One of the latest reports around social media tells us that measuring ROI (60%) is still the most challenging aspect for marketers when facing all their social media efforts. This is the main message from a report by Simply Measured and TrustRadius.
The findings that are based on some survey data from almost 600 social media practitioners between February and March 2015 also show that other top challenges are tying social activities to business outcomes (50%), developing a social media strategy (48%), and securing enough internal resources (40%).
Although the main message is clear, there are some small variances between company sizes when separated int small businesses (1-50 employees), midsize companies (51-1,000 employees), and enterprises (more than 1,000 employees). While smaller companies struggle setting up and developing their own social media strategy, enterprises are trying to secure enough internal resources to master their social media efforts.
The integration of social media into the overall business is also a big way to go obviously. First of all is the alignment of social media goals with the overall business goals not fully connected. But even more challenging is the question whether all the efforts generate some business impact. Many marketers are working intensely with data and analytics to optimize their marketing strategies but the proof seems not yet been given.
Maybe this is all based on the missing tool strategy, which is also one of the major findings of the report (not surprisingly based on study makers). How to manage and measure social media activities, is often not a question of whether companies know the tools but still they are predominantly sourcing the monitoring out for example, and then wonder why data gets not interpreted properly. Also, some are not happy with their tool choice.
The findings are not surprising when the targets from all three company sizes is brand awareness. Still, companies should be able to better understand KPIs in the social selling process. It seems that companies and brands still have not yet understood the value of a friend, follower, LIKE, share or a comment. Furthermore, they still do not have the opportunity to link their data findings and their social media engagement back to some CRM database in order to leverage data sets around their customers. Furthermore, the missing social sales strategy combined with a clear lead processing and management is essential, and most companies do not have an answer here. Obviously, a lot of support in the social media set-up is still appreciated.
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