97% of Marketers are Huge Fans of Social Media
Do you think that social media marketing benefits your business? If so, then you are definitely not alone. According to a study conducted by Wildfire, a whopping 97% of marketers believe that social media marketing is helpful to their business. Conducted in November 2011, participants of the survey consisted of 700 marketers from all around the world. Aside from revealing just how valuable social media is in the marketing industry, Wildfire's study also shed light on how marketers are using social media, and how the various networks stack up against each other. Check out more of the study's findings below, along with some social media tips from us.
Why Social Media?
So what do marketers get out of social media? When asked about its benefits, 88% of respondents answered that social media can increase brand awareness. On the other hand, 85% of them also said that blogs and sites like Facebook and Twitter allow them to talk to members of the community, while 58% said that they were able to increase sales and partnerships because of social networks. Meanwhile, only 41% of respondents answered "cost reduction" as a benefit of social media.
Regarding Facebook fans, Wildfire concluded that "Nearly 70 percent of marketers surveyed believe Facebook fans are worth more than non-fans." In fact, 44% of marketers value fans because they can potentially turn into actual customers, while 18% of respondents believe that fans have higher conversion rates and make purchases more often.
FullTraffic Tip: Do value your Facebook fans? Then SHOW them! Regularly give discounts exclusively to the Facebook community, to express your appreciation. Post content that they'll find useful, and more importantly, ask for their opinions on how you can serve them better.
The Social Network Scoreboard
Wildfire also asked marketers to rank various social networks according to their importance. Unsurprisingly, Facebook emerged on top, with 94% of respondents ranking it as the most significant. It was followed by Twitter (74%), Blogs/Blogging Community (41%), LinkedIn (32%), YouTube (30%), and others (6%).
FullTraffic Tip: Facebook and Twitter will probably maintain the top spots this year, but expect to see some newcomers in the coming months. Remember that Google is continuously pushing Google+ into the forefront, and also keep an eye on Pinterest, as it continues to grow (exponentially).
Social Media Spending
When it comes to shelling out funds, Wildfire's findings show that 75% of respondents are planning to increase their social media budget. This statistic could indicate a lot of things. It could mean that businesses will be investing more on employing social media experts and community managers. You can also expect to see companies spend more money on Facebook ads, Promoted Tweets, and the production of viral Internet campaigns.
FullTraffic tip: Are budget constraints hindering you from spending more money on social media? Then don't. Try spending more time instead, and personally reach out to potential customers. You can also consider hiring interns instead of paid employees to handle your accounts. A lot of students are more than eager to handle social media jobs if it means gaining more experience and school credit.
The Yardstick for Measuring Success
When it comes to measuring ROI, Wildfire found that "Marketers currently have no standard measurement of social media success." But this doesn't mean that social media ROI can't be measured. 38% of marketers measure success with the amount of likes, comments, and interactions that they get, while 24% use revenue to measure ROI in social media.
FullTraffic: Another way to measure your success in social media is by looking at the amount of traffic that social networks bring to your website. Use tools such as Google Analytics to see where your visitors are coming from. If you notice that most of them are coming from Facebook and Twitter, then you know that you're doing something right.
Image Credit: Gavin Llewellyn on Flickr