Media Myths #1ROI & Social Media

Myths-Busted

Media Myths Busted!

With social media being a fairly new platform for business to operate in, there are many skeptics that actively frown upon it’s use by many businesses. Over the next few weeks I aim to help bust many of these common myths surrounding social media and business use.

#1 You Can’t Measure Return On Investment In Social Media

For many this will be the first myth they encounter when trying to sell the concept of social media. However this can also be the first myth that is busted!

Why it’s perpetuated: Many social media experts know how to use social networks to socialise, but they have little to no marketing expertise meaning they don’t know how to turn all that socialising into cash flow. This can also be the same situation with small business owners. The idea that social media is to socialise and therefore not for business, however this view is now being changed with many companies now capitalising on their use for business purposes.

Myth Busted!

So how do you turn something social into a platform that can be utilised by business?

Action plan: Three basic steps:

  1. track where your users are coming from; How did they get here? Who recommended them? Why did they choose you?
  2. identify the actions they took on your site (making purchases, viewing a post, or just browsing , whatever); The message here it to understand what your site is mainly being used for, thus helping you tailor to enhance the end user experience.
  3. calculate the value of that activity; using tools such as google analytics or other analytical software in order to be provided with insights upon which ROI can be constructed. Setting KPI’s for which to measure success ( daily views, amount of sales through website etc.)

It is clear to conclude social media can be utilised to provide actionable data that businesses can interpret in order to justify  a platforms use.

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4 thoughts on “Media Myths #1ROI & Social Media

  1. […] Media Myths Busted! With social media being a fairly new platform for business to operate in, there are many skeptics that actively frown upon it's use by many businesses. Over the next few weeks I…  […]

  2. […] Media Myths #1ROI & Social Media (reecemedway.wordpress.com) […]

  3. Cuy320jmoBw says:

    773728 840632I really like your article. Its evident that you have a lot knowledge on this topic. Your points are well made and relatable. Thanks for writing engaging and interesting material. 919128

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