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While we encounter a range of questions from clients and prospects regularly, the most common one hands-down is: how will social media drive business growth or increase sales?
Eve Mayer’s "Social Media for the CEO: The Why and ROI of Social Media for the CEO of Today and Tomorrow" (yes, it’s a long title), offers great insight into the answer. She believes that if you follow five simple steps you can make sure your social media efforts lead to business growth.
1. Shut Up and Listen! (Or, Remember It’s a Communication Tool, Not a Broadcast Tool). She points out that social media are really about questions and answers. If you’re broadcasting all the time, you won’t be able to hear their questions.
2. Why Opposites Attract. Many make the mistake of gravitating toward like-minded businesses, their competitors or other counterparts. Big mistake. You have to go where your prospects and customers are.
3. One Ball is Not Enough to Juggle. She believes most people – or companies – only think of one thing at a time. She likens it to a juggler juggling one ball. Not really engaging, right?
4. The Social Media EquationTM which can be applied to just about every business:
• Informing – 20 percent
• Entertaining – 20 percent
• Interacting – 40 percent
• Converting to business – 20 percent
All of these should add up or equal a positive ROI if they’re done seriously, consistently and energetically.
5. The ROI of Social Media. She agrees that while it’s a challenge to measure social media results, it’s not impossible. If you have a specific goal in mind and a way to track your progress through clearly delineated checkpoints, you actually can determine the return on your investment.
For more insight of course, you’d have to read her book or engage in a discussion with our social media practice leads. Pierpont social media strategists stand ready to get you started.
Tell us your thoughts on social media and ROI. Do you think it’s worth the effort? If so, why?