Social Marketing: Will you monetize social media and measure ROI in 2011?
Social media continues to have a profound effect on marketing, and the use of this channel for marketing purposes is rapidly evolving. This week marks the fielding of our third annual Social Marketing Benchmark Survey to determine exactly how this important new marketing channel has evolved and which strategies will work best going forward.
Last year’s study revealed how social marketing was maturing, resulting in a shift from tactical to strategic thinking. However, we found that most organizations, even those in the strategic phase of social marketing maturity, had not yet figured out how to measure the return on their social marketing investment.
Without the ability to prove ROI, social marketing budgets were, and in most cases still are, being driven by perception. What is the perception? As this chart shows, only 7% of the 2300 social media marketers responding to our last study thought social media was producing ROI and, as a result, were willing to budget liberally. While 49% thought it was a promising tactic that will eventually produce ROI, nearly the same numbers (44%) are much more skeptical and unwilling to invest more.
But social marketing has evolved significantly in the past year and many marketers are not only promising ROI, they are proving it.
So, in our new survey we examine how organizations are overcoming the challenge of social media monetization, and which tactics are most effective for achieving this important objective, in addition to the comprehensive coverage of social marketing topics in general.
To share your insights on social media marketing, please take our third annual Social Marketing Benchmark Survey. This survey is being fielded now and will only remain open through Sunday, February 6, 2011.
Measuring Social Media’s Contribution to the Bottom Line: 5 tactics (Members’ Library)
Inbound Marketing newsletter – Free Case Studies and How To Articles from MarketingSherpa’s reporters