Social media has become part of most businesses marketing mix, PR initiatives as well as customer service and product innovation process. Most companies started out with a small initiative and now they want to expand that endeavor. However many businesses thought social media was going to be “free.” They thought it would just require time on the behalf of one or two employees- maybe not even full time.
The truth about getting business results from social media is that it requires software to scale as well as to go beyond the typical posting on Facebook by many brands — “Happy Monday!” Brands doing that are wondering where the return on investment is. Have a presence on social networks is the first step in many to see a financial gain the investment in social media. The key to success is understanding what social media software and applications are necessary to reach your business goal. And the second part is to create a business case to convince those that are not already bought into the value social media provides. Looking at the technology adoption curve by Rogers and later adapted by Geoffrey Moore, the innovators and early adopters have bought in.
However, the early majority are the ones that need to be convinced that there is business value in social media. They are very pragmatic and don’t like taking risks. They want to know that what they are going to do will result in solid business results. The job of the innovators and early adopters becomes the ability to create a business case that is compelling enough for them to say yes to much larger people, process and technology investments.
2.7 zetabytes of data exists in the digital universe today. Predictions estimate that 35 zetabytes of data will be generated annually by 2020. IDC estimates that by 2020, business transactions on the Internet- business-to-business and business-to-consumer will reach 450 billion per day. Facebook alone stores, accesses, and analyzes 30+ petabytes of user generated data.
How do you make sense of it all? Clearly, the rate at which businesses are able to quickly analyze, accurately interpret, take action and pivot on the myriad of consumer interactions coming through channels such as Facebook, Twitter, blogs, forums, newsfeeds, mobile… will be determining factors for future business success. With competition and the influx of interactions growing daily, some departments still struggle with their social media strategy and how to build a business case for the support and funding of a social media analysis initiative.
Join Social Media ROI Strategist Dr. Natalie Petouhoff and Crimson Hexagon‘s Vice President of Marketing Wayne St. Amand for an exclusive webinar. Learn how to make a business case for social media analysis that will improve your chances for social media budget funding and expand your business results
In this webinar, we will discuss:
- How to use a 4-step process to build a business case for a social media analysis initiative
- How to distill a business case into one simple sentence
- How to quantify social media benefits and the five benefit categories
- Case studies on how leading companies are using deep insights in social media analysis to execute meaningful actions that prove the associated business case
Learn. Share. Grow!
@DrNatalie L. Petouhoff
For more info on my work:
Ebook:Social Media ROI
Social Media ROI YouTube Videos:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Book on Monetizing Facebook: Like My Stuff: How To Monetize Your Facebook Fans