As spending on social media advertising and agency services is rising the pressure on marketers to proof the ROI of their investments has increased. But despite of this only 1 out of 5 marketers, surveyed by the Duke University Fuqua School of Business, was able to prove the impact of their social media efforts quantitatively. Fuqua School of Business conducted the survey in late July of this year among 427 marketers at US companies across the B2B and B2C sectors.
The Impact Of Social Media Marketing on Business Performance
44% of marketers surveyed by Duke University said they have not been able to show the impact of social media marketing on their business yet, while slightly more than one-third said they have a good qualitative sense of the impact, but not a solid quantitative impact.
Nearly half of B2B marketers participating in the survey admitted they have not been able to show the impact of their social media marketing efforts yet. Close to one-third of B2B marketers indicated they have a good qualitative sense of the impact, but not the quantitative impact.
Social media marketing is perceived to contribute little to the overall company performance, according to the Duke University survey. Only 4.6% of survey participants indicated social media marketing contributed to their company’s performance. Nearly 40% of participants said their social media marketing efforts did not or contributed very little to their company’s performance. Unsurprisingly only one-third of marketers indicated they were using marketing analytics to measure their social media efforts, according to the Duke survey.
Proving The ROI Of Social Media Marketing
Marketers in the US find measuring and proving the ROI of their social media marketing efforts the toughest challenge they have encountered, according to social analytics firm Simply Measured, which surveyed 350 North-American marketers in June of 2016. Nearly two-thirds of those participating in the survey revealed that evaluating the return on their investment is the most difficult challenge they faced.
Best Social Media ROI Performers
In another survey Social Fresh identified the social networks that produced the best ROI for their practitioners. They surveyed 551 marketers worldwide and asked them to choose up to three social media platforms that they thought produced the best ROI. Almost all (95.8%) named Facebook as the number one ROI producer. Additionally, nearly two-thirds (63.5%) of respondents said Twitter produced the best ROI, and 40.1% of social media marketers said Instagram did.