So when I started this blog, my primary focus was on business and how social media had revolutionised the way in which is was conducted. Naturally, I thought all businesses would know the value of their social media so they would know how much time and money to invest in it and what economic return they were gaining from utilising it.
I was shocked to find out that on average 1 in 5 businesses that use social media as a business toll do little to no tracking of its activity! And 57% of the other 4 out of 5 businesses said their deepest level of tracking was measuring involvement, which includes followers, likes, comments and user time.
If businesses are assigning teams of people and investing money into social media, would they not want to know if it is time and money well spent? It seems as though business documentation is usually so nit picky, yet social media monitoring is often disregarded.
EMarketer.com states that 12% of companies and 16% of agencies are able to track their bottom line. Although most corporate organisations use social media for brand awareness more than anything, this still requires some understanding of whether or not this medium is successful in achieving that.
Take Facebook for example.
- Likes – Good to monitor traffic to the page but gives no indication as to whether they are clients or customers and generating revenue
- Comments/talking about – This can measure success of engagement but not if it was or has been converted into business
This type of minimal traffic may be sufficient for some conglomerates that generate enough revenue from other sources, but many smaller businesses are the ones who are not engaging. I understand that many small businesses adopt social media as a cost effective way to generate awareness and boost business, but I feel it is a waste of their time and money (especially when there isn’t much to spare) not to know how profitable or successful the platform is performing.
Although I think that social media monitoring would not be a wate of business expenses, when there are free monitoring sites available I feel there is no excuse. Businesses, especially small ones who use this as one of their main marketing tools need to be more aware of how social media is impacting their business. and in what areas they generate the most noise.
Determining where to invest more time and money into will generate a positive outcome as they won’t be spreading themselves across a wide spectrum and hoping for the best. As with all other business practices, objectives, strategies and tactics are still vital in corporate social media.
What are some additional reasons businesses should track their social media?