Social media ROI… the proof of the pudding!

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TigerBlogSocialMediaROICAN anyone remember life BSM (Before Social Media)?

Today, thousands of businesses across the UK are embracing it, but despite phenomenal uptake, in some quarters the rather cautious jury’s still out when it comes to its true marketing power, its ability to promote brands effectively and the likely ROI (Return On Investment).

Turquoise Tigers would like to state, for the record, that we are most definitely not jury members. We believe in the power of social media. Used properly as part of an integrated marketing plan it really can reap dividends over time.

So the Tigers purred with delight when the Internet Advertising Bureau (IAB) revealed the results of a social media study.

Recommendations – the power of social media

It revealed that a whopping 90 per cent of consumers would recommend a brand to others after interacting with it on social media – music to our furry Tiger ears and something that we have been talking about in our workshops for years.

These figures demonstrate that social media can drive ROI – one of the key doubts of sceptics – by encouraging consumer engagement, driving brand love and increasing brand loyalty. Not bad eh for ‘a waste of time’?

Three global brands featured in the study – Heinz, Kettle and Twinings – with more than 4,500 survey responses collected from each of the brands’ social media pages over two months. These were supplemented by 800 interviews.

Four out of five consumers more likely to buy social media brands

Another interesting finding to come out of the study was that four out of five consumers said they would be more inclined to buy a brand more after exposure to its social media accounts.

In total 83 per cent of those surveyed were happy to trial a product in such circumstances, showing that social media engagement really can help a business gain the attention of new customers, engage with them and create stronger and deeper relationships.

According to IAB, uplift in sentiment for each brand was 22 per cent for Heinz, 17 per cent for Kettle and 19 per cent for Twinings.

Healthy ROI

And it’s estimated that for every £1 spent on social media, as much as £3.34 could be generated – a figure that clearly shows a healthy ROI is possible.

Now see why we think social media can be brilliant for your business?

It’s an essential channel where consumers and brands can enjoy great two-way conversations and build strong connections.

It’s also a brilliant way to not only capture new customers but also to turn your current customers into real fans so they shout about your brilliance from the rooftops.

By truly engaging with an audience through social media you have a fantastic opportunity to build an army of enthusiastic fans. These fans will buy your products and services, voice their support for your brand and help increase your sales by encouraging others to purchase from you.

Just remember it’s SOCIAL media so don’t sell, sell, sell, engage with your audience and over time watch your ROI increase.

The uplift in sentiment for each brand was measured as Heinz 22%, Kettle 17% and Twinings 19 per cent, allowing the IAB to estimate that for every £1 spent on social media as much as £3.34 could be generated.

Two-way conversations

Kristin Brewe, the IAB’s director of marketing & communications said: “The IAB study shows that, when trying to create deeper emotional connections with consumers, social media is an essential channel for brands. This isn’t surprising since social media is the only channel where it’s possible for brands and consumers to have meaningful two-way conversations, making the strength of connections that much stronger.”

Ian Ralph, the director at marketing sciences who conducted the research, adds, “Our research shows that to create an emotional connection brands really need to provide clear, timely and, most important of all, relevant content that develop a conversation. Interestingly, we also found that brands really shouldn’t be afraid about having their products on show and of linking up their social media activities to their business objectives. Social media has the potential to turn brand customers into brand fans.

“By making people love, not just like your brand, you’re more likely to drive future purchases and increase sales.”

Read more: http://www.thedrum.com/news/2013/07/04/iab-study-finds-90-consumers-back-brands-after-interacting-social-media#ixzz2ZQlabwmv

  • What do you think? Have you experienced social media success for your business or do you still believe it’s a time waster? Leave us a response – we’d love to hear your views.

 

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