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A concrete method for measuring return on investment for social media remains elusive, but recent research initiatives may be bringing such an answer within range. In one recent study scheduled to appear in a journal titled Information Systems Research, researchers from the University at Buffalo School of Management, Aalto University and Texas A&M University were able to correlate social media engagement with increased purchases for a large specialty firm in the northeast U.S.
According to co-author Ram Bezawada, assistant professor of marketing in the School of Management at the University at Buffalo, “Our results show that when customers engage with a business through social media they contribute about 5.6 percent more to the firm’s bottom line than customers who do not.”...
Still more research required but marketers should be encouraged by the potential for social media to impact purchasing.