Social media ROI is one of the most highly debated topics of conversation in the realm of social marketing.
People are constantly talking about social media ROI. There are those who say that social media ROI is among the most transparent of measurements when it comes to benefits reaped from marketing efforts, and then there is the (still very large) school of skeptics that believes that social media ROI is a fantasy of social marketers, and that it is not a return that is properly measurable.
Below is a set of 10 examples of social media ROI from brands around the world. These brands used a variety of channels and different types of campaigns to reap these rewards, but each one experienced measurable, financial gains from their efforts on social media.
How do you measure social media ROI? What campaigns have you launched on social media that generated positive returns? Tell us in the comments below or on Twitter!
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Social Equity is given quite a boost with a LinkedIn presence – and not just for B2B companies.
LinkedIn is widely known as the professional social network. So, it would make sense for people to assume that it is largely for B2B companies. While it is true that LinkedIn is one of the most beneficial social networks when it comes to B2B, the Social Equity a brand can garner as a result of having a LinkedIn presence – whether it is B2B or B2C – is quite high.
Today, we aim to explain where the Social Equity of a LinkedIn presence is found, and how you can determine the value added to your business as a result of having both a personal and company page on the social network.
The Benefits of LinkedIn
To understand how we can derive Social Equity from LinkedIn, we first need to understand what the benefits of a LinkedIn presence are to our business.
As we noted above, LinkedIn is often perceived as the professional network. As such, it is an arena in which professionals actively seek out industry influencers, leaders and authority figures. Therefore, it is one of the easiest niches in which to establish yourself as an industry-leader within your market. Social networks on the more general scale, like Facebook and Twitter, are mediums in which we can establish our brand as an authority with the general public, but for any company, be it B2C or B2B, LinkedIn is the best avenue through which we can build our credibility with members of our own industry.
On the other side of the spectrum, LinkedIn is an excellent network for seeking out the advice and tips of other leaders and professionals, and applying those bits of advice to our own strategies. Though LinkedIn Answers was a great feature in which to do this before it was removed, LinkedIn Groups are still a powerful tool, and include higher engagement rates than almost any other feature on social media. Contrary to many social networks, LinkedIn is a place where professionals are seeking out the opinions and inputs of others, and the element of self-promotion (not in its purest form, but close to it) is not only accepted, but in many cases encouraged.
So, how does this all add value to your business?
Social Equity Derived from LinkedIn
Having both a personal account and an active company page on LinkedIn can generate quite a bit of Social Equity for your brand. With a well-orchestrated strategy in place, we can quickly build our authority in a given field and begin driving referrals to both our personal pages and our websites. This holds true for both types of businesses. Even as a B2C entity, we are still looking to build market authority, and LinkedIn is one way of doing that.
Say you are a local and online retail store, for example. Now say you create a profile on LinkedIn and begin sharing short articles you write about running a successful retail location, or a successful e-commerce website. By posting to your updates (your network), your company page and your groups pages about the retail industry, you will quickly see your influence, network and, most important for building business, your LinkedIn referral traffic begin to shoot up.
It is important to understand that in any industry, people want to associate themselves with the best. Whether you are the CEO of a Fortune 500 company, or a retail-savvy basement blogger, industry leaders and influencers receive the most attention on a network like LinkedIn, and that translates to Social Equity.
The value added of a large professional and referral network is highly coveted. Consider not only the calculated value of your business assets, but the value added of an extended network, an established industry leader at the helm of your company and your industry influence. All of this is capable through the strategic use of LinkedIn.
How are you using LinkedIn to generate Social Equity for your business? Tell us in the comments below or on Twitter!
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Measuring social media return on investment (ROI) is one of the biggest grey areas when it comes to this emerging market, so what is important to look at when it comes to measuring social media ROI?
