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Jan. 20, 2014

44: What's Missing in the Social Media ROI Debate: Accountability

44: What's Missing in the Social Media ROI Debate: Accountability

If you're accountable for your social media program, you're accountable for your social media ROI. Do you have a strategy in hand?

 

Transcript

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welcome to maximize your social actionable advice on how your business can maximize your social media presence. Now the host of Maximize Your Social Social Media Author, speaker, consultant and founder of Maximize Social Business Neal Schaefer. Hey, everybody, Greetings to everyone in the world. This is Neil Schaeffer with another episode of Maximize Your Social. You probably hear my voice, and it doesn't sound like it usually does. I have this really, really bad cough that I caught over at New Media Expo in Las Vegas. It turns out, I guess a number of people here in Irvine, California, have it if you have suffered from a cough centric cold. I've been told that this cough remains for about three weeks, and I'm only what we can do it. But I'm feeling outside of the call, feeling great. I'm preparing for a event. I am speaking out tomorrow on LinkedIn and social selling for small business owners. Really excited about that? But topic I wanted to talk to you about today is one thing that I really see missing about the conversation or debate about the are alive social media now in maximize your social. I tackle this subject And obviously, assuming you create a social media strategy that's objective based, it becomes easy to calculate your R Y based on metrics that show whether or not you reach those objectives. And I've talked about also the our wives. Social media doesn't exist because it's really a business. Are y in that social media is only helping? You know, how much did your investment in social media help you reach? The different, very business objectives you may have? But I think the thing that's missing and I talk about this and maximize your social how social media is a never ending, changing landscape. And therefore there's a need to be nimble to be measuring, to experiment, to try new things. And, on the other hand, Social Media's mainstream, every large companies doing it, and it's starting to eat up a lot more of the marketing budget. In fact, it's been said that by, I think 14 4015. On average, the social media spend as a portion of the entire marketing budget, maybe somewhere about 20% now, depending on the company size, that's a lot of money. That's hundreds of thousands millions, tens of millions of dollars, hundreds of millions of dollars and you get to the point. Okay? And if you've worked out of start up like I did or any other company, really, there's a notion of accountability and everything you d'oh! And I think this is the missing piece in the social media. Are I debate that you are accountable for what you invest in The company is accountable, whoever approves, especially when companies say, Well, we want our own social media. Okay, will you own the budget? And therefore you own the accountability of that program at the beginning that I'm sure back in the early nineties and we were just starting out with websites, people were investing whatever just because they figured they needed to have a website for those companies that did early on. But now, as social media is mainstream amateur er's, we get to the point saying, You know, do we really need to be investing that much and social and especially when you, you know General Motors a long time ago said, Hey, we're going to stop doing Facebook ads we don't see the are why I tend to think that paid social is very underutilized But you know the recent announcement of Facebook, and you know the changes to EJ rank or what used to be called a drink and the fact that if you've seen the reach of your Facebook posts, it's not getting nearly what it used to. And in fact, it's not Facebook's fault. It's just the fact that we're all publishing more content and there's more business users and, you know, people that are using social media there's only so much you can fit in the news feed, right, And you know it's gonna be a challenge for any social network. There's just a lot of noise out there, and if you want to rise above the noise, it's commonly or I would say it is going to be more and more so that it is going to be a pay to play scenario for what it's worth now, getting back the accountability. Are you employing best practices and really optimizing your program? Are you still in 2011 social media, where you're spending a lot of money just on Facebook, Twitter and YouTube, where you've ignored Instagram, Pinterest and Google Plus, have you even verified your website for Google Plus, did you do the market for Google authorship for your authors on your block with Google? Plus, I think that there is a lot you could be doing with social media and and obviously my whole brand. And this podcast is about maximize your social. But the accountability of that budget Are you really employing best practices and doing everything you can to maximize the R A. Y of that budget? That the accountability? Are you basically throwing money at an agency without understanding what the r a. Y of that spends being and based on their reports, which are just various metrics that may not have any real meaning as to whether or not you achieved your business objectives trying to get right off internally? You know, the other thing that's happening here is with the evolution of social business, we're all starting to work together, and the more you know, social media becomes an important part of your business. As it begins to be used enterprise wide, there's obviously going to be more oversight into Well, what are we spending, whether it's a CEO, a CFO or what have you? Are you being accountable for what you're spending it. If you haven't been accountable, if you've got the green light to do whatever you want Hey, that's great. But I do believe there's gonna be a time when the accountability question will be called in when sales start to fall, when profits start to fall, we need to cut budget. Where we gonna cut it? We hired five people for a social media program to really need them. Do we need a dedicated social media manager? Community manager? I'm just throwing these things out for two reasons. Number one. Like I said, I do think it's gonna be a future conversation that we're going to hear more about in businesses if you haven't heard it already. And the second reason I say that is because without that social media strategy or let's call it a social business strategy, where, ideally, you have influential stakeholders internally that have written off on where you are measuring what you're doing and your social activities are aligned with your business objectives. Without doing that, you know, you really run the risk of potentially not only losing your budget but losing your job. So this is a much a message for business owners and executives as it is for those that are involved in social media programs themselves. It's really an open ended question. Like I said, I'm very passionate. If you haven't read, maximize your social. That book really is all about really creating that social media strategy and measuring the our allies that you know that you are 100% accountable for every dollar that you're spending your social media program. That's really the premise that I had in writing that book, employing best practices and all the other things I talked about. If you don't have that, well, there may be a day of reckoning. And if you are an executive or a business owner or listening to this, you really should ask those people that are, you know, in charge your social program, how they justify the spend. And in fact, it may be interesting to open that conversation up to a lot of your internal spend and, you know, not just in social media but in other areas, because I've met with business owners who didn't really track the our ally of their non social media marketing efforts and wanted to track the R. A. Y of their social media efforts. I said, Hey, how do you check the are all of your print outs What have you It didn't really have an answer for that. So it brings up a lot of interesting questions. Obviously, there's another frame of thought that says, Hey, we need to keep spending 10% of marketing and we need to keep spending 20% of R and D and we're gonna allocate 5% of social. That's great. But even within that, whatever allocation you have, all you really maximizing your efforts. And that's really where I think a robust social media strategy, creation, maintenance and optimization comes into play, I'll stop there really open ended question hope that gave you some advice on how to think about these things. I welcome your comments about what I'm talking about, as well as any other topics you want cover or anyone you would like interviewed in the program. I'm gonna sign out for now. I hope next time I talk to you that over this really, really nasty coffin, I obviously hope that none of you ever get this. But until then, make it a great day and wishing you all best of luck in maximizing your social wherever you are in the world by by everybody. Thanks for listening to maximize your social. We appreciate your iTunes subscriptions, ratings and comments. If you would like to appear on the show or recommend content, please contact Neil Schaffer at meal at Maximize Your social dot com. Thanks for listening and have a great day.