In recent years, marketing strategies of businesses have begun to adapt to changes in society and consumer activity.
Social media has taken the World by storm and many companies have begun to realize just how valuable social media can be to their marketing efforts.
Unlike traditional marketing strategies, measuring the return on investment (ROI) of social media efforts is very difficult.
Are you really making money by using social media or is it just a blackhole for your marketing budget?
The infographic posted below, released by MDGadvertising, gives us a closer look at the affects of social media in business.
Social Media ROI Infographic Highlights:
- 74% of CMOs will attempt to tie an ROI to their social media efforts this year.
- 96% of CMOs will attempt to identify the value of social media this year.
- 76% of business are using social media to accomplish business objectives.
- 64% of business are integrating social media into their marketing campaigns and budgets.
- Only 11% of businesses have been using social media for more than 3 years.
- Intangible benefits of social media for businesses include:
- Closing Business (Sales)
- New Partnerships / Joint Ventures
- Search Engine Ranking
- Decreased Marketing Costs
- Facebook is currently the most beneficial social media platform for businesses in terms of ROI.
- Business plans to increase their social media efforts on YouTube more than another other platform.
- 80% of companies are using social media to recruit employees.
- 4 factors in identifying the value of social media:
- Financial (Costs / Sales)
- Brand Recognition
- Risk Management / Aversion
- Digital Presence
