One of my favorite quotes about social media comes from Dana Anderson, from our valued client, Kraft Foods: “Should you do social media? That’s like someone asking if they should buy a light bulb after electricity was invented.” That being said, though, knowing that you must use social media – or risk falling far behind your competition – and knowing how to optimize and profit from social media are two different things.
Last month, we were joined by Susan Etlinger, industry analyst from the Altimeter Group, for the June installment of our Social Smarts Series where she discussed the “elephant in the room” – the ROI of social media. In the webinar, Susan touched on the direction of the industry, challenges and opportunities faced by leading companies, and measurement strategies for data and insights. I’m thrilled to see the debut of Susan’s report, The Social Media ROI Cookbook: Six Ingredients Top Brands Use to Measure the Revenue Impact of Social Media, an even deeper dive into the challenge of ROI in social media.
As the report says, 84% of companies are using social media for community and customer insight – but the report also shares my view that social media analysis is no longer an option for the business function. So what’s the other 16% doing? Check out the report today – and make sure your business is part of the 84%.