I just finished watching the 2011 version of Social Media Revolution from Socialnomics. As usual, they have put together a good visual representation of where social media is right now. They shared some good stats as they normally do. Things like, “If Facebook were a country, it would be the 3rd largest” “eReaders have surpassed traditional book sales,” and “1 in 5 couples meet online.” I enjoyed the stats & the choice of music to go along with years version. It was very well done.
Over the past few days I’ve watched as some of my friends have shared their thoughts on what they feel is the ROI of social media. They have shared their personal opinions on the ROI of social media and there has been some really great discussions that have spawned from it. But, in my mind, one of the most powerful things that social media provides as an ROI is the last statement in the Social Media Revolution 2011 video.
The ROI of Social Media
If you weren’t paying close attention, it might have slid right on by you. In fact, the first time I watched the video I missed part of it and had to rewind to see what exactly it said. They said:
“The ROI of Social Media is Your Business Will Still Exist in 5 years.”
I don’t think a better statement could be made to sum up it’s ROI. Too many times we are focused on the marketing side of social media and how we can turn followers into dollars. The focus shifts from connecting with people to how can we increase our bottom line. Don’t get me wrong, a good social marketing strategy can be huge for a business, just ask VW and their superbowl ad. It has over 39 million views on YouTube. How many cars has it sold? Impossible to say. But, how many conversations has it created? Thousands is my guess. Those thousands of conversations and views turn into consumers who remember your product when they are ready to make a purchase. While it is virtually impossible for VW to measure their ROI on that commercial, my guess is that they have seen more than enough business come from it.
Kill The Social Media Resistance
The time has come to stop fighting the urge to use social media in your business plan and to start forming a game plan. If you feel that social media is just a major waste of time, then you might want to start working on a new invention or business idea because in the next five years there is a good possibility your current source of income will be extinct. What used to be just an option offered by a few is now becoming the norm. People expect to be able to interact with your business on Facebook. They want to be able to ask a question on Twitter and get a prompt response. Fading away rapidly are the days of customer support phone lines and emailing for help. Consumers want instant access and quick responses. If all your competitors are offering it freely and your company isn’t, the consumer will move on no matter how loyal you may think they are. When this begins to happen, this marks the decline in your business until you finally have to close it down. Stop fighting the resistance and start using it today. If you need more reasons to get started, I highly recommend watching Social Media Revolution 2011.
In case you haven’t seen Social Media Revolution 2011 yet, enjoy below:
So the next time someone asks you “What’s the ROI of social media?” simply respond: It means my business will exist still in five years.
Originally Posted at: 210 Consulting- Social Media Advisors
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I am the Co-Founder of 210 Consulting- Social Media Advisors. I have traveled the country as a social media speaker. If you would like more information on any of the topics discussed in this blog, please contact me directly. We specialize in social media training, online consulting, and the creation of your own custom WordPress site.
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Thanks for the post. I watched the video and found it very enlightening. Makes me want to engage in social media even more!
Social media is the way to go! Great way to market & improve sales!
Thanks for sharing Jeremy.
Sherri- it's amazing the amount of information in the video!
Chris- I would agree!
Thanks for the reminder that we all need to be in the moment of "now"...the transition people are the ones with the issue, here...transition periods do end.
Jeremy,
I am teaching blogging classes and there are still many agents who are very reluctant to start.
JB, real estate business always has a long term ROI - and only thing is, one needs to be consistent about it.
(I hope this valuable post gets featured - it's a vacation time...and AR Staff is away) I may re-blog it in a day to spread your message.
I thought that by putting social media into existence we were establishing ourselves and being found on Google and other platforms. Even if we don't reap business from that effort, seems like we would still be found 5 years from now because of the indexing ??? I figure something is better than nothing be willing to try
Thanks Praful! I hope it gets the infamous Gold star too. I think social media is imperative to any business now.