Social media return on investment is constantly a point of concern for executives and skeptics when it comes to launching a social media program. The irony, however, is that many of these skeptics claim that there is no means of measuring social media ROI when the fact of the matter is that, unlike many forms of marketing, every aspect of a social media program can be monitored and measured. The complexity of social media ROI factors in when one cannot decide how one wants to measure the success of a campaign (e.g. monetization of a fan base, growth of a fan base, increase in traffic, etc.).
There are several angles from which one can look at social media ROI, and what we describe below are just a few. That said, we think these are some of the best ways to measure the success of a social media program.
Social Media Cost-Benefit Analysis
In the field of Economics, a Cost-Benefit analysis is one of the most common ways of measuring the return of a program. What is important to note is that a C-B analysis looks not only at what might be gained from taking an action, but also what one stands to lose by not taking said action.
Say, for example, you calculate that an unattended social media PR crisis costs your business $10,000 in lost sales, brand tarnishing, etc., and that your brand unknowingly suffers two to three of these crises per year. That’s a calculated loss of $20,000-$30,000 every year as a direct result of not attending to your customers on social media. Now, say that you put together a social media program designed to engage with dissatisfied users and help them solve their issues on the very public sphere that is social media. The result is not only the retention of a customer, but the build up of brand loyalty through social media.
Now, it would not exactly be feasible to suggest that social media engagement in the time of crisis will mean retaining every calculated dollar lost from not engaging on social media, but if you retain half of those lost earnings ($10,000-$15,000) and you are spending $700 per month on a small, customer-oriented social media program, you are looking at a yearly return measured as follows:
While this is a very black-and-white example, measuring a social media program’s ROI can be as simple as a C-B analysis.
Setting Social Media Goals
On the less technical front, you might want to consider measuring your social media success through the use of established goals that you lay out at every stage of the program. These do not necessarily have to be monetary returns. In fact, one way of measuring the success of your social program is by measuring the growth and extension of your network. Effectively, the growth of your social network translates into the growth of your pool of leads.
So when building your social media strategy, create a set of goals that you would like to achieve and measure your returns by the growth of your networks. From there, once your networks have grown to your satisfaction, you can consider this next form of social media ROI.
Return of Campaigns
You may be focused entirely on the monetization of your social media program. That’s fine. Businesses aim to be as profitable as possible, and there’s no better way to measure profit than with monetary gains. So the final and most straightforward way you can go about measuring the ROI of your social program is through the monitoring of returns from your campaigns. Be careful, however. There is something that a lot of people overlook when it comes to measuring the monetary returns from converting a client. This once again factors into a Cost-Benefit analysis.
Say you have managed to convert a lead into a client on social media. Well done! Now let’s say that this client has a lifetime value (LTV) of $120 with three $40 purchases. Then let’s say it cost you $50 to convert this client (between time, resources, expenses, etc.). You’re looking at a healthy lifetime profit of the converted client with a value of $70. Way to go! Now, let’s look at the alternative – this is where people often lose out without even realizing it.
Let’s say you spend that same $50 to convert a lead into a client on social media, but now, a client’s LTV is a one-time purchase of $40. This means that for every client you convert, you are losing $10. So the more conversions you see, the more money you lose.
It is extremely important that we measure not only how much we are making when it comes to social media, but how much we are spending. And this includes time (our most precious resource), expenses, opportunity costs, etc. If we are only measuring the returns and not the costs, we are missing the entire concept of profitability. So keep that in mind when you are measuring the success of your social campaigns.
How do you measure the ROI of your social media programs? Tell us in the comments below or on Twitter!
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Social media turned the Old Spice brand into a personality with which people were eager to engage.
In the last few years, Old Spice has become a crowned jewel of social media. Their campaigns consistently skyrocket and the brand has developed such a distinct personality that anyone familiar with the brand can recognize one of their campaigns almost immediately. What is most fascinating about their branding, you ask? Well, perhaps it is the fact that, unlike Rome, it was built in a day. (Well, not a day, but you get the idea.)
