In this blog post we would like to take a look at the return of investment on social media to help you understand the effectiveness of social media for your business. We have recently shared blog posts on how to track the return of investment on your social media as well as how not to track the return of investment on your social media.
But in this blog post we look how effective social media marketing for your business could be, based on your return on investment.
The return on investment is a business metric and when it comes to the return on investment of social media for businesses, it is a very contentious topic. More and more businesses are spending more and more time on social media marketing for their businesses, but does it pay off?
How can you decide if your efforts on building up your online business presence via social media are successful?
74% of CMOs believe that they will be able to tie their social media efforts with a hard ROI this year and 96% of businesses are beginning to look beyond basic sales goals and web metrics which enables them to identify the real value and power of social media marketing efforts.
Meanwhile, looking at social media right now, and businesses that are using social media; 76% of businesses are using social media networking as their business objectives and 64% of marketers are integrating social media into their marketing plans.
Research also shows that 11% of businesses that are using social media have been doing so for more than 3 years. We all know that if we were investing time, and in some cases money, into something, we would not do so for 3 years if it was not working. A further 9% of businesses on social media have been using it for less than one year.
Has social media marketing been effective for your business?