Social media had incredible promise as a medium to foster a relationship between the customer or client and the business providing the products or service. Many companies jumped instantly on board but the ROI has been elusive as it didn’t often end in immediate or direct revenue.
Before you can set your social program up for success, it is important to understand what activities are truly driving ROI in social. Is it content marketing, social insights, or advocacy and retention efforts such as social customer service? Salesforce teamed up with Altimeter to publish a study focusing on this very topic, the ROI of social media management.
The findings of the research does establish there is a return on investment for social media efforts, but it’s established through both efficiency and maturity. Efficiency is necessary because establishing a social media strategy requires integration and automation for scheduling, managing, monitoring, and responding to social media events.
Maturity is required to ensure there’s a managed process in place to increase engagement with your social media following and accurately measure its impact. In fact, the ROI of social media, as measured by a company’s net promoter score, doubled with maturity.
Check out their infographic, The ROI of Social Media Management, to understand what social tactics drive social ROI and what functionality you need in a social platform to excel.