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Social Media: Gartner Expects Half of Social Media Campaigns to Fail
“Doing social media because everyone else is doing it is not a strategy,” said Scott Nelson, a Gartner analyst who focuses on social media strategies for enterprises. “One of the keys to being successful is to know what you’re trying to accomplish.”
Gartner says that reasons to adopt social media include:
- increase revenue
- decrease costs
- increase satisfaction of customers or employees
- extend or build a brand
Nelson says though that no matter what the reason, social media is no different than other projects and should be measured and evalutated by selecting appropriate metrics.
Adam Sarner, research director at Gartner, said that “for the 50% of Fortune 1000 organisations not determining, or even measuring, ROI, ignorance will mean failed projects. Among the companies who will not see a worthwhile return, only 20% will even have the data to evaluate where their social strategy is falling short. These organisations will be unable to justify future funding.”
But companies will learn, they’ll have to. Increasingly Social Media is becoming an important tool for sales, customer service and support groups. As a market, Gartner classifies vendors selling products and services in this space as the social customer relationship management (Social CRM — SCRM) industry. In 2012 there will be nearly $2.1 billion dollars spent by companies for SCRM software licenses and subscriptsion, compared to just $850 million from last year. Vendors in this space include Jive Software, Lithium Technologies and Salesforce.com.
