Working the social meadia: Measuring the success of your online strategy
With the ever increasing focus on the "bottom line" in the current economic climate, how can one even begin to justify the "additional cost" of investing in social media?
It's actually very simple! social media has very distinctive and measurable ROI (return on investment) variables that a business can use.
One very simple way to start looking at the return in investment can be in terms of cost avoidance.
How much do you currently invest in paying for visitors to your website or business through advertising? Now consider this. Only 14 per cent of people trust advertisements, while more than 90 per cent trust peer recommendations!
Social media is all about people engaging and speaking with friends and brands they trust! Anytime someone "likes" or comments on your business's social networks, their friend's see it, too, and friends usually have the same interests.
Now think about how many people your current adverts are reaching. Can they compete with the 1.6 billion on social networks? Less than 18 per cent of TV ads now return a positive ROI with the advent of Sky Plus and its equivalent technologies. Can you afford not to invest in platforms where people are hanging out?
Paul O'Mahony co-founded SocialMediaFrontiers.com. You can reach him on www.facebook.com/ SocialMediaFrontiers or at www.twitter.com/paulatsmf
Sunday Indo Business