Marketers currently have no standard measurement of social media success, although all of those that do not define return-on-investment (ROI) in the classical way still believe that social media benefits their business, according to survey results released in January by Wildfire. The top metrics used by social media marketers for ROI are increased fans, likes, comments, and interactions (38%), increased revenues (24%), and increased brand awareness (15%).
Among the global marketers surveyed by Wildfire, 88% cited growth in brand awareness as a social media benefit, with the ability to engage in dialogue (85%) close behind. 58% said that social media helped increase sales and partnerships, and about 2 in 5 said it reduced costs.
Data from Wildfire’s “The Great Return” indicates that nearly 70% of the marketers believe Facebook fans are worth more than non-fans. The top reasons companies believe a Facebook fan has value for their business are for new customer recruitment (44%), higher conversion rates (18%), and more frequent purchases (18%).
Facebook (94%) ranked as the top social media marketing channel among the social media marketers surveyed, followed by Twitter (74%), blogs (41%), LinkedIn (32%), and YouTube (30%).
97% of the respondents believe social media marketing benefits their business, and three-quarters intend to increase their spending this year.
About the Data: The Wildfire findings are based on a survey of over 700 social media marketers from around the world administered between September and November 2011.