Social Media: Annoying Buzzword or Business Essential?

(originally posted on Friday, March 12, 2010)

“Marketing Trends Report 2010” from Anderson Analytics and the Marketing Executives Networking Group (MENG) uncovered some interesting, if not confusing, trends amongst marketing executives.

The report found that 72% of respondents were planning a social media strategy this year, and that “Social Media ROI” was an “important buzzword” to 36% of respondents. This seems about right, considering how much of a marketing impact is being made with vehicles like Facebook and Twitter.

But the counterpoint to these numbers is very telling: 30% of the respondents also said that the term “social media” was “annoying”, with 15% being particularly tired of hearing the word “Twitter”. Even more confounding is that 41.9% of these same respondents claim to be increasing their spending on social media and “viral word of mouth”.

We think this all means that Social Media Marketing has evolved to the next stage of maturity. It’s no longer the new, hot technique. It is now accepted as being an essential consideration for any marketing program. Marketers have arrived at the “don’t tell me, show me” state of mind, and no longer need to be oversold on it. They expect it, and they expect it to work.

At The Weinstein Organization, we see Social Media as just one component to work with in a successful marketing campaign. It’s not a destination or a goal, but a channel of communications to reach your goal. No different than a BRE or an email or a PURL in theory. Social Media is where many prospects and customers are spending a lot of time, but it is not the only place to find them.

So when measuring your Social Media ROI, it needs to be in the context of your overall campaign ROI. What is the value of having fans or followers if they aren’t following you to the bottom line.