In today’s social media case study, we aim to explain how Old Spice used social media to quickly (and quite successfully) create a virtual personality that led to the explosion of their brand in new markets and demographics.
The Background
In 2010, Old Spice created the character that has widely become known as “The Old Spice Guy” and the campaign developed an instant following. When a second commercial aired with the same praise and hype, Old Spice decided to go the social media route, and did something brilliant: they never broke character.
Slowly, the proliferation of the Old Spice brand on social media began to pick up steam, and, as if by divine intervention, Old Spice did not seem to slip up in any of their steps along the way, creating a set of guidelines that any marketer should adopt when attempting to create a social media personality for a brand.
The Lessons
Be Original
People are always intrigued by something they have never seen before. Until their campaign, no one had ever seen a brand persona like the one Old Spice had created. Of course, since the dawn of marketing there have been mascots and spokespeople, but never a brand personality so bold that clients and fans were eager to engage with it.
Originality is much easier said than done, of course. It is not every day that you are going to wake up with an idea that no one had ever thought of before. Countless brands have attempted to do what Old Spice has done in the last couple of years, but few have been successful. But thinking outside the box is exactly what made Old Spice so successful, and that is the first step to creating a winning social media campaign.
Be Consistent
The second, and possibly the most important step that Old Spice took was maintaining brand consistency across every channel onto which they expanded. Have a look at the Old Spice Twitter account. You’ll notice that the witty, charming and larger-than-life personality they originally created a few years ago exists there as well. The same holds true for their other social media channels. Brand consistency is one of the most crucial aspects when it comes to developing brand loyalty. After all, how can fans recognize your brand instantaneously if there are major differences between your channels?
So remember, once you have that winning edge, maintain it on every level of your marketing, particularly in social media where you will be engaging with your audience. Which brings us to the next takeaway…
Never Stop Engaging
Commercials are one thing, but ongoing, personalized and genuine engagement with its fan base is what led to the ongoing success of Old Spice’s social media efforts. As with any campaign, Old Spice knew that eventually fans would move on and grow tired of the standard promotional commercials. So what did they do? They (once again) never broke character and engaged with their fans through personalized responses (whether they were tweets, videos or posts) in a timely and comedic fashion.
This kept fans coming back, asking questions or making comments in the hopes that “The Old Spice Guy” would respond to them. What did this mean for the Old Spice brand (as a company)? It meant increased brand loyalty through the strategic use of social media. As we noted above, people fell in love with the personality Old Spice had created on social media, and this kept them coming back to the brand on social media, and anxiously awaiting more content. As far as the business side of things was concerned, it meant a very quick 107% increase in sales.
Avoid Selling on Social Media
Last but certainly not least, Old Spice avoided selling their product on social media. Of course, posting commercials that are meant to advertise the product is different, but as far as engaging with fans goes, Old Spice kept to entertaining and shied away from selling. People like personalities, not salespeople, and Old Spice recognized that. And it was the right thing to do. After all, the personality they created took care of the sales, which is clear in the numbers above.
Old Spice showed that creating a personality on social media that engages with its audience (Old Spice was engaging with fans that ranged anywhere from celebrities to Twitter users with less than 100 followers) can build brand loyalty faster than any other form of marketing. Listening, engaging, consistency and originality were the four cornerstones of the success of Old Spice on social media. This is not to say that any idea is going to skyrocket the way Old Spice’s campaign did, but it never hurts to try something and see what happens.
http://www.youtube.com/watch?v=Z10Hrsx7FBY
Which of these lessons do you think will be most helpful in building your next campaign? Tell us in the comments below or on Twitter!
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Social media is an important tool to help grow your business, but like any business tool, you need to be able to measure it!
Unlike many other business tools, however, social media is not only measurable, but easily measurable. There are a number of analytics tools, some add-ons and others built into the networks themselves, that can be used to measure the success of a social media campaign. These analytics can help you enhance or modify your social media program in order to generate the highest returns on your investment.
