Social media- is it worth it?

Feature on 30 Apr , 2015

Cost benefit social mediaA recent article in the SMH (which I can’t relocate), boldly claimed that SM was a waste of time for most companies. This may well be true as its so often done in such a token way; just setup your facebook page and they shall come. In a webinar with Heather Mansfield today, she stated that many NFPs (and no doubt small businesses), over reach themselves in committing to a social channel then not being able to resource it properly or not knowing how best to use it. A lot of effort can go into any channel with little reward. Better, she says to just stick to maintaining your blog/website and email services than doing SM badly. So its crucial if you are doing SM to have a way of checking its ROI. Whats the investment in time and money in terms of return? And what does that return look like (purchases, donations, loyalty, followers?). Setting goals and regularly reviewing is essential on a monthly basis. Whats working and not? What analytics are you going to use to judge this (views, clicks, engagement etc)?
Where do you best devote your limited resources? But remember SM takes time to build. Cultivate it carefully from a solid core of followers and it will build if done properly. Experimenting with content type, posting times and channels is critical, and regular /HONEST analysis essential. Its often worth engaging  a SM consultant to act as an independent authority to get things on track and setup some good practices for giving your SM a chance. One things for sure organisations can’t do social media for niks anymore but its cost is no where near that of conventional media promotion.

Social media cost benefit