I recently had the opportunity to hear Scott Monty, the head of social media for the Ford Motor Company speak on how Ford uses social media in promoting their automotive products. The talk was fascinating.
As a person who has been pulled kicking and screaming into the brave new world of social media, I have wondered if there really are any measurable benefits to tweeting, podcasting, Facebook thumbs-up liking, Flickring, , etc. That is, can we calculate “Return on Investment” or “ROI” of social media?
According to Mr. Monty, trust in corporations is down around the world, but trust in third-party analysts, media, and digital word-of-mouth is up. Ninety percent of persons who can skip TV ads do, using their DVR systems. Only 14 percent of people trust advertisements anyway, with 78 percent relying on recommendations from other consumers. Social media is about relationships and recommendations, not sales.
In July 2010, Schlabig & Associates made a strategic decision to blog as a firm. As with most decisions made by a CPA firm, this decision was not made lightly! We realized the value social media brings to our clients and friends, by providing knowledge, solutions, interaction, and at times, thought-provoking questions. ROI of social media can be measured by soft costs, such as awareness, reputation, and value to the reader. That’s what social media means to Schlabig and Associates – quality and value.