Yet, even with all of these tools, people are still looking for ways to measure their social media in a more tangible way. This great infographic from MediaZo details how exactly some of the most important elements of a social media program’s returns can be measured and analyzed.
Have a look below and let us know what you think.
How are you measuring your social media programs? What do you consider ROI on social media? Tell us in the comments below or on Twitter!
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Social equity is a new phenomenon in the world of business, and though it is powerful, few people understand it.
What is social equity? Social equity can be many things. There is social equity in every aspect of your social media program. It can range from the value added from a Facebook campaign, to the overall value added to your business as a result of being social. Effectively, social equity is the yet to be determined value added to your business that an effective and powerful social media strategy brings to your brand over time. It is your long term social media ROI (return on investment).
Each Friday, we will be discussing social equity as it pertains to different aspects of a social media program and outlining exactly how value is added to a company as a result of being social. This week, as an introduction, we aim to simply define social equity in its most basic form, and give some applicable examples that make it easier to understand.
What is Business Equity?
According to the Uniform Standards of Professional Appraisal Practice (USPAP), business equity is defined as follows: “The interests, benefits, and rights inherent in the ownership of a business enterprise or a part thereof in any form (including, but not necessarily limited to, capital stock, partnership interests, cooperatives, sole proprietorships, options, and warrants).” Effectively, business equity is the value of all the individual assets held by a business.
So, taking from this definition, how can we properly define the phenomenon of social equity?
Defining Social Equity
So with an understanding of business equity, we can surmise that social equity pertains to the value added to a business as a result of social activity, success, networks and reputation. Brand awareness on social media can give any company, large or small, a worldwide audience. Whether or not these are direct clients, the fact that your brand loyalty exists beyond your immediate network can mean a tremendous value to your business, and that is where social equity fits into the model. Let’s take a look at an example.
Social Equity Example: The Dentist
Say, for example, you are a dentist with a stable local practice. The goal, when you retire, is to sell that practice to a colleague. Where does the value of a dentistry practice exist? It exists in his or her client list. Essentially, you are selling your clients to another dentist who stands to generate revenues from this new client base.
Now imagine you are a dentist with a stable local practice and an immense social network on everything from Facebook to YouTube. You are an authority figure when it comes to tips on oral health and you generate referrals from your social network when people are visiting town or moving. This extends even further when people recommend you to a friend as a result of following you on social media. Now, when you retire, think of the value added to your business as a result of having that much more of a network to sell. It is not only about the physical client database anymore, it is about the virtual, social client database that comes with it.
Social equity is about the growth of your brand and business as a result of being social, and less about conventional measurements of ROI. With a new form of marketing media, there are going to be new forms of measurement. Social equity is one of those new measurements.
Stay tuned each Friday for more information on the phenomenon of social equity. Have you ever considered the concept of social equity? How would you define it? Tell us in the comments below or on Twitter!
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YouTube marketing is one of the best resources we have as marketers, but how can we measure if our efforts are paying off?
YouTube is a search engine, and like any search engine, a marketer’s goal is to rank highly for specified keywords and drive traffic and business from our YouTube marketing efforts. But, like any social media program, we need to be able to measure our campaigns and the success of our YouTube marketing efforts. Behind the channel there is an entire set of statistics and measurable data that we can use to see exactly where our YouTube marketing efforts are paying off, and where we need to improve them.
Below is a set of tips that you can use when it comes to YouTube marketing to measure exactly how effective your strategies are. You might be surprised to find just how much information you can pull directly from the backend of your YouTube channel.
Look Into Your Analytics
First of all, where can we find all of this stored information about our videos? In the top search bar of a YouTube account, there is a small dropdown menu where you can select your analytics.
