Oct 15 How Social Media is Measuring Up
According to an article in Marketing Daily, a survey of 50 businesses and organizations was conducted in September by Prospero Technologies. Survey questions ranged from what current social media applications were being used, plans and budgets for 2008, ROI, how ROI is measured/assessed, and social media challenges.
The article stated the following results:
- 59% of respondents reported that social media performance in 2007 met or exceeded their marketing objectives, boosting future spending expectationsâ€”with 31% planning to spend significantly more on social media applications in 2008.
- 35% reported positive ROI, and 41% said that ROI was â€œunknown.â€ Responses to questions about how Web marketers measure ROI reveal that direct sales revenue is not a top measure for determining social media success.
- Total number of site visitors (17%) was the most important criterion for assessing social media performance. Total number of page views and number of subscribers (15%, respectively) were next, followed closely by length of visit on the site (14%).â€
Though Iâ€™m a little hesitant of this survey from its relatively small sample size, I do feel that it captures the slight confusion that exists of social media and how marketers feel it is measuring up. While 41% of these marketers were confused of the ROI of social media in terms of traditional measurement, the survey found that â€œthe majority of respondents see engagement with their brand as the most important measure of social media successâ€.
Lets remember that brand building takes time. While many companies have experienced an immediate impact in sales through social media, we are still too early in the age of social media adoption to measure the results of a strengthened brand over time. This effect is likely to be stronger and greater.