An interesting article, as it will prod most small business owners to think or more so rethink their spending and expected returns on the Social Media $$$.
I have stated countless times to clients, and thus I reiterate, utilise Social Media as a form of communicating with your existing and prospective customers.
The total sum of your interaction is what culminates in a Sale.
If you do not have a Social Media strategy.. then you had better implement it – or be left wondering why your customers are going elsewhere!
Determining the ROI of social media marketing activity is a convoluted and complicated challenge that many – if not most – businesses and brands struggle with.
In an effort to better measure the value of social media marketing, a recent Business Insider article reports that, ‘many brands are moving away from metrics that purport to measure ROI on social media’.
This indicates that even many of those businesses and brands that thought they had a formula for placing a monetary value on their social media marketing activity have since reevaluated their methods and abandoned them as a result. This is likely due to a realization that their own valuation criteria were fraught with issues.
The article continued, ‘They’ve realized that social media isn’t a transactional engine or sales machine, so they’re dropping half-baked indicators that gauge secondary effects, such as financial return. Instead, the new metrics evaluate social media strategies…
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