The Future of Content Survey: How Effective do Businesses find Social Media Strategies?

We all know social media can do great things for a business. A well developed social media strategy can play a big part in a business’s ability to be successful. However, according to the recently released Future of Content survey, developed by Loudhouse with Meltwater Group, 48 percent of organizations do not consider social media an integral aspect of their marketing effort. It is easy to assume that the reason behind such a decision lies with budgetary constrictions but surprisingly only 18 percent cite this as a barrier. Given the strong potential of social media, what therefore could be fuelling organizations’ hesitancy toward embracing this practice?

Only 37 percent of US companies surveyed consider social media as the most effective marketing method of consumer engagement. Companies are still reverting back to the tried and tested methods of in-person events (61 percent) and print magazines (56 percent) to encourage interaction with their customers. Given that social media is a relatively new practice many organizations have difficulty in creating meaningful or interesting content (23 percent) that emotionally engages their audience. This suggests an overall lack of understanding of the social media landscape.

30 percent of companies cite measurement capabilities as a significant challenge to adopting social media. Companies are used to being able to measure the success of a campaign but social media presents a new challenge in measurement. Tracking social media’s return on their investment (ROI), whether it’s money or time, is unfamiliar territory for many organizations. An average of six people are shown as having some social media responsibility resulting in confusion about whom within an organization should “own” and facilitate social media practices. Ownership is typically given to those with enthusiasm for new technology (52 percent) rather than specific social media skills (32 percent). Without clearly defined roles it is difficult to measure the success of a strategy or its respective goals.

Similarly, a lack of resources and time to devote to social media (38 percent) can affect organizations’ ability to measure the true ROI of social media activities, with only one in six companies fully satisfied with their associated ROI measurement tactics. This suggests that businesses are hesitant to fully embrace social media without first mitigating any risks regarding their associated budget.

While 84% of companies think it is important to monitor what is said online about their brand, only 1 in 5 have invested in tools to do this. This indicates that companies are excited yet challenged by the changing nature of content and are learning as they go in adopting the necessary skills and knowledge. With a further 29 percent of companies planning to adopt monitoring methods in the coming year, businesses now need to re-evaluate how and why they are using social media to ensure this investment is justified.

What these findings tell us is that although overall enthusiasm about social media is high with 35 percent, of those companies having increased their social media budget in the past 12 months, the industry itself is in a transitional period and still very much in its infancy. With transition comes risk, and more emphasis will therefore be placed on measuring its overall contribution in order to help justify the investment. Knowing who is saying what about your brand and where they are saying it is a key part of measuring changes in sentiment and therefore the impact of online activities. It’s important to evaluate your options to determine the best solution for your business.

Cite: http://socialmediatoday.com/n-de-besche/259336/future-content-survey-how-effective-do-businesses-find-social-media-strategies