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Tag - social media ROI

The Only Way to Make Money from Social Media

If I had a buck for every time I was asked “How can I make money from social media?” I wouldn’t have to write posts about making a buck from social media.
The problem is not with social media itself. No platform worth its cyber-salt ever claimed that you’d make millions by posting, uploading or liking social media content.
Oh, I know, I know. How about Oreos, Dell, Coca-Cola, Old Spice, Kim Kardashian etc you ask. And I’d answer “Yes, but…”.
All of those brands and the many others that are profiled in seemingly every social media presentation were major brands either before or separate to the influence of social media. That’s my point. Wrestling with the answer to the ROI from social media is like trying to quantify the ROI from your receptionist. Each has their undoubted benefits but being able to spend $1 on either with the certainty of getting $5 back is not one of them.
Neither can do you or your organisation any good in isolation. You need your other marketing initiatives in place for social media to be truly effective. By effective, that means integrating with those elements to deliver my favourite marketing equation of: 1 + 1 = 23.5.
So the only way to consistently make money from social media is for it to become a fundamental part of how you do business with the outside world.
What’s too often forgotten when any marketing investment is being reviewed is that success is not about doing one thing occasionally, it’s about doing a hundred little things consistently. There are few more visual, flexible, dynamic and interactive ways to do lots of little things than via social media.
The frustration of course is that it’s hard to highlight exactly what the financial return is from your social media investment. But try cutting social media altogether – or doing it poorly – and see how your increasingly discerning markets think of you; particularly compared to competitors that are active on social media.
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Fanning the Flames

The business benefits of quality social media content are now being realised
Working in content marketing, you become pretty saturated with jargon, theories and facts about social media. So much so that when we occasionally emerge from our cocoons of tweets and likes and blogs and SEO, we’re surprised to find that the rest of the world doesn’t exactly share our zeal. Sure, ‘dying’ Facebook is nearing 700 million users, but in terms of businesses adopting social media strategies for marketing… well, let’s just say some are more willing than others to take that next step.
We blogged a while ago about common social media marketing myths. With any new technology (and why social media is still classed as ‘new’ is something of a mystery), hesitation, suspicion and reluctance to embrace it abounds.
Even when it is 10 times cheaper than the traditional model…
Even when it has been proven to work…
Even when it has been predicted that spending on social media marketing will hit US$3.1 billion by 2014.
Social media content drives website visits
But perhaps the recent findings by Internet analysis company Hitwise will give brands a reason to reconsider their approach. Through a joint research venture with Techlightenment, Hitwise has discovered that one Facebook friend or ‘like’ is equal to 20 visits to a brand’s website.
No, that’s not a misprint: just one Facebook fan = 20 website visits.

Hitwise explains: ‘The figure of 1 fan = 20 extra visits to a website uses a unique methodology that combines Hitwise data with data from social media experts Techlightenment. We took the top 100 retailers ranked in the Hitwise Shopping and Classifieds category and benchmarked visits to those websites against the number of fans those brands had on their Facebook page. We then also looked at the propensity for people to search for those retail brands after a visit to Facebook using our Search Sequence tool.’
It is a compelling argument – not just for brands having a Facebook presence as a means of driving visits to their website, but also for making that social media presence as enticing as possible. The better the content is on social media, the more fans it will attract and the more website visits it will generate.
Facebook content – and social media content in general – is still part of the company voice. It is important that it is heard.
 
The Message is brought to you by Tick Yes – providing solutions for all your digital and content marketing needs.
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