Most companies are misunderstanding the massive opportunity that social media marketing represents. Last month the IBM Institute of Business Value published a report entitled ‘From Social to Social CRM’. The report surveyed 1000 consumers about the reasons they interact with companies via social sites and then compared this with the results from surveying 350 business executives on why they thought consumers followed them on on social media. The results highlighted a perception gap that can only mean companies are missing out on direct revenue opportunities.
The reality is social media followers WANT to be monetized – they are after deals, promotions and discounts. Unfortunately most business executives are barking up the wrong tree by thinking that conversation with the brand is what drives people to follow them. In reality it is quite the opposite. Of course this represents a massive opportunity. If brands build up large social followings they can distribute social offers into this community and the research suggests that commercial results will be healthy. You can’t get more focused social ROI than campaigns focused on revenue. Marketing executives need to meet consumers expectations when they follow companies on social sites through providing regular deals, coupons and social offers.