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So how much revenue did you make from your social marketing activities?
02/18/09
Is it a hype or does it really work? Well if you ask the owner of wine library tv or Arianna, they will tell you, yes it does. A couple of months ago I attended MarkeitngProfs Digital Marketing Mixer where Arianna Huffington and Gary Vaynerchuk were keynote speakers http://www.marketingprofs.com/events/5/keynote. Gary said that he spent 20 hours every day on Facebook, MySpace, Digg, Twitter, Pownce and other networking channels in order to build his business and encouraged us all by telling us that anyone can do it.
While I loved his presentation and got very inspired by it, I disagree. I do not think everyone can do it. Not only you have to spend countless hours chatting with thousands of people, you got to be lucky, and have the charismatic personality Gary has. Most people are on Twitter and LinkedIn and other social channels because “it is the thing” to do and you are last week’s news if you are not keeping up and have some sort of presence in these places. Most marketers do social marketing because Generation “O” is a new audience that communicates differently. They are not doing it because they see revenue from it or because they want to make friends with their 900 followers. Generation O wants to interact and it makes sense to be in front of them where they would see you. Generation O wants to forward things that are entertaining, follow people through social network sites, they love to broadcast their opinions and want to hear what others have to say.
While as a marketer I would not spend 20 hours on social marketing and put all my eggs in one basket, I think social media should be incorporated into an overall marketing plan. Since there are no guarantees and you would be hard pressed to show ROI on such activities, there are some tools that can help you manage social network activities and blogging. If I could suggest one thing, it would be to keep your expectations low and do it for the fun of it and to achieve a more well rounded marketing plan. If you need help you can visit us at www.generationOmarketing.com
9 comments
BRAIN and an INspiration. I just signed up on Twitter and I have one folower...Dave from Colorado. Who is he?
I sure don't get this. It I will join because it the thing but I think connecting with REAL people for real purpose works best. Everyone on "Linked is in looking for a job. I want to give stuff. I'ts WAAAAY more cool. It shares with the Universe and I love meeting you.
1) Most people can't spend 20 hours a day doing anything (who has that kind of time and needs that little sleep?).
2) That online marketing depends on getting a number of things more or less right, and not on doing one thing - no matter how brilliantly - to the exclusion of others.
3) And one must actually answer your question regularly - not just how much revenue did one generate using Social Media Marketing (SMM), but also what did you spend to acquire it? In other words, what is your SMM Campaign's ROI?
Now many people will tell you that you can't calculate this, but we spent a bunch of time devising some methods which are not precise, but which are accurate enough to make using them worthwhile. For those interested in doing this, here are the 3 posts which deal with Return On Marketing Investment (ROMI, or just plain ROI) calculations:
1) How to calculate the ROMI of your website as a whole: http://bit.ly/6bFSvs
2) A list of the 10 best free ROI calculators on the web: http://bit.ly/7fwBkF
3) How to build your own ROI calculator (perhaps for your social media campaign): http://bit.ly/6IGZQh
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