Are Your Social Media Efforts Paying Off?

As a growing number of businesses begin to include social media in their marketing mix, it is increasingly important to quantify the ROI of Twitter, Facebook, LinkedIn, YouTube and other popular sites.

Old Spice saw an increase in sales from their viral video creation, Dell raked in a few million dollars via their @DellOutlet Twitter account by tweeting specials and coupon codes and Wheat Thins is attempting to score big with their latest Twitter campaign delivering a palate of Wheat Thins to unsuspecting consumers who tweeted that they were out of Wheat Thins.

All have one thing most companies do not – the luxury of a national television advertising budget.

So how can you determine if your social media efforts are paying off?

The first question everyone asks is, how can social media increase sales?  Retail stores and restaurants see the quickest ROI from social media because coupons, discounts and giveaways get immediate attention from consumers.

B2B companies, meanwhile, have a slower process and must understand that the ROI of social media is a different animal entirely.

B2B social media success is best defined in terms of measurable increases in web traffic, leads, blog comments, tweets, retweets, Facebook connections, YouTube views or LinkedIn group members.

Simply stated, B2B sales are more complex than retail stores and restaurants.

For B2B, social media bridges the communication gap that once existed.

Your social media efforts should encourage open two-way dialogue with your customers and prospects and – most importantly – create value for them.

Are your social media efforts paying off?

If you’ve received feedback on a product or service, helped out a friend or follower or increased awareness of your brand, an increase in sales may just be around the corner.

Social media marketing is a marathon – not a sprint!