Would you ever think of “tuning out” your boss or client during a meeting? Ignoring them entirely or failing to act on a request?
Hardly the best way to make a good name for yourself.
Consumers are both a brand’s client and boss in today’s social world. They can praise a new product or raise a raucous when something doesn’t work. Yet only 33% of companies have made changes to products or marketing efforts based on the feedback gathered from social media. In other words, almost 70% of companies using social media do no more than listen, according to a recent survey of 262 marketers conducted by PRWeek and MSLGROUP.
So there is no surprise when 45% of respondents say their biggest challenge is the inability to link social media activity to sales/revenue. Indeed, if a company isn’t acting on consumer input, it can’t develop products and services that people will want to buy. At the same time, if a company isn’t telling its social customers that it has acted, those customers are likely to think their comments fell on deaf ears. And we all know how easy it is for disgruntled (ignored) customers to go somewhere else.
“With all the discussion and news stories about social media, you would think this would be a big area of investment by now”. But social media is still causing a lot of confusion in the marketplace, says Jim Tsokanos, president of the Americas for MSLGROUP. “Even of the companies using social media, almost half (48%) believe their company is lagging behind what others are doing. If marketers feel they are behind the curve, it’s because they feel overwhelmed by it, don’t get it, or don’t understand how to use it.”
Yet measurement has become quite sophisticated and there are tools that marketers can easily put into place. “You can now measure share of voice, share of mind, and even understand impact on product sales,” Jim says.
Interested in developing a social media strategy that you can act on, that can make a tangible difference for your company? Please write to Lori Laurent Smith, managing director of MSL Digital, firstname.lastname@example.org or call her on + 1. 734.214.1550