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Measuring returns on social media investment

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By Prince Osuagwu (Hi-Tech Editor)

At an event held at the Oriental Hotels, Lagos, to run concurrently with day four of the Social Media Week, Digital Strategist of an advertising agency, Syracuse Digital, Mr. Sunkanmi Ola, said the most viable option for any business in this digital era, is to invest in social media.

However, Marketing Strategist of a marketing consultancy firm, Redwire, Mrs Doyinsola Ajayi, said that the bane of SMEs in the country is their inability to see how fast their businesses could grow by deploying social media tools.

She regretted that not all SMEs in the country are leveraging the opportunities that social media offers to expand their businesses.

Speaking at a panel of discussion, themed: Measuring the returns on social media investments, Ola said a lot of businesses leveraging on social media are making so much gain but regretted that quite a lot of Nigerian businesses that would have helped transform the economy are not doing so because of not taking advantage of social media.

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He urged Nigerian businesses to invest in social media as a way to grow, knowing that it has become the global trend.

He said: “From multinationals to start-ups, social media marketing is being adopted to increase brand awareness, connect with consumer and boost sales.”

He noted that social media has changed the way brands and consumers interact and how companies are able to create and tailor marketing strategies.

However, he warned that investing on social media requires the competence of using the right tools to measure such investments to justify spending budgets.

He advised that tools such as Facebook insight will help businesses understand the analytics of their pages, while others like Google analytics and twitter analytics will also help organisations listen to customers’ feedbacks and track trends and directions.

He said: “There are tools that cost you thousands of dollars per month and others that are free. So it depends on what a business wants to monitor, measure or what insights it needs.

“Every business has to understand what a successful social media campaign is. It is not a one jacket fits all,” he added

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