Social Media ROI: Socialnomics by Erik Qualman

Erik Qualman is back with another outstanding video that shows great statistics about the usefulness of social media. Back in August we featured his video, The Social Media Revolution which revealed impressive data about the overall impact of the recent social media boom.

Many people/brands are still wondering how to measure and figure out their ROI with the use of Social Media. Qualman, author of the book Socialnomics has put together the YouTube video ‘Social Media ROI: Socialnomics’, which hits some very interesting facts and examples of how businesses are leveraging social networks to drive business growth and increase brand awareness.

Some of the highlighting points you’ll find in the video include:

1.  Over 300,000 businesses have a presence on Facebook and roughly a 1/3 of these are small businesses.

2.  Gary Vaynerchuk grew his family business from $4 million to $50 million using social media.  Gary’s eccentric personality and offbeat oenophile knowledge have proven a natural path to success with his Wine TV Library.Vaynerchuk found first hand that $15,000 in Direct Mail = 200 new customers, $7,500 Billboard = 300 new customers, $0 Twitter = 1,800 new customers.

3. Lenovo was able to achieve cost savings by a 20% reduction in call center activity as customers go to community website for answers

4.  Burger King’s Whopper Sacrifice Facebook program incented users to give up ten of their Facebook friends in return for a free Whopper.  The estimated investment forwhopper-sacrifice this program was less than $50,000 yet they received 32 million media impressions which roughly estimated equals greater than $400,000 in press/media value.  Which to put in context is somewhat like reaching the entire populations of 19 states (understanding this doesn’t account for unique vs. repeat visitors, etc.)

5.  Dell sold $3,000,000 worth of computers on Twitter

Watch the video:

This entry was posted on Friday, November 27th, 2009 at 6:39 pm and is filed under Social Marketing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.