It is in this analytics section where you can begin evaluating the success of your YouTube marketing. The YouTube analytics dashboard allows users to both measure basic information, such as viewer demographics and traffic sources, as well as engagement statistics, which allow you to measure how your videos are performing with your audience. These data are very helpful when it comes to modifying your YouTube marketing campaigns, as they indicate where your work needs improvement and where you are finding the most success with your video marketing. Paying attention to these figures will help you optimize your YouTube marketing to ensure that you are not losing anything (from time to audience engagement) with each of your videos.
Your Most Important Data
There is plenty of information to look through in the backend of your YouTube channel. It can become almost overwhelming. What is important? What should you focus on? These are not the easiest questions to answer when you have so much to sift through.
Perhaps the two most important areas of focus in your Reports section are your Traffic Sources and your Audience Retention. (In the menu on the right.) Let’s have a look at those a little more closely.
Your Traffic Sources are going to be one of the most important elements to look at when evaluating your YouTube marketing efforts. These tell you exactly where your viewers are coming from. This will help you structure future campaigns outside of YouTube to drive the most traffic from your most popular sources. Are your email campaigns driving the most viewers to your videos? Maybe it is your social media efforts on other networks, like Facebook or Twitter, that are bringing in the most views. This is where you can find out.
Knowing where your traffic is coming from will allow you to cut out the time you spend marketing on networks that are not driving any traffic to your YouTube channel and focus entirely on areas where you are seeing success. This increases the efficiency of your YouTube marketing and helps maximize your return on investment (time, in this case).
Audience Retention is another crucial focal point of these statistics. Say, for example, you put together a video campaign with a call to action at the end of a video. Then you put together another one with a call to action at the beginning. Which one is driving conversions? You can see this with your Audience Retention tool. Note in the image below that there is a drop off at a certain point in your videos. People have an inherently short attention span when it comes to YouTube, and the longer your video, the less likely it is that people will stay to the very end. We have found that the optimal length of a YouTube video is somewhere in the ballpark of two minutes. After that, audiences tend to move on to something else. So, when it comes to YouTube, a video search engine with billions of options to choose from, the shorter the better. And all of this is available in the Audience Retention report of your YouTube analytics dashboard.
How Are You Engaging?
Engagement is a cornerstone of any successful social media marketing campaign. And contrary to what a conventional understanding of the term ‘engagement’ might suggest, engagement on social media is more about your brand and your audience. It is not solely about how you are engaging with your audience, but also about how your audience is engaging with you. The engagement reports in YouTube focus on your audience’s engagement with your brand on YouTube.
This section is wonderful for tailoring your YouTube marketing to the preferences of your audience. You can find out what videos people like best, where they are commenting most and when your engagement is taking place. Again, this is an area that will help you maximize the efficiency of a campaign and your return on investment.
These are just a few of the great analytics tools available in the backend of YouTube. Of course, like anything, the best way to learn is by doing. So have a look at the analytics dashboard of your YouTube channel and find out where your efforts are paying off. Then tell us how you use the YouTube analytics dashboard in the comments below or on Twitter!
Measure the success of your social media marketing with the help of social media monitoring in Google Analytics.
There are plenty of features in Google Analytics that most users never bother learning about. One of the major categories where many of these features exist when it comes to social media monitoring. You can monitor a ton of social media data using Google Analytics – and there is so much built in that even beginners can do it!
Below are a few ways you can use Google Analytics to monitor traffic from your social media accounts and measure the success of certain social media programs while determining ways in which to improve on others to capitalize on all that social media has to offer when it comes to getting found.
1. Identify the Sources of Your Social Traffic
Watching the visits counter on Google Analytics can be extremely rewarding when you start to see the numbers rise. But in order to incorporate these results into your strategies, you need to know where this traffic is coming from. Luckily, Google Analytics has a feature built in that shows you the sources of this traffic, including social media. In your dashboard, on the left hand side, you’ll see the Traffic Sources tab. Under there, you’ll see two areas that will help you determine which social networks are driving traffic: Sources and Social.
