Some critics have challenged what the return on investment is for engagement in social media. Others have complained that the metrics don't exist to demonstrate value.
Sentiment: NEGATIVE
When I hear people debate the ROI of social media? It makes me remember why so many business fail. Most businesses are not playing the marathon. They're playing the sprint. They're not worried about lifetime value and retention. They're worried about short-term goals.
Consumers value their personal time and are loyal to those companies that make their lives more productive. Brands gaining some of the biggest successes in social media are engaging with millions of consumers through value exchange.
The most potentially transformative impact of social media is its ability to encourage brands to marry profit and purpose. The reason brands participate is that such outreach earns those companies social currency enabling them to start or participate in conversations that connect them to consumers in meaningful ways.
People take things at face value on social media. Earnestness is the assumption.
You cannot underestimate people's ability to spot a soulless, bureaucratic tactic a million miles away. It's a big reason why so many companies that have dipped a toe in social media waters have failed miserably.
Because it's so easy to medicate our need for self-worth by pandering to win followers, 'likes' and view counts, social media have become the metier of choice for many people who might otherwise channel that energy into books, music or art - or even into their own Web ventures.
Companies and managers that find a way to harness social media stand to gain.
The evolution of social media into a robust mechanism for social transformation is already visible. Despite many adamant critics who insist that tools like Facebook, Twitter, and YouTube are little more than faddish distractions useful only to exchange trivial information, these critics are being proven wrong time and again.
I don't know how you can justify leaving any engagement behind in the social Web of 2011.
Social enables word of mouth at an unprecedented scale. Its most powerful effect, through reviews and recommendations, is to put product quality and value for money as the key to success in commerce. Social brings a level of transparency that prevents marketers from advertising their way to success without underlying product quality.
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