True or False: Every company needs to be on social media?
Seems like a dumb question right? After all social media is a way to connect with your audience, reinforce branding, and monitor your competition. Can you prove that your company has benefited from it?
Many question why we need to be on social media if there is no way to measure ROI? Many companies struggle with this. Why be consumed on these social platforms if there are no measurable results?
I tend to disagree with this outlook. While companies may not be able to accurately measure the monetary benefits of being on social media, as is with many aspects in life, setting a goal and taking the steps to achieve them can have a significant impact on your business. The folks at Raven agree with me, “Having a business goal — your brand’s own personal, non-cookie-cutter business goal that may be different from everyone else’s — to attach social media to is the only way to measure it.” My advice to brands: aside from monetary benefits, identify why are you on social media and how can you be unique on your chosen platforms.
Think of why Facebook started. This social network wasn’t invented so brands could advertise to consumers…it was made to improve human connectivity as people converse in ways that were once not possible. How can you really connect with your audience?
Some brands have accepted this challenge and began utilizing social media as a way to illustrate their philanthropic efforts. While Livestrong has come under fire with the controversy surrounding Lance Armstrong there is no question this company has taken fundraising to levels unheard of, and it’s more than just a yellow bracelet. When Brian Rose came to them looking for help they told him to just tell his story and raise awareness for melanoma. And Brian did just that…
What started out as a small blog for Brian to write his story turned into the ultimate fundraising campaign. Livestrong encouraged to post a short, 2 minute video detailing his cancer struggles and within 24 hours his $70,000 medical bills were covered…twice! How did this happen?
Brian was authentic. He was real. He shared his struggles. He didn’t ask for money or pity, he just wanted to raise awareness. People who face a similar battle like Brian often look for others who can identify with to help understand their circumstances. Social media is the answer for these individuals and can be life changing for many.
While your company may not have the same stage that Livestrong has, utilizing social media to do more than advertise can have a positive impact, and in my opinion more rewarding benefits. You can create a community where your audience helps you achieve goals and you move forward together.
Now that you’ve heard my perspective, what do you think? Is it really impossible to measure ROI on social media? Knowing this information would you change your outlook on your company’s social strategy (i.e. instead of solely advertising do you plan to incorporate philanthropic or community oriented posts)?