Our answer is always a confident and enthusiastic, “Yes!” Social media is definitely worth the investment if you have a well-developed strategy based on your business and your target audience. From our perspective, we take a more holistic view of ROI. Where some marketers might measure ROI by clicks, downloads or purchases, we consider visibility to be the most impactful on the bottom line.
In a world where millennials instinctively tune out advertising, companies need visibility first and foremost. Social media is a powerful way to reach people in their own environment. They choose to be scrolling through Instagram or Facebook the moment they come across your content. That voluntary participation is part of what makes social media more effective than traditional advertising.
Our perspective at Seenspire is inextricably linked to the Social Media Wall. Although social media in itself is a worthy investment, we’ve witnessed firsthand the massive ROI of leveraging social media through digital displays.
Here are the three key areas the Social Media Wall delivers on your dollars:
A growing community
In traditional forms of marketing like print ads, you’re likely to target high circulation publications aimed at your particular audience. The thinking is that the more exposure, the greater likelihood of ROI, right? The Social Media Wall goes beyond circulation numbers. It enables companies to exponentially expand their visibility in the real world and the digital world.
Consider the places you might position your digital display. In a retail store, you might spread screens across the merchandise or have one near the check-out line. At a concert, your digital display could be the backdrop of the performance. By strategically placing your digital displays, you’re inherently growing your community and exposing more people to your brand.
Let’s say, for example, that your company held an awards ceremony, and your goal was to cultivate an incredible online presence matching the energy from the actual event. If you could reach 328 million people online through user-generated content, would you do it? Of course! Twitter makes that possible. If you could stand out to people who are more likely to be interested in your event, would you consider that targeted visibility a victory? Most definitely.
Our clients at Dell were thrilled recently when their event hashtag triggered 500 posts from attendees. In one evening, #BeExtraordinary2017 made more than 1 million impressions.
A steady stream of user-generated content
Every marketing professional understands the high costs of creating content from scratch. You might have hired ad agencies or hired creative professionals to develop your marketing and advertising content. The more content you develop, the higher the cost.
With user-generated content, there are no costs associated with creating content. A happy customer simply snaps a selfie with your product and adds a fun caption in their own words. That simple, authentic nugget is all you need for a successful post. The Social Media Wall magnifies the post, so people walking through your store or attending your event physically see the post. You also build your credibility among existing customers while introducing your products and your brands social media presence to a wider audience.
Study after study, the research proves user-generated content is more effective than advertising. Seventy-eight percent of millennials report they would rather see photos of real customers rather than professional photos created by the brand, according to Chute. Consumers typically trust online reviews particularly in personal care products, household products, apparel and restaurants, according to a study by Social Media Link.
— Emily Gaskin (@HPEmilyG) March 24, 2017
Turn viewers into brand ambassadors
Anyone can potentially become an effective brand ambassador. These are people who have tried your product or attended an event. They genuinely feel compelled to share their positive experiences with their followers. Your hashtag and digital display make the entire experience more inviting for everybody, including those with very few followers. As long as they’re enthusiastic about your brand, they likely to invite people to share your brand with their network.
Having normal, everyday folks consistently getting the word out about your brand has a real impact on your profits. According to a Gallup study cited by Capgemini, “fully engaged” customers (those with a strong attachment to the brand, or brand ambassadors) deliver a 23 percent premium over the average customer in share of wallet, profitability and revenue.