To take it one step further, under your Sources menu, you can search by Referrals to see exactly which sites are driving traffic, and to narrow it down by social alone, you can select the Network Referrals tab underneath Social.
Knowing the sources of your social media referral traffic will help you do two things. First, you will able to see which social media networks are driving the most referral traffic to your corporate site. Second, you will be able to see where your social media efforts need improvement in order to drive increased traffic from those networks. One tip that will help is if you look at your Content tab in Google Analytics. It is there that you will be able to see which pages are being viewed the most, and, with a little tweaking, you will be able to see what the sources of the traffic on those individual pages are. If, say, you have a blog and notice that this is the most popular page on your site. If you see that much of your referral traffic to your blog is coming from LinkedIn but little comes from Twitter, you might want to consider promoting your blog a little more in Twitter.
2. Pay Attention to Mobile
As we all know, social media interaction on mobile devices is becoming increasingly popular; the numbers prove it. Therefore, it is important that we appeal to the mobile market be it from custom apps to mobile-friendly options on our websites. Now, while this should be a consideration, it is always important to do a cost-benefit analysis of any business decision. And in order for us to measure these benefits, we will need to measure how much of our social media traffic is coming from mobile.
In the Audience tab, there is a Mobile option. It is there that we can see what portion of our audience is coming from mobile.
To see if they are being driven via social referral, we need to create an advanced segment that segments only traffic from our social media networks. In order to do this, we follow a few simple steps from Google. First, we select Advanced Segments in the top left hand bar beneath the dashboard title. Then we create a new one inserting only those sources we wish to view. It should look something like this:
From there we can segment our mobile traffic to view only those hits coming from social referral on a mobile device.
3. Set Social Goals
Here is where things become a little more customized. In order to measure the success of certain social media campaigns using Google Analytics, you are going to need to set up Goals. Goals in Google Analytics can be a tremendously valuable tool. Not only can they help you see where you are finding success with social media campaigns, but you can also use them to measure ROI from social media. As we all know, ROI is the key to business decisions, and as marketers, we know that it is often the one mitigating factor when it comes to C-level decision-makers moving ahead with or shutting down social media programs.
Goals are set up in the Conversions tab of your Google Analytics dashboard. Under that heading, the first tab is Goals, where you can select the “Set up goals” option. Goals can range anywhere from a visitor downloading a white paper to making a purchase. It all depends on what you are defining as a conversion for a given campaign. Say for example we want to set up a simple goal whereby a conversion is made when a visitor from social media visits more than two pages. First we define the goal parameters.
Now that the goal has been defined, we can move on to segmenting the traffic so that only traffic vis social referral is measured for this particular goal. On the Overview page for our goals, we can select the advanced segment we defined earlier and apply it to any of our defined goals. After that, we can simply monitor the traffic coming from social that achieves the goal of multiple page visits.
These are just a few of the amazing things you can do with your Google Analytics account when it comes to monitoring your social media activity. There are plenty more – albeit slightly more complicated – features that can help you optimize every one of your social media channels.
Take a look at some of the social media traffic on your Google Analytics account and let us know if you have noticed anything particularly interesting in the comments below or on Twitter!
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Social media is constantly evolving and at shockingly high rates; these numbers prove that.
Over the course of the last few years, social media has made its way into virtually every aspect of our lives. As such, in this short period of time we have seen some unprecedented numbers when it comes to social media. Below are a few fun facts and figures as they relate to social media as a whole and by network.
Social Media
Roughly one third of bloggers are mothers.
There are more devices connected to the Internet than there are people on Earth.
40% of people spend more time socializing on social networks than they do face-to-face.
Over 680,000 pieces of content are shared on Facebook.
2 million queries are made on Google.
3,600 photos are shared on Instagram.
Over $270,000 is spent online by consumers.
22.5% of time spent online is spent on social media networks.
70% of adults on social networks shop online.
53% of adults on social networks follow a brand.
57% of marketers say they have acquired a customer as a result of blogging.
