75% of companies don't know who's talking about them
Today companies like yours have the opportunity to engage directly with customers, fans and their friends. Never before have brands had so many opportunities to connect with customers, build loyalty and increase the knowledge of their products and services. Small companies can and often do have a bigger social voice than their larger competitors.
In New Zealand (According to Catalyst90) there are over 40k people 'active' on Twitter and 20k people who are 'engaged', which probably means they are using Twitter each day. There are over 1.9 million Kiwi's on Facebook.
The average time spent of social networking sites increased 82% last year. According to Forrester research 1/3 of adults post at least once a week to social networks like Facebook and Twitter and about 70% read blogs, tweets and watch YouTube.
In the latest report from Harvard Business Review Analytics Services 75% of the 2100 companies surveyed said they did not know where their most valuable customers were talking about them. 31% do not measure effectiveness of social media. Only 23% are using social media analytics tools and just 7% are actually integrating social media into their marketing plans.
While still searching for best practice and measurements, two-thirds of the companies surveyed are convinced their use of social media will grow, and many anticipate investing more in it next year, even as spending in traditional media declines.
Only a small group — 12 percent — of the companies in the survey said they felt they were currently effective users of social media. These were the companies most likely to deploy multiple channels, use metrics, have a strategy for social media use, and integrate their social media into their overall marketing operations
Avinash Kaushik, Google’s Analytics Evangelist, describes as a new reality in harnessing the power of social media.
Too many companies have not evolved from what I call ‘shout marketing’ — think TV, newspapers, magazine ads — to influence by initiating and participating in conversations with consumers,” he said. “There needs to be a generational shift.
- 57% of companies said their interest in social media was rapidly growing
- 42% said using social media is integral to our overall company goals and strategy
- 45% of companies said social media was a tactical rather than a strategic decision.
Based on this report it's clear that most companies just don't understand what social media marketing could do fro them, how it could impact their business and improve branding and sales. But is simply not understanding a reasonable excuse for not investigating or assessing whether it has potential or not?
40% of companies said their post pressing challenge was measuring the effectiveness of their social media activity. This tells me they don't have clear goals and without an understanding of what you want to achieve you have very little to measure apart from activity based metrics and competitor comparisons.
If your business is wondering if social media will benefit your sales and marketing strategy or perhaps you have decided that you want to use social networks but you're just not sure about how to set it up; call me. Lets have a coffee to discuss a few ideas and how you might grow an engaged audience that improves your customer experience, increases market knowledge about your product and services and generates new leads.
Social media does not have to be complicated, expensive or consume hours and hours of your time. The benefit of engaging a social media strategist is that you get instant knowledge and experience to create a strategy that works for you.