According to Forrester Research, 70% of marketers surveyed using social listening or monitoring tools to collate a broad range of social media data, the issue is not the availability of tools designed to access the information. Instead, most point to a lack of resources that is constraining their ability to derive meaningful insights, guide strategy and answer business questions.
The research highlighted that developing a higher level of social intelligence also reinforced the bottom line, with marketers reporting more effective use of marketing spend, and the ability to narrowly target the most influential members of their audience – greatly amplifying the return on their investment. Being able to identify risks and issues – especially around product quality and the experience of customers – also helped marketers both protect the reputation of their brands and save on claims for replacements and repairs.
The opportunities to engage with and understand consumers are continuing to grow and mature which is exciting for marketing and communications. To take advantage and grow your bottom line you have to prioritise your resources and play to your strengths. If you want to quantify ROI on your social media marketing, shouldn’t you work with partners who can translate (research) data, put the social conversations into context and will create actionable insight?