As a B2B leader, do you know how to determine the ROI on your social media efforts? In 2011, MDG Advertising released an interesting infographic titled “The ROI of Social Media: Is Social Media Marketing Effective?” Three years later, this infographic is still relevant in our social media marketing campaigns. In particular, the infographic helps us understand the following: our business objectives; the metrics CMOs apply to measure social media undertakings; and the advancement of social network recruiting. Here are some social media marketing highlights to consider, which are also featured in MDG Advertising’s infographic: 4 Factors For Measuring Social Media
- Studying sales increases and the decline of costs.
- Has your brand recognition greatly improved among audiences?
- Can you easily tend to issues that relate to your brand?
- Have your digital assets improved along with your brand?
Defining Objectives Business objectives are not the same for every business, which is why it’s important for B2B leaders to define their objectives prior to social media implementation. Consider the following:
- Brand recognition
- Engagement with your current customers
- Sales (short-term basis)
- Improving your company’s “searchability”
- The dispersal of company information and news
Measuring Social Media Marketing Activities The following percentage of CMOs use these metrics to measure social marketing merits:
- Conversion (66%)
- The number of page views (43%)
- Revenue (50%)
- The number of members (63%)
- Site traffic (68%)
Social Media Recruitment Social media is necessary for companies to engage with customers, as well as enlist new talent. According to the infographic, 64% of businesses during 2011 successfully used social media to hire new employees; in comparison to the previous year, this was a major increase from 58%. More Trends And Facts To Note
- Over a long-term basis, social media marketing significantly cuts marketing costs.
- The infographic reports how 45% of social media marketers were able to build new partnerships via social media.
- Social media has assisted 72% of marketers in “closing business.”
Click on the image below to view the full infographic. How do you currently measure the ROI of your social media campaigns? I am looking forward to reading your comments.