I just finished watching the 2011 version of Social Media Revolution from Socialnomics. As usual, they have put together a good visual representation of where social media is right now. They shared some good stats as they normally do. Things like, “If Facebook were a country, it would be the 3rd largest” “eReaders have surpassed traditional book sales,” and “1 in 5 couples meet online.” I enjoyed the stats & the choice of music to go along with years version. It was very well done.
Over the past few days I’ve watched as some of my friends have shared their thoughts on what they feel is the ROI of social media. They have shared their personal opinions on the ROI of social media and there has been some really great discussions that have spawned from it. But, in my mind, one of the most powerful things that social media provides as an ROI is the last statement in the Social Media Revolution 2011 video.
The ROI of Social Media
If you weren’t paying close attention, it might have slid right on by you. In fact, the first time I watched the video I missed part of it and had to rewind to see what exactly it said. They said:
“The ROI of Social Media is Your Business Will Still Exist in 5 years.”
I don’t think a better statement could be made to sum up it’s ROI. Too many times we are focused on the marketing side of social media and how we can turn followers into dollars. The focus shifts from connecting with people to how can we increase our bottom line. Don’t get me wrong, a good social marketing strategy can be huge for a business, just ask VW and their superbowl ad. It has over 39 million views on YouTube. How many cars has it sold? Impossible to say. But, how many conversations has it created? Thousands is my guess. Those thousands of conversations and views turn into consumers who remember your product when they are ready to make a purchase. While it is virtually impossible for VW to measure their ROI on that commercial, my guess is that they have seen more than enough business come from it.
Kill The Social Media Resistance
The time has come to stop fighting the urge to use social media in your business plan and to start forming a game plan. If you feel that social media is just a major waste of time, then you might want to start working on a new invention or business idea because in the next five years there is a good possibility your current source of income will be extinct. What used to be just an option offered by a few is now becoming the norm. People expect to be able to interact with your business on Facebook. They want to be able to ask a question on Twitter and get a prompt response. Fading away rapidly are the days of customer support phone lines and emailing for help. Consumers want instant access and quick responses. If all your competitors are offering it freely and your company isn’t, the consumer will move on no matter how loyal you may think they are. When this begins to happen, this marks the decline in your business until you finally have to close it down. Stop fighting the resistance and start using it today. If you need more reasons to get started, I highly recommend watching Social Media Revolution 2011.
In case you haven’t seen Social Media Revolution 2011 yet, enjoy below:
So the next time someone asks you “What’s the ROI of social media?” simply respond: It means my business will exist still in five years.