October 18

Are you getting any return on your social media efforts?

Just read a fascinating article about the value of social media globally.

It was interesting in the first instance to discover how many businesses don’t measure the results of their funded strategy. Crikey!

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It was great to see that Australia, as part of Asia-Pacific had one of the lowest scores of non-measurement – just 32% of businesses surveyed hadn’t checked if benefit outweighed the cost of their social media program. Europe highest at 52% before Nth America at 48%. (Mastering Digital Feedback; How the Best Consumer Companies Use Social Media, TCS, 2013)

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Second interesting thing; some 38% of large consumer companies report a positive return on their social media investments Now that was twice the number that reported that the effort was more than the gain. And Asia-Pacific headed that list with 55% of surveyed companies rating their Social Media strategies as a positive activity.

However, 44% of consumer companies haven’t yet measured the return on investment of their social media efforts according to this survey by Tata Consulting Services. 12% have no plans to measure the return. I wonder how much efort that 12% put into their strategy – and what else don’t they measure.

It strikes me that whatever you are putting time or effort into in terms of recruiting customers or driving your business, if it’s worth doing, it’s worth measuring. Few strategies will draw a clean line between their effort and an action. This is particularly true when it comes to marketing. I place the ad, the phone rings. No? Because consumers draw on a number of stimuli for their decision making. But we can make an educated guess.

Start with  socialmention.com  Check regularly. Record it on a spreadsheet or the like. And take a look now and then. There’s a simple start. 10 minutes a week 😉

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