Two Trains of Thought
Traditionally, there are two trains of thought when it comes to social media. Either you believe that every dollar spent is being thrown down a black hole with no evidence of return on your investment, or you think that every engagement is a valuable interaction that brings a potential customer one step closer to a purchase.
Although these are stark contrasting viewpoints, the truth remains that some people are getting a great return and others are not. Why is that? ROI is topic for another day, but the thought that social media is not valuable to your brand should garner some serious consideration based on the statistics below.
According to the Internet Retailer’s Social Media 500, the top 500 retailers earned $3.3 billion from social shopping in 2015. That is up 26 percent from 2014. It goes to show that social consumption is learning how to get down to business!
Not All Chit Chat
The average person consumes social media by an average rate of 2-3 hours per day. Those who think that it’s all chit-chat may want to take a closer look. A 2016 study from Business Intelligence shows social media boosted e-commerce referrals nearly 200% between the first quarters of 2014 and 2015—significantly more than any other online channel.
Bang for Your Buck
Small and midsized businesses shouldn’t feel left out of the dance. Big budgets for media advertising are not a prerequisite. Even a regular small spend helps businesses benefit by building active engagement with their e-commerce sites. Making the right choices and taking advantage of the power of highly targeted paid social is increasingly important to brands of all sizes.
Don’t fret if you don’t have a strategy in place. The application of proper tactics paired with the execution of the goal-driven content can make a huge difference in your e-commerce output in a relatively short period of time. How do you plan to address the issue? Let us know below.
We will continue this conversation in my next blog – How To Determine Social ROI