Marilyn- That google has quite the staying power :) I still get calls from blog posts I wrote over 3 years ago :)
Jeremy, your info is so appreciated & what do you think of the staying power of the +1 in Google competing with facebook...very interesting to see what happens?!
Hi Jeremy, WOW, I liked the video so much I shared it on my Facebook page. I think the most surprising is that email is passe.... I'm way behind. Have a great 4th! jay
Jeremy--that was a great video. If anyone misses that message about where the world is heading they must be living under a rock. I was reluctant to dabble into Social Media but have read and seen too many things like this. Made me get serious and actually start using the tools available to me.
Jeremy, some more great info from you! I have been utilizing Social Media....it works!
So true Jeremy. Facebook may soon be the next one stop shopping.
pictures, emails, and all the add ons you could want for both business and personal but separate at the same time, but still only going to one place.
Enjoy the day
What a timely post Jeremy...I just suggested you and called the shots....I trust more in the AR community will see the wisdom of your post.
For those who have yet to embrace the REVOLUTION it can be as easy as 15 minutes a day. Once you create your Facebook Fan Page (yes this is where your business belongs) and post relevant content in less than 140 characters to Twitter and group your followers you can track your stats. At the end of 90 days you will be pleasantly surprised with the outcome!
When you first tackled AR you may have also approach it with trepdiation and now find it a breeze...it will be a mindset without a doubt.
Check back with us in 5 years :)
Eileen
Jeremy, I still find it amazing the number of people who are oblivious to Social Media and the phenomenal changes we have seen in marketing in the past 5 years. I am blown away by the changes and what powerful means we have to market and brand. The next 5 should be a wild ride for sure. Great post! Thank you!
Oops. It looks like it didn't save my comment from before. yes, I really like the updated video and music. Very inspirational. just tweeted and FB'd the video.
Great pt on the ROI metric! suggested.
Awesome video. YouTube is fast becoming the preferred search engine for many...where do we need to have our information posted....???
I'm often amazed at how well older posts on my blogs continue to generate traffic to my website.
Tom
JB...
I know that early adopters are seeing the most ROI right now ...but five years? Wow, that surprises me but I'm glad that all of the hard work will continue to pay off!
Thanks for the video. Not sure about social media beating out old traditional methods like direct mail, but I am well in the flow with a web site, blog, Twitter and Facebook.
Its all a reminder of how important it is to do social media well for most agents. Its still a area where most of us can improve on, but its not hard to get started.
Jeremy - I'm glad Socionomics is updating their videos. I see they have several updated versions on YouTube. It's a great way to start off a group discussion on social media by playing one of their videos. I recently sold a home thanks to Facebook. The buyer saw the home on my business page and contacted me. It just closed this past week.
I'd like to know how many REALTORS without social media or blogging in their business strategies will be in business in 5 years. I'll bet that number is small. I think agents who don't get active online will be out of the game.
Social media is very important. I am looking forward to watching this video. Thanks for the strong suggestion it become part of our business planning.
Jeremy, guilty as charged. I have always been a private person and I saw social media as a way for people to hide behind their keyboards. Recently I decided that I need to "expose" myself and started playing around with Facebook, but I must tell you it can overwhelming very fast as there are so many facets and nuances that are troubling for the technodummy like me.
Jeremy, SEO keeps evolving its hard to keep up with it. It will be interesting to see where it will be in five years.
I just listed a $550,000 house with a person who told me she's been reading my blog for the past year. I'd say you're right.
This was very interesting-I saved it for futher reference
Jeremy - That's a serious ROI, if you want to be in business, that is. The numbers always surprise me though I know how important social media is.
I love it! I absolutely love the power of social media, especially facebook. I am going to watch the video right now.
Jeremy,
Excellent post and I want to publicly express my appreciation for your kind assistance recently.
All the best.
Brian
Just stopped by to say that I
Everyone needs to incorporate Social Media into their business plan to survive this market.