Strategies For Getting A Return On Investment from Social Media
At a Technology Marketing Council event run and hosted by Forrester Research last week, we hosted a session on social media strategies for real business benefits which explained how some of the leading companies in the UK have approached the issue of how they can get a real return on investment from interacting online.
Many companies, including technology vendors, have allocated time and resources to developing a social media presence. This has not been particularly difficult to achieve: it is simply the creation of various social accounts, and the linking of these to the main corporate website. But this presence alone does not justify investment – despite some of those companies now believing they have ‘done’ social media.
Indeed, even if time is spent gaining a number of ‘Likes’, ‘Followers’ or ‘Shares’ of any of these accounts, this would still not justify the investment of time and energy required.
The justification comes from being able to achieve goals that are the same as, or directly related to, your day-to-day business objectives. That usually means things like increasing sales, increasing the number and quality of leads, obtaining better levels of customer satisfaction, reducing service delivery costs or improving company credibility and presence.
These are all things which can be measured and will drive investment from the business, so a strategy for the implementation of social technologies and techniques focused around these will be many more times as likely to receive funding and then, be seen to be delivering real value to the business.
The slides below explain how many companies, ranging from large multinationals to small recruitment consultancies have adopted a similar process and are already seeing real and important results.
We would love to hear whether you know of other B2B companies who have experienced similar results by making sure that the return on investment from social media they are looking for is directly related to their day-to-day business objectives. Email us at email@example.com.