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The problem with social media ROI...
While Social Media treats ROI as a mostly mythical creature that people like to read about in hypothetical scenarios, real-life companies are struggling to actually track the ROI of their social media marketing efforts. Consider these statistics that NectarOm (Nectar Online Media) published in a recent study in collaboration with the Socia Media Clubs:
Out of 400 people surveyed, 73% do not even track the ROI of their social media efforts.
Of the people who do attempt to track the ROI of their social media marketing efforts, 46% said it was not a major driver of revenue.
Let’s think about this in the context of the InfiniGraph e-book. They suggest that a single campaign may involve a company spending $5,000 in Facebook ads. Based on the NectarOM study, most companies would not even make an effort to track the return on that $5,000. The companies that would track the investment would, for the most part, find that their ROI was poor return....
Reflecting on the presentations and conversations I had at Eye for Pharma this year, I can see that the pharma industry is not alone in relying on vanity metrics to measure their on-line impact.