From an article in Harvard Business Review,
"a recent survey of 427 marketers at U.S. companies showed that 80% are unable to quantify the value of their social media efforts. And in a study of Fortune 500 companies, 87% of CMOs acknowledged that they can’t document that social media creates new customers."
https://hbr.org/2017/03/whats-the-value-of-a-like?utm_campaign=hbr&utm_source=facebook&utm_medium=social
Based on the findings, social media can be overestimated for its effectiveness to drive sales. So I was wondering how we may make the optimal use of social media to boost sales. I would appreciate some opinions from RG colleagues. Thank you very much.
This can be a tough question, but depending on the context, there are some methods that can be employed to identify the impact. Again, depending upon the context, marketers and the firms they serve can employ campaigns that tie the SMS into their brick-and-mortar businesses. For example, I once developed the entire digital sales, SMS, etc. approach for a regional tourism oriented gift chain. We found out that our online efforts actually encouraged more customers to visit the physical stores to buy items than order them online. To track the customers and online impact, we provided coupons that could only be downloaded or pulled from SMS to be used in the physical stores. Allowed at least a glimpse into what was happening.
However, I honestly have not seen any real academic literature detailing the practical/theoretical approaches behind these types of practices.
Dear Mr. Walcutt,
Thank you very much for sharing your experience; the information is very useful for my work.
Sincerely,
Cameen
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