There are many benefits to social media—some financial and some non-financial. In this video, take a look at some of these benefits.
- [Instructor] There are many benefits to social media marketing, some nonfinancial. Firstly, social media is excellent for generating and maintaining brand awareness. This can be achieved organically and through paid use of social media. Customer insight is the social media benefit I find most fascinating. The platforms provide an amazing insight into what our audience are thinking, feeling, and doing, and we can really harness this for the benefit of growing our business. Market intelligence takes customer insight a step further.
Social media allows us to observe what's going on inside our industry and amongst our competitors. The most measurable benefit is lead generation, customer acquisition, and retention. Of course, we may not always be able to totally attribute social media to this, but it's a huge benefit. And we if know what journey our customers take on their path to purchase, we can track our performance and use of social media. Finally, unlike any other marketing channel, social media provides real-time conversation, the ability to talk to your customers, your colleagues, and your peers in real-time.
There's so much value to be had, and that's what social media is all about.
- Linking business strategy and social media
- Looking at the challenges of calculating ROI
- Determining the cost of social media
- Defining ROI
- Calculating social media marketing ROI
- Determining the financial and nonfinancial benefits of social media