How in the world does one measure the return on social media marketing?
…Justify the time, resources and hired help to manage the many social media profiles connected to your company? Well, that data is getting stronger, and it’s all pointing positively towards social media being, “well worth it.”
Companies that are dedicated to growing their fan and follower bases, engaging them on a deeper, more personal level, and gracefully welcoming questions, comments and complaints – are blowing the other brands out of the water (Can I get a, “CANNONBALL!“) The companies that are taking social media really seriously, are seeing a significant Return on Investment. That’s right, companies are successfully using social media to drive business objectives and seeing a significant Return on Investment.
Still don’t believe me? See our examples and statistics below:
Since The Social Lights World HQ is situated right across the street from Target World HQ and there are 3 Starbucks’ within a .3 mile radius, we’ll focus on those two companies.
A study recently conducted by Facebook and ComScore, found that exposure to earned media (aka unpaid publicity or word of mouth) determined that the exposure Target and Starbucks gained had significantly influenced purchasing behavior among fans and friends of fans:
• Target fans and friends of fans were 19% more likely to purchase in Target in the four weeks following exposure
• Starbucks fans and friends of fans demonstrated a 38% lift in purchase behavior within 4 weeks of exposure to earned media
It’s not just the big brands and industry titans that are seeing results. Even small businesses can influence fans and friends of fans’ purchasing behavior.
According to a study of 12,000 consumers conducted in 2012 by Marketforce:
- 80% of users claim that “because of social media, I am more likely to try new things based on friends’ suggestions.”
- 81% of respondents indicate that posts by friends directly influence their purchase decision.
- 78% of respondents indicate that posts by companies directly influence their purchase decision.
So, Why Should I Like You?
In a recent study conducted by Lithium, in conjunction with the Chief Marketing Council, when consumers were asked what triggers them to “LIKE” a brand’s Facebook page, they expected:
1. To be eligible for exclusive offers and content (67%)
2. To interact with other customers and share my experience (60%)
3. To find games, promotions, and other unique experiences (57%)
But How? (Hint: Ask us about SUPER creative digital contests, coupons, sweepstakes, promotions, games and giveaways that can be used to grow fan, follower and brand ambassador communities).
We’ll leave you with one last freakishly cool stat:
Social media profiles are giving branded websites a run for their money, by becoming the go-to sources of information and interaction with the brand.
According to ComScore, the Skittles brand website (you guessed it, www.skittles.com) attracted 23,000 U.S. unique visitors in March 2012. The Skittles Facebook Fan Page, however, (why yes, it is www.facebook.com/skittles) attracted 320,000 visitors – a whopping 14X as many visits to Facebook over the website! Skittles is not alone, this trend has been witnessed by brands that don’t even taste like the rainbow.
Additional Charts + Stats can be found on Wildfire.com.