Coming to grips with the return-on-investment from social media marketing is a high priority for marketers, according to a survey of 362 marketing executives by Lenskold Group -- but that doesn’t mean they’re confident in their ability to do so.
Overall 77% of marketers are using social media to promote their business, a proportion that holds true across businesses large and small, Lenskold found. Within this group, 55% (42% of the total sample) said they considered measurement of social media efforts to be a high priority. The most popular reason, cited by 65% of marketers who said it’s a high priority (or 27.5% of the total sample) was the need to improve effectiveness, while 59% (25% of the total sample) said they “need to improve integration with other marketing.”
Among the 45% who said measuring social media is not a high priority, 39% (17.6% of the total sample) said it’s because they are “still testing and experimenting on a small scale.” Meanwhile 18% said it’s because their social media budget is too low to warrant measurement, 9% said it’s because management doesn’t ask for measurement, and 8% said because they don’t think the right tools for measurement exist.
However, even among those who make it a high priority, confidence in ability to measure social media effectively is fairly low: just 19% of respondents who say it’s a high priority said they felt they had a strong ability to measure ROI, and 18% said they can measure incremental sales from social media marketing. That compares to 43% who said they feel confident in their ability to measure engagement or participation, and 32% who said they can measure prospects or leads generated.