Yes, we have over-hyped social media. We’ve also over-hyped our ability to measure the ROI in social media. This media category is still too messy and fluid for the gimmicky measurement tools on the market. Most companies can use social media as a low-cost, high-impact channel, as long as they don’t fixate on appeasing bureaucratic, KPI-obssessed empty suits. One of the reasons many marketers are disappointed with their social-media ROI is that they handicap the strategy with cookie-cutter approaches to measuring ROI.
There’s a trend emerging around social media and small businesses that has marketers concerned. It involves the failure of social media to produce more business for companies that are turning to it in record numbers. The mega-marketing group Social Media Examiner noted the trend on Monday.
While marketers are dedicating more time and resources to social, they’re not 100% sure how effective it is in terms of ROI. Thirty-four percent believe they’re currently seeing ROI, while 52% believe their social media efforts will eventually produce ROI. This is not good.
Small business owners themselves are even less enamored of their efforts with social media. An April 2013 article in Forbe’s reveals that 55 percent of companies interviewed realized no ROI on social media marketing.
What’s going on here?
A big part of the problem is that too many social media marketing folks have been overselling social media’s power. Says…
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