What is the real value in social media?

07
Apr 14
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Much like me you may be a little sceptical when it comes to social media and the impact on ROI. You may ask yourself; what is the real value in social media? Is it a fad? Isn’t social media just for young people? How can I measure the power of social media?

Some of my most convinced beliefs around the impact of social media were addressed at the lunchtime seminar I attended on “Why executives need social media & how to capitalise on the opportunity” led by the well-respected social media guru Dionne Kasian-Law. Join in the conversation at #digitalks.

These pre-conceived myths that most of us have around social media and the bottom line was well-addressed in today’s session. The problem starts with our way of thinking and the way we speak about social within our organisation. The language we use for social media has never been around the “making money” conversations we typically have when constructing strategy.

These myths include;

  1. Social media is a fad
  2. Social media is about the photos you post of your lunch
  3. Social media is for young people
  4. Social media is for code-heads
  5. Social media is only for Marketers
  6. There is no ROI in Social Media

However this is all very far from the truth, as Albert Einstein once said “Not everything that can be counted counts. Not everything that counts can be counted.” Social media has more metrics you can poke a stick at and the intelligence behind it is forever evolving. It is a social eco-system full of connected economies and connected communities. It allows us to build trust with our peers which believe it or not will always be more effective than any email campaign we blast out.

We cannot deny the facts. Social media has a growth rate of 20% per year, 65% of Australia is using it and a whopping 70% of your connections, convert to sales! So if that isn’t enough to change your mindset, I don’t know what is!

Here are the truths;

  1. Social media is here to stay so jump on and enjoy the ride!
  2. Social media is about human moments – we are all social by nature, we enjoy human interaction!
  3. Social media is for everyone!
  4. Social media is about relationships
  5. Social media is about immediacy and connections
  6. Social media and digital ROI is complex but value is measurable!

With an estimated industry prediction of 4.2 trillion by 2017, don’t fall behind and look side to side at what your neighbour and competitors are doing right now – be one step ahead and look over the hill to the endless opportunities and beautiful relationships your social media strategy can help build for your business! Find out more at #digitalks.

Here are some other blog posts you may enjoy:
> 4 top tips for humanising your digital presence
> 4 steps to build a strong network of contacts
> LinkedIn – the new networking resume 

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photo credit: Rosaura Ochoa via photopin cc

Submitted by Criterion Content Team

Criterion Content Team

This post has been written by the Criterion Conferences Content Team. Based in Sydney, we are an independent research organisation, producing over 90 conferences a year across a variety of industries. Our events, attended by thousands of senior delegates from the public and private sector, are designed to enrich, inspire and motivate. Our focus is on providing innovative, value adding content via our conferences and blogs like this are extension of that principle. You can view our conferences by visiting our website http://www.criterionconferences.com/conferences.

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