Businesses not measuring ROI on social media

    Social media – a tool that can make a significant difference in business, and has become essentially vital in the digital times we currently live in. However, seven out of 10 businesses don’t measure their return on investment when it comes to social media.

    Of the 31% that do measure, 58% did so by asking their customers and 60% monitoring their responses on social media.

    The 2020 Yellow Business Social Media Report also found that 21% of businesses had no strategy at all on driving traffic to their social media sites, whilst 21% reverted to advertising in traditional media to drive traffic to their social media sites.

    “It’s a little worrying that so few measured their return on investment,” explains Sensis’ Chief Product and Customer Experience Officer, Kynan Hayes. 

    “Social media has a massive audience – 18 million active users in Australia – so every dollar you spend should be accounted for.”

    “This is backed up by 63% of businesses saying they believe their social media spend will lead to an increase in sales over the next 12 months with 9% saying they expect sales to be up between 21% and 50%,” Mr Hayes continues.

    According to Hootsuite’s Digital 2020 Report, social media ad spend in Australia in 2019 was $2.38 billion, “so there’s a lot of competition”.

    Mr Hayes said there is still a propensity for businesses to manage their social media inhouse, with 80% doing this. “What I thought was interesting is that more than half (55%) said the business owner/manager had responsibility for social media and just 20% the marketing department.

    “Only 8% of businesses said they outsourced their social media with 13% using the IT department!”

    Latest articles

    Balancing spuds and sustainability

    McCain Foods Ballarat is kicking goals, as they smash the plant’s 2% target set in the recently, Be Good. Do Good. Sustainability report. The Ballarat...

    Coles QLD sources cleaner electricity

    Coles is creating cleaner energy, via its 10-year agreement with CleanCo. From July 2022, Coles will source more than 90% of its Queensland electricity requirements...

    St Remio empowers female coffee growers

    (Feature image: St Remio Coffee Rwanda) World Coffee Day will take place on 1 October 2020, and St Remio is shining a spotlight on female...

    Book sales soar in 2020

    It looks like Aussies are turning more pages through restricted social activities, as book sales are flying out the door. Booktopia reports a 28% increase...

    Related articles