Social Media ROI Still Largely Unknown
Understanding how well your team is performing in the realm of social media isn't easy, despite all the analytics tools available.
A new report from Demand Metric reveals that even though a majority of companies have adopted social media analytics tools, upwards of 70 percent are unable to show the ROI of their efforts. That's unacceptable.
The report indicated that marketers are most often using social media analytics to enable or optimize Campaign Tracking, Brand Analysis and Competitive Intelligence use cases. But almost one-third of the study's participants didn't know what percent of their revenue was influenced by their social media efforts.
“These study results confirm that analytics tools – and knowing how to use them – are the key to social media effectiveness and reporting ROI,” says Jerry Rackley, chief analyst at Demand Metric and report author. “Even though 61 percent of organizations now report having a social media analytics solution, they have not climbed very far up the learning curve in using them. To fully leverage the powerful channel that social media is, organizations must first align their efforts with business objectives and then learn how to use their analytics tools to support and drive their efforts.”