Monday, 17 February 2014

ROI in Social Media

Panel:
Alex Oberberg, Nokia
Ashok Lalla, Infosys
Rajiv Mehta, Puma India
K Ramakrishnan, Cafe Coffee Day
Samar Singh Sheikhawat, United Breweries Limited
This was one of the more interesting sessions that gave us insights about the corporate side of how companies go about integrating social media in their marketing strategies and why ROI needs to be measured.
The first point that came forth is what would you define ROI as? The most upfront reply came from Mr. Sheikhawat as he termed ROI as output against input; the input here being the resources invested in social media strategies by a company and output being the fan following and popularity they have garnered through it. He said that “The role of social media in brands is to build communities around the brand platform”.
Companies are increasingly recognizing the positive impact of social media on a brand which is why the budgets allocated for digital marketing are on the rise. Social media is free for the consumer but Social Media marketing requires strategy, time and money for the ones executing it. That is the reason why it is crucial for marketers to convince senior management for budget allocation for the same. There was a critical observation that for a marketer, “it does not matter what you think your brand is, people tell people what it is, and that is what drives the social media.”
The session concluded with a unanimous agreement that “Return on Investment” should indeed be measured but it cannot be measured on the performance of a single medium alone which is why it is important that the online-offline integration is effective and integrated across all the available social media channels to get a true measure of ROI.
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