Jack Neff’s recent post entitled Study: ROI May Be Measurable in Facebook, MySpace After All shares more proof that social media improves ROI, in particular a case study of a package-goods brand that earned $1.28 million in sales from $1 million social-media campaign — 28% ROI! He states that…
Recent research from ComScore, MySpace and Dunnhumby presented at the Advertising Research Foundation’s Re:Think 2009 conference in late March suggests that even relatively small outlays on social networks by package-goods brands can result in offline sales impact and deliver positive return on investment.
The most popular online social networking giants like Facebook, Twitter, MySpace, LinkedIn and YouTube are growing at break neck speeds because other companies are enjoying this same success, so again I find myself wondering — why have so many businesses still have not embraced this new sales tool?
Although I do not have any hard stats, I can tell you that the 1/2 hour a day I spend using social media (we won’t talk about the hour per day I spend researching/reading about it), have done wonders for this small business; I’ve made lots of new friends, I feel closer my existing friends, I’ve landed a few new clients, referrals have increased, and it’s allowed me to follow our customers and hopefully provide them with more customized service.
In my mind, social media is a numbers game, just like cold calling…
x number of suspects (facebook has over 2 million active users alone) =
x number of prospects =
x number of appointments =
x number of sales
…but WAY more viral. If someone likes what they say, they will tell their friends (most people have at least 100), who will then in turn tell their friends, and so on, and so on, and so on.
If you’re looking to grow your business, jump right in… the water is warm!
Already swimming? Please share your ideas and insights into social media below.