By Andrew Eklund | October 23, 2012
And when they do hit something, does it even accomplish their goals?
A couple of weeks ago I wrote about how the whole “there’s no ROI of social media” is a bunk myth at best and a complete lazy lie at worse. Yesterday, my colleague Julie Verhulst e-mailed all of us at Ciceron a link to a study conducted by social CRM company Awareness that largely substantiates my theory. (The summary infographic is equally good.) I recommend anyone who’s charged with setting forth digital business strategy to download the entire report.
Key findings that I found almost humorous (but I’m kind of crying inside):
Does anyone else find this morbidly hilarious? This is like saying you’re going to go on a diet, and you never count calories or step on a scale—or even work out, for that matter. And then you wonder why you haven’t lost any weight! So you kick your dog.
Another area that I find alarming is that most marketers are applying traditional marketing measurements to an ROI model whose success can’t be measured in top line numbers. According to the study, the number one measurement is “number of fans and followers,” followed by “Web traffic.” Who cares? Are these the right people? If you’re measuring Web traffic, are they converting? Are they loyal? Do social visitors provide a larger share of wallet? All of the questions have clear answers. So why aren’t we measuring any of this? I find it ludicrous.
The study is a treasure trove of insights for marketing executives who want to supercharge their social business efforts. And, I do mean business. As the report indicates, “mature” marketers are recognizing value and ROI not just from marketing but across the entire business. (I’ve made the argument in the past that parking social business inside of marketing is probably not the best strategic decision.)
Please share with me your thoughts per usual in the comments. And keep your eye on the ball!