44% of marketers say they have acquired a customer from Twitter.
The use of social media has increased more than 350% since June 2006.
65% of traffic on Pinterest is from the United States.
Blogs increase web traffic by 55% for companies.
35% of the comments on brand Facebook Pages are compliments.
Over half of all mobile searches lead to a purchase.
90% of mobile searches lead to some sort of action.
Facebook
Facebook users combined spend over 10.5 billion minutres on the social media network every day.
Only half of all Facebook users have over 100 friends.
People spend over twice as much time on Facebook as they do on Google every month.
AllFacebook reports that in an analysis of over 60 Facebook marketing campaigns, 49 percent reported a return on investment of more than five times, while 70 percent had a return on investment greater than three times.
Less than 0.5% of Facebook users engage with the brands they are fans of in a given week.
20% of Facebook have made a purchase as a result of an ad or post they saw on the social network.
Half of all smartphones are connecting to Facebook every hour of every day.
Twitter
There are over half a billion registered accounts on Twitter but only 140 million active users.
15% of adults user Twitter.
29% of the Twitter user base is between the ages of 18-29, the largest demographic on the network.
Users aged 30-49 represent 14% of people on Twitter and 50-64, 9%.
The average number of followers for any Twitter user is 27.
A quarter of all Twitter accounts have no followers.
40% of Twitter accounts have never sent a tweet.
79% of Twitter users are more likely to recommend a brand they follow.
67% of Twitter users are more likely to buy from a brand they follow.
57% of businesses that use social media use Twitter.
LinkedIn
61% of LinkedIn users use the social media network as their primary professional networking site.
81% of LinkedIn users belong to at least one group.
82% of users are aware of ads available on LinkedIn.
60% of users on LinkedIn have clicked on an ad feature on the site.
90% of surveyed LinkedIn users find the site to be helpful.
61% of LinkedIn users are registered for the free version of the network.
Mobile
10% of Internet usage worldwide is now done via mobile smartphones.
Roughly one quarter of the world’s 4 billion mobile devices are smartphones.
Nearly 8% of web traffic in the United States is mobile traffic.
29% of mobile users are willing to scan mobile codes (i.e. QR codes) to receive specials and promotions.
39% of consumers who leave a store without making a purchase are influenced by mobile.
91% of mobile access to the web is done for social networking purposes.
Over one third of Facebook users and half of Twitter users access the social networks via their mobile devices.
QR code scans increased 300% year over year from 2010 to 2011.
73% of smartphone users access social networks using mobile apps at least once per day.
One in ten dollars spent on e-commerce in the United States is done on mobile devices.
87% of the world’s population subscribes to a mobile device.
Social Media for Business
27% of small and 34% of medium businesses are using social media for business (expected to reach over 75% in the next three years).
MarketingMag reports that 25% of SMBs have no strategy and only 28% of small and 24% of medium businesses measure their ROI of social media activity.
83% of socially savvy consumers have walked away from a purchase in the past year after a negative customer service experience – compared with 49% of everyone else.
Of businesses using social media, 80% are using it to monitor and extract data related to competitors.
Only 44% of customer questions on twitter are answered within 24 hours.
56% of customer tweets to companies are being ignored – that’s much too high!
55% of consumers share their purchases socially on Facebook, Twitter, Pinterest and other social sites.
59% of Pinterest users have purchased an item they saw on the site.
33% of Facebook users have purcahsed an item they saw on their news feed or a friend’s wall.
79% of Pinterest users are more likely to purchase items they’ve seen on Pinterest.
64% of Facebook users have clicked on a Facebook ad.
87% of the Fortune 100 now use social media – with Twitter being the most popular social media network.
75% of the Fortune 100 are on Facebook.
50% of Fortune 100 companies have a Google+ account.
25% of Fortune 100 companies have a Pinterest account.
Facebook is the number one social marketing tool for brands at 83%.
On average companies respond to only 30% of social media fans’ feedback.
