Here’s a video with some very compelling info about “Socialnomics” which is pretty much the economics of Social Networking and Social Media.
Social Media ROI: Socialnomics Data and Statistics
With Socialnomics, evangelists argue that 1 + 1 can equal 1,000,000!
300,000+ Businesses ha a presence on Facebook
Gary Vaynerchuck grew his family business from $4 million to $50 million using social media.
Vaynerchuck found that:
$15,000 in Direct Mail = 200 new customers
$7,500 spent for Billboards = 300 new customers
$0 spent on Twitter = 1,800 new customers
Wetpaint / Altimeter found companies widely engaged in social media surpass their peers in both revenues and profits.
Company Sales with highest levels of social media = +18%
Company Sales with least social activity = -6%
Lenovo = 20% reduction in call center activity as customers go to community website.
The Burger King Whopper Sacrifice Facebook Application:
Estimated investment less than $50,000
Estimated return greater than $400,000 in press / media value
32 million free media impressions
That’s like reaching the combined population of 19 states
Blendtec quintupled sales with “Will it Blend?” YouTube videos
Dell sold $3,000,000 worth of computers in Twitter
BTW, only 18% of traditional TV campaigns generate a positive ROI
“You can’t just say it. You have to get the people to say it to each other.“
– James Farley, CMO Ford
37% of Generation Y were aware of the Ford Fiesta via social media before its launch in the US
25% of Ford’s marketing is spent on Digital / Social Media
They are the ONLY US auto company that didn’t take a government loan
Naked Pizza set a one day sales record using social media:
– 68% of sales from Twitter
– 85% of new customers from Twitter
Volks Wagon VW goes 100% mobile for the launch of GTI
Social Media is only for B2C – FALSE!
Tweets for a Cause sent out a tweet from Atlanta to encourage support of Susan G Komen for the Cure
Retweets from @mashable, @G_man, @zaibatsu and others caused Atlanta Chapter site to receive 11,000 visitors in 24 hours
Intuit introduced “Live Community” into their TurboTax products 2 years ago – unit sales went up +30% each year
Software company Genius.com reports 24% of social media leads convert to sales opportunities
Barack Obama – 5 million fans on social media
5.4 million clicked on an “I voted of Obama” Facebook button
3 million online donors = $500 million
92% of donations were in increments of less than $100
The University of Texas MD Anderson Cancer Center – 9.5% increase in registrations using social media
The host provider Moonfruit – $15K social media investment,
Website Traffic = up by 300%
Sales = up by 20%
Google first page for “Free Website Builder”
Ebay found participants in online communities spend 54% more $ money
Customer support cost =
$12 via the contact center, vs
25 cents via self-service
These are some thought provoking numbers…. BUT
“Why are we trying to measure social media like a traditional channel anyway? Social Media touches every facet of business and is more an extension of good business ethics.” – Erik Qualman
“You can’t buy attention anymore. Having a huge budget doesn’t mean anything in social media… The old media paradigm was PAY to PLAY. Now you get back what you authentically put in. You’ve got to be willing to PLAY to PLAY.” – Alex Bogusky, Co-Chairman, CP&B
RT @equalman “When I’m asked about the ROI of Social Media sometimes an appropriate response is… What’s the ROI of your phone?”
“Think of Twitter as the canary in the coal mine.” – jetBlue Airways – Morgan Johnston
71% plan to increase investments in social media by an average of 40% because:
+ Low cost marketing
+ Getting traction
+ We HAVE to do it
What is the co$t of doing nothing?
Do you really want to take that risk?
“Our head of social media is the customer.” – McDonalds
The social media tidal wave is here!
Are you swimming with the current?
Welcome to SOCIALNOMICS
video and content found on http://socialnomics.net