Social media tools like blogs, Twitter, Facebook Google+, and YouTube can change the behavior of individuals and businesses. Businesses today are shifting to a world of interconnected, dynamic and powerful customer networks.
A Nielsen Company report on social media usage conducted in collaboration with AbsolutData, for 2011 reveals that nearly 30 million Indians who are online are members of social networking sites and about two-thirds of them spend time on these social networking sites daily.
There are some mind boggling metrics to prove that companies can transform their online presence into online destinations with vibrant communities by adding social media.
- Facebook disclosed in its amended S-1 filing that it has 901 million users, receives 3.2 billion comments per day and 300 million new photos daily. It is estimated that 526 million are daily active users. The average Facebook user spends more than 55 minutes per day on Facebook.
- Twitter has 190 million active users, generating 65 million tweets a day.
- As of June 2012, LinkedIn reports more than 175 million registered users in more than 200 countries and territories. LinkedIn is four times better for B2B lead generation than Facebook and Twitter.
- Over four billion videos are viewed every day on YouTube.
- Pinterest is the third most popular social network, behind Twitter and Facebook (in the US). The US is the biggest country on Pinterest (accounting for almost 50 percent of users), followed by India (4.4 percent) and Canada (3.6 percent).
Businesses should use social media for launching new products and generating sales. Social networks drive traffic to the websites and create great advertising opportunities. These sites allow business to build a fan base and track customer behavior.
Social media like any other marketing strategy needs to be planned. The tasks here would be:
- How do I measure the effect of social media marketing on my business?
- How do I monitor, measure and track the ROI of social media activities?
- How can I track results across multiple social media platforms?
Monitor and Track
- Traffic/Volume - Marketing insights can be gained by measuring the number of visitors
- Customer engagement/Influence - An engaged and active customer will recommend your product online and offline
- Track cost to company - Use surveys to monitor consumer perception of brand before and after the social media initiative
- Putting time and money into social media is totally worth it but remember it is just a small part of the marketing strategy. Constant monitoring and excellent content is needed.