How Important is Social Media to Your Bottom Line?
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01 Sep Is Social Important?

You still see it in the movies (and tight-knit neighborhoods): a customer walks into a store and is greeted by name by the owner, assisted with their needs, and sent on their way feeling good about whatever it was they just purchased. It turns out consumers still want that personal interaction . . . even as they turn to digital and mobile devices to make their shopping experiences easier.

A recent study conducted by the Internet Advertising Bureau polled thousands of individuals and interviewed hundreds more concerning the power of social media on their buying habits. Not surprisingly, they discovered huge correlations between positive social media interactions and brand awareness, brand loyalty, even hard currency ROI.

How important is social media engagement to your bottom line? The IAB study discovered that 4 out of 5 consumers (that’s a whopping 80%) were significantly more likely to purchase a product after a successful social media interaction. A cost/profit analysis showed that companies could easily realize a 234% ROI on social investments.

How important is social media to your brand building? Consider that 90% of individuals would recommend a brand to a friend (that’s a real endorsement from a trusted member of their social circle) after engaging with said brand via social media. Think of it as free (or at least low-cost) advertising.

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These figures may sound shocking but to some they simply represent the value of doing “business as usual.” Even as Google is redefining the need for cross-platform adaptive design and 84% of shoppers are using mobile devices in-store (according to Google) there’s tremendous value in personal interaction—even those via a digital platform. There’s an ages-old business adage that states people don’t buy from businesses—they buy from people. That’s what your company’s social voice is: the “person” from which your customers buy. It’s like a virtual salesperson! Whether or not your customers choose to engage with it and just how much success your company will have depends tremendously on the amount of effort you put into it.

Be Social to One Another