Can Social Media Create Value for Businesses?

 

Interesting research report from Olgilvy on Social Media creating value for businesses. From the executive summary:

Ogilvy and ChatThreads enlisted approximately 400 US restaurant consumers who tracked and reported 5,295 touch points with five restaurant brands across all major types of media….

What did we find?

1. Social media exposure is directly linked with increases in sales. Integrated social media (social content + one or more other channels) exposure is linked with significant increases in spend and consumption—for example, social media + PR exposure was associated with a 17% spend increase compared to the prior week without these.

2. Integration matters. Exposure to social content was most consistently effective when it was combined with exposure to other types of media channels.

3. Social media is a top driver of impact. Out of the 20 channels analyzed, social media was No. 1 or No. 2 in magnitude of impact on spend and consumption.

4. Social media exposure is directly linked with changes in brand perception. Social media by itself is particularly effective at rapidly impacting brand perception— exposure to social media generated the largest impact on brand perception over a short (one week) period of time.

5. Brand exposure in social media is low. Weekly social media exposure to brand mentions was relatively low (24% of panel) vs. television branded exposure (69% of panel), even in this selected high social media consumption group of consumers

 

 

How does your business use social media?

In an effort to gain more insight into the usage of social media by marketers, product marketers and product managers, we have a quick survey for you to participate in. The survey should only take like 2 minutes, so your input is appreciated!

Here’s the Survey: https://survey.vovici.com/se.ashx?s=3877A95112A62085

Survey ends Friday 10.28

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29 Comments

  • Reply Cindy F. Solomon October 26, 2011 at 6:16 pm

    Excellent!
    Thank you Jon and Pragmatic Marketing! This is the reason why the Global Product Management Talk exists – to push the envelope for product professionals to engage with social media.

    An on-going experiment creating valuable content as well as networking for international product professionals, Global Product Management Talk is a weekly mini-product camp Socratic discussion of pre-posted questions with live audio of thought leader and co-hosts commenting.

    Weekly, new tools are discovered and implemented to discover best practices for managing real time social media community development. We’ve expanded from Twitter into a “Social Media Chat” by beta testing http://stanzr.com/prodmgmttalk which enables anyone to participate from their chosen social media platform whether it is Facebook, LinkedIn or Twitter, without flooding their Twitter stream.

    Join us weekly Mondays at 4:00-5:00 PM Pacific Time. Follow @prodmgmttalk, use hashtag #prodmgmttalk Check out speaker schedule: http://www.prodmgmttalk.com

    Would love to have you join us as a speaker, Jon!
    Here’s recaps of recent talks: http://bit.ly/phAW35

    • Reply Jon Gatrell October 27, 2011 at 2:26 pm

      Hey Cindy, I watch the stream most times I’m not on the road, on a plane or alike. I will put next monday’s on the calendar and I’m more than willing to do one. Jan? Feb? Thanks for keeping the community connected and bringing topics which are important to all of us to the surface. Cheers!

      Jon

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