Social Media Marketing- Are You Ready To Engage?
Social media marketing over the last few years has blown up in a big way in popularity with businesses. This is mainly due to the introduction and/or growth of social sites such as Facebook, Twitter and YouTube etc. Here are a few examples from the real world on social media marketing and why it needs to be part of your marketing mix if you want to stay in the game. Take a look at the video below by Eric Qualman of Socialnomics.
Here is the summary
1. 300,000 businesses have a presence on Facebook
2. Gary Vaynerchuk – AKA The Wine Guy – grew his family wine business from $4 Million to $50 Million using Social Media
3. He found $15,000 in direct mail generated 200 new customers
4. $7,500 Billboard provided 300 new customers
5. $0 on Twitter produced 1,800 new customers (well.. someone had to spend some time “Twittering” it’s not exactly $0, because time costs but hey.. it wasn’t much in dollar terms)
6. Wetpaint/Altimeter found companies widely engaged in social media surpass their peers in both revenues and profits (Companies with highest levels of social media plus18% in sales, Company sales with least social media activity minus 6 %
7. Lenovo saw 20% reductions in call centre activity as customers go to a community (Social Media) website
8. Burger King’s Facebook Application investment of $50,000 received greater than $400,000 in PR media value (32 Million free media impressions, that’s like reaching the combined populations of 19 States of the USA
9. Blendtec increased sales by 400% with “Will It Blend” YouTube videos.
10. Dell sold $3,000,000 of computers on Twitter
11. Only 18% of traditional TV campaigns generate a positive ROI
12. “You can’t just say it. You have to get the people to say it to each other” – James Farley Chief Marketing Officer – Ford
13. 37% of Generation Y were aware of the the Ford Fiesta via social media before its launch in the USA
14. 25% of Fords marketing spend is on Digital/Social Media
15. They are the only US Auto company not to take a government loan
16. Naked Pizza set a one day sales record using social media (68% of sales from Twitter and 85% of new customers from Twitter)
17. VW goes 100% mobile for launch of GTI
18. “Social Media is not only for B2C”
19. Tweets for a cause sent out a Tweet from Atlanta to encourage support of Susan G Komen for the Cure, the Retweets from @mashable, @G_man, @Zaibatsu and others caused the Atlanta chapter website to receive 11,000 visitors in 24 hours
20. Intuit introduced “Live Community” into their Turbo Tax products 2 years ago – Unit sales up +30% each year
21. Software company Genius.com reports 24% of social media leads convert to sales
22. Barak Obama – 5 million fans on Social Media – 5.4 million clicked on a “I voted for Obama Facebook Button” – 3 million online donors equals $500 million – 92% of donations were in increments of less tha $100
23. University of Texas MD Anderson Cancer Centre saw a 9.5% increase in registrations using social media
24. Web Host Provider “Moonfruit” with a $15,000 social media investment saw their website traffic increase 300% and sales 20% as well as being on Google’s first page for “free website builder”
25. eBay found participants in online communities spend 54% more $’s
26. Customer support cost is $12 via the contact center vs 25 cents via self-service
27. “Why are we trying to measure Social media like a traditional channel anyway? Social Media touches every facet of business and is more an extension of good business ethics” – Erik Qualcam
28. ”You can’t buy attention anymore. Having a huge budget doesn’t mean anything in Social Media… the old paradigm was “Pay to Play”. Now you get back what you authentically put in. You have to be willing to “Play to Play” – Alex Bogusky, Co-Chairman, CP& B
29. 71% plan to increase investments in Social media by an average of 40% because: You get “Low Cost Marketing” and “Get Traction” and we have to do it!
30. Our head of social media is the customer – McDonald’s
Read the full article here
Related posts:
Some terrific facts about how some companies are using social media to build their business and brand. Love the Blendtec video!
Thanks for your comment Tanya. Blendtec have a heap of other great videos as well, one of my other favorites is when they teach some skis a lesson in the blender. hahaha take that skiers!
Hey Brad – long time no chat!
What do you think the success rate is of social media marketing campaigns? Obviously the examples in the video are from pretty well know and large businesses, for the small business owner, say the mum and dad business would the time/cost be worth the return?
Kash – Good to hear from you.
Social media marketing, just like other marketing mediums you will always have a risk of low or negative returns. The advantage is however, just as we set up with your website and business, the results are trackable. The advantage is cost of entry or cost of engagement, this is considerably lower when compared to other mediums like TV, print and radio.
For the mum and dad business, yes the time/cost would be worth the return. It may take some time and it does take effort but the returns will be worth it. A great book to read on social media marketing is by The Wine Guy, AKA Gary Vaynerchuk. He really is an inspiration to what is possible, results above points 2 -5. Check out the book here – bit.ly/6BgWZu
Thanks for the Socialnomics love!!! I apreciate the support!
Best, Erik
Author of Socialnomics
Hi Erik,
Thanks for stopping in! Look forward to watching more of your videos.
Kind Regards
Brad