. But she adds that “there is no excuse” due to the “the simplicity and sophistication with which marketers can monitor social customer experiences, engage and build communities around the brand, and clearly measure business value” using tools that are on the market.