40% of young workers rate access to social media at work above receiving a higher salary!
Over 50% of workers aged over 50 use social media every day at work.
94% of corporates use social media and 85% say it’s given their business more exposure.
74% of brand marketers saw an increase in website traffic after investing just 6 hours per week on social media.
65% of corporate marketers use social media to gain market intelligence.
70% of brands ignore complaints on Twitter.
83% of people who complained on Twitter loved the response from those companies that did make the effort.
Only 26% of businesses regularly include a call to action in their tweets.
42% of marketers believe Facebook is critical or important to their business.
Social media has a 100% higher lead-to-close rate than outbound marketing.
80% of US social network users prefer to connect to brands through Facebook.
Facebook is responsible for 86% of social referrals, Pinterest 11% and Twitter 3%.
Over 25% of Twitter users would consider contacting a business via the platform.
39% of companies do not track their social media responses at all, and 55% ignore all customer feedback on Twitter and Facebook, largely because they have no process in place to respond.
That’s a ton of information! Social media is growing more and more important to business every year. We are still at a stage where entry barriers are low and the benefits of using social media for your business are notable and impressive. The proof is in the numbers! Which of these statistics did you find to be the most impressive? Tell us in the comments below or on Twitter!
https://t2marketinginternational.com/wp-content/uploads/T2-Social-Homepage-Image.png00Corey Padveenhttps://t2marketinginternational.com/wp-content/uploads/2022/12/logo-t2-300x138.pngCorey Padveen2013-01-28 10:29:152013-01-28 10:29:15Social Media Fun Facts and Stats
Social media is crucial to the success of any business, and this recent study by MIT and Deloitte shows exactly why…in numbers!
Three years. That is the time frame this study has given for businesses to adopt social media. For many of us, social media for business is a no-brainer. The advantages far outweigh the costs, and the returns are both measurable and remarkable. So why are so many still hesitant when it comes to adopting social media as a cornerstone of their business?
There is always the argument that due to the medium’s incipience, there has not been a chance for longitudinal studies to be conducted, and therefore its viability can be questioned. While this holds true for most media, social is in a class of its own. On a micro level, we can examine Pinterest. Over 1,500% growth in traffic over the last year! Pinterest is just another juggernaut on the unstoppable train that is social media for business, and finally a study shows that.
The study conducted by MIT and Deloitte show that social is present in all facets of business, it proves to be an excellent resource for numerous departments, and yet only 18% of businesses have incorporated social media fully into their strategies. Well, that might change as a result of their findings. Three years is the calculated deadline for businesses to go social. Missing the proverbial social media boat can cost businesses significantly. Take a look at the video below to see why that is the case when it comes to social media for business.
Do you agree with the study’s findings? How long would you say it will take for social to be among the most important aspects of successful business strategies (if it isn’t already)? Tell us in the comments below or on Twitter!
https://t2marketinginternational.com/wp-content/uploads/logo122.png00Corey Padveenhttps://t2marketinginternational.com/wp-content/uploads/2022/12/logo-t2-300x138.pngCorey Padveen2013-01-23 08:45:422013-01-23 08:45:42Social Media is a Must for Businesses
To understand how we can derive Social Equity from LinkedIn, we first need to understand what the benefits of a LinkedIn presence are to our business.
On the less technical front, you might want to consider measuring your social media success through the use of established goals that you lay out at every stage of the program. These do not necessarily have to be monetary returns. In fact, one way of measuring the success of your social program is by measuring the growth and extension of your network. Effectively, the growth of your social network translates into the growth of your pool of leads.
YouTube marketing campaigns, as they indicate where your work needs improvement and where you are finding the most success with your video marketing. Paying attention to these figures will help you optimize your YouTube marketing to ensure that you are not losing anything (from time to audience engagement) with each of your videos.
Facebook
There are over half a billion registered accounts on Twitter but only 140 million active users.
LinkedIn
