Corporate executives want a quick ROI in social media; they should look at it as long-term “best investment!”
Corporate executives are still bent on getting a quick ROI out of social media…a legitimate request yes …also a stalling tactic? Great read via the PR News Blog (August 19, 2011): http://ow.ly/69Fp2.
According to Pepsi Co’s global head of digital Bonin Bough, being gripped by fear of adapting to social media can be fatal (for organizations): “Failure to adapt to the digital evolution is written on the balance sheets of companies.”
Staying away from social media due to fear of failure or spending the time or money that needs to be dedicated to a long-term investment is not the way to get along with a new media channel that is certainly here to stay. There is no doubt that social media and the web in general will create a shorter term investment as it settles into the norm.
For now, we must invest with patience–and it’s a very small long-term investment to make for what is sure to be a huge ROI in the very near future. To that end, this is not about “waiting for the best time” –when social media is “well-developed” for immediate ROI. What form of media DOES provide immediate ROI anyway? Print ads, news stories etc. — sure, but also fleeting if you don’t keep the advertising going or the PR machine pumping. Social media is and will be no different than other media channels– it will eventually give way to long-term, consistent return on investment. Social media, as Bonin Bough says, is here to stay and it is NOT a fad.
Therefore, I believe that every company should now at least have the social media/online persona basics in place. And the focus should not only be on the main company brand, but also on executive leadership as well as employees. It will soon be a must for the CEO, CMO, COO etc. (company leadership) to engage with online followers/audience on a regular basis–and having employees engage for the benefit of the company brand is certain to become another key ingredient for all company brands looking for success in the social media space. This will soon be the new reality of marketing and business development.