Companies are in business for one reason only, and that’s to make money. Since methods for defining the true ROI of social media are still a bit fuzzy, some CEOs are getting frustrated at the time it takes to see results.
Social media has a reputation of requiring almost no investment to the point of being virtually “free”, but that’s not true at all. TIME is money. To give social media a real chance to succeed, it requires a substantial investment of time. Time to listen to the market, to develop strategies, to cultivate relationships to build trust and time to review incremental results and make adjustments. And we’re NOT talking about just days or weeks.
Social Media is a long term, ongoing process, not a project.
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Hi Rena,
Many companies spend enormous sums on image advertising.
Periodically they measure awareness and attitude. They don’t expect their ad campaigns to convert into immediate sales.
They buy reach and frequency and collect non-sales data that will hopefully trend upward and affirm the effectiveness of their media buys.
With social media they’re buying something vaguer than reach and frequency, and they’re buying something that’s completely new and therefore unprecedented.
No wonder they’re skeptical and nervous.
To make matters worse, they’re being delivered data that’s different from the stats they’re used to reading.
Perhaps, during an intermediate phase, they should conduct offline research and collect the same attitude, awareness and top-box data that they’re accustomed to. Not that I’m advocating such data in general, but politically and psychologically it would seem to make sense.
Very gradually, the metrics will be able to evolve over time.