Proof of social media’s ROI
Marketing budgets are a constant challenge. Allocating the right amount of money to the right area, as well as being able to justify the overall spend, has never been more important or more challenging. In a down economy businesses are understandably reluctant to increase spending in any area without definitive proof of ROI, let alone invest in new areas like social media.
The rise of the social web and the corresponding changes in buying behaviour have happened concurrently with the economic downtown and the squeeze on marketing budgets. The result is that many businesses, particularly in B2B, have completely overlooked new inbound marketing techniques that offer significant, quantifiable results without the need for a large capital outlay.
The content, conversation and on-going interaction that make up an effective social media strategy create an online experience that keeps customers in your orbit, drive consideration and set you apart from the competition. Sharing interesting, relevant and useful information will hold the attention of your existing customer and help you attract new ones.
Social media is proving to be a powerful source of revenue for Crocodile client Ellisons, delivering an online uplift of 70%. Facebook is now the 3rd biggest referrer to the Ellisons website after Google and Bing. Through running regular competitions and special offers to drive engagement and using a strategy designed to drive traffic Ellisons has achieved:
- 71% increase in online sales over six months (against a 50% target)
- 44% increase in the number of customers ordering online
- Incremental ROI of 1534%
- 36% increase in website traffic
- Enhanced customer service
- New levels of customer insight
As marketing moves away from a quarterly campaigns approach towards a continuous dialogue, social media can help you tune in to what your target market is talking about, nurture prospects through the buying cycle and deliver valuable repeat custom. If you’d like to find out how a social media strategy from The Crocodile can benefit you, contact us here.
This entry was posted on Tuesday, November 27th, 2012 at 2:46 pm and is filed under Agency life, Integrated marketing, News, Social media, b2b. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.