Blog Archives

Socionomics takes on Social Media ROI

I’ve already written about social media ROI before, but this socionomics video further shows the economics of social media. As a recent HubSpot report showed, inbound marketing has a 60% lower cost per lead than traditional, outbound marketing. Companies that have a higher level of social media have higher sales. Gary Vaynerchuk was able to use the Internet and the power of video blogging to turn his father’s Shoppers Discount Liquors to the powerhouse that Wine Library is today.

Just a few stats from the video about how the Internet and digital marketing helps businesses save costs:

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Who uses what?

As I mentioned on an earlier post about the demographics of social media use, baby boomers are the fastest growing group on social networks.

But, what does that mean for marketers? Does it mean that they just need to set up a Twitter or Facebook page and they’ve done their job? Alternatively, will a LinkedIn page do?

The answer: it depends.

As in any sort of marketing, demographics and the purpose of communication matter. Twitter is not Facebook. LinkedIn is not MySpace. It’s not even ASmallWorld (and no, I don’t mean the Disney song).

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The REAL Social Media ROI – Quantifiable and Measurable (Sometimes)

After writing my last post about the ROI – the return on inaction –  of social media, one of the commentators challenged me to actually quantify the social media return on investment. This give and take is one of the challenges and benefits of social media. Companies can’t just stand behind pronouncements – they are challenged and forced to strengthen their claims.

The interesting thing about the question of “What is the ROI of Social Media” is that we can track this in ways that weren’t trackable with traditional marketing. Despite the fact that many people have difficulty giving real numbers to the ROI of social media, it’s actually far EASIER to track than traditional media.

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Baby Boomers & Matures: Fastest Growing Group on the Social Web

Social media is not the answer for everyone. More than that, the latest fad of Twitter is not the place every customer should be.

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What is social media?

Following up on my previous post about the ROI of social media, perhaps it’s worth explaining what social media is.

Social media is not so new. Even the technology is new and major social networks have been on for close to a decade. Facebook only started in 2004. Twitter in 2006. Blogger in 1999 and bought by Google in 2003, and WordPress also was first released in 2003. College seniors that opened up a Facebook profile in 2004 are now your 27- year old workers. Moreover, humans have been social since the first caveman shared pictures on the cave walls.

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The ROI of Social Media

Many people ask: “What is the ROI – return on investment – of social media?” Usually, they get two answers:

  1. Some people – usually those who ended up engaged in social media because they are young, use Twitter, Facebook, Flickr or whatever other channel in their personal life, but don’t work in marketing or strategic communications – respond that there is no ROI in social media. Those people – far too common in the fast growing field of social media – do businesses a disservice. Besides being wrong, this keeps busineses from hiring a firm that understands marketing. After all, why should a business invest in something without ROI?
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Social Media for Social Good

Social Media doesn’t just sell technology (although Dell claims that they’ve made over $1 million in sales due to their Twitter presence), or shoes (although Zappos has also been raking in the big bucks), but it also saves lives and does good.

Whether it’s a religious organization, charity fundraising campaign, or trade group, or promoting democracy, social media does good.

If you’ve been paying attention, social media has been recently saving lives in Haiti and promoting democracy in China and Iran. Ben Parr of Mashable has a new story posted on CNN about the social web.

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Shift Happens

Print is not the only platform today. Platforms have changed. Newspapers and journals are now online. That mean that your marketing and public relations efforts have to change. What worked in 2001 didn’t work in 2004. What worked in 2001 doesn’t work in 2010.

Here are some interesting statistics showing how the world has changed in the past few years:

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