Why social media is a must in today’s business world

I recently watched a video and read an article on, “39 Social Media Statistics to Start 2012.” I found the article to be very interesting, as it mentioned things ROICOM has been talking about, since we opened our doors in late 2008. There were a few interesting points though that I thought I would share.

  • 50% of the world’s population is under 30
  • In 10 years 40% of fortune 500 will no longer exist
  • If Facebook were a country it would be the world’s 3rd largest and 2x the size of the U.S. population
  • 80% of companies use social media for recruitment; 95% find people on LinkedIn
  • The Ford Explorer launch on Facebook more effective than a Super Bowl Ad
  • Groupon will reach $1 billion in sales faster than any company in history
  • The ROI of social media is that your business will still exist in 5 years

and my favorite:

Babies have been named Facebook in Egypt!

What does this all mean. Well, it means what we’ve been saying for over 3 years now. Social Media isn’t a fad, in fact, it is now the way that we are communicating and seeking products we want. Look at commercials for movies, businesses, etc. Instead of seeing the typical web address at the bottom or end of the commercial, you’ll see their Facebook Page and Twitter feed. Since 2009, Ford Motor Company has spent at least 25% of it’s marketing money on digital/social media.

Local restaurants and retail establishments can actually shoot a commercial with their digital video camera, edited it in iMovie, upload it to YouTube then post it on FacebookTwitter and Google+ and get more traction than they would with an ad in the local newspaper or a billboard, and the cost is significantly less.

The proper use of social media can help a business grow, and a social media consultant can help you grow your business even more. The traditional measurement of ROI has changed. You can’t look at ROI on social media in how many dollars it brought into your business. Quite frankly that would be hard to measure, you’d have to ask every customer how they heard about you, or force everyone to check in via Facebook to get a measurement. The real way you can measure your social ROI, is define what you want ROI to mean, and see where you are in 6 month to a year. Let’s not forget, that social media isn’t going to go viral overnight, it takes time to build up and make a difference.

The one comment I really like in the  ”39 Social Media Statistics to Start 2012,” is: “The ROI of social media is that your business will still exist in 5 years.” Let’s face it, most people don’t know how to manage social media properly, they aren’t in the field of public relations or marketing, nor do they have the time to commit to really take their social media to the next level.

Whether you are go with ROICOM or someone else, I highly encourage you to look at hiring a social mediaconsultant for your business – it could be the difference of being in business and going out of business.