Brands and businesses are busy finding out what their return on social media is. According to this report from L2ThinkThank it doesn’t look so great and even some scaling back from certain platforms is predicted.
This is a very interesting report about brands’ social media efforts and their returns. The results should not be ignored. However, it is questionable that these brands are using social media platforms the way they should. A look at the activity of major brands in social media (including brands that participated in this study) reveals rather modest activities and usage of the assets created. This is especially true on Facebook, where brands’ highest investment and focus are Facebook ads. A tool that for the most part helps Facebook to create revenue, but is about as effective as a newspaper ad was 20 years ago, if at all.
Brands’ current handling of social media assets (Facebook likes, likers, and people that comment, Twitter followers and re-tweeters) is next to zero. Without using these assets, it is impossible to create a reliable report about the effectiveness of social media for brands. This report was created with data of the past two years. In more recent times, brands have discovered that engagement can deliver better results than advertising. It is pretty save to say that the report for the next two years will show much better returns, as more and more brands figure out ways to handle their social media showrooms.
Have a look at the video below and the infographic to learn about the findings of this social media platform survey.