UK businesses are increasingly turning to social media in attempt to reach consumers, but they are struggling with return on investment (ROI) and lack of confidence about their performance on social platforms, a new survey from the Internet Advertising Bureau (IAB) and marketing and technology company LBi has revealed.
The poll shows that just over half of the businesses interviewed (55%) have changed their strategies as to become more social. Those who have not taken any steps to improve their social image have been mostly uncertain about whose responsibility the brand´s social media strategy should be. In almost one in three small companies, the burden of managing the matter lies on CEOs, compared to just 15% of large companies. Some 13% were even unable to answer the question of who was responsible for social media policy in their organisation.
In addition, almost half of respondents say their primary purpose on social channels was to boost brand awareness, while just one in four businesses communicated to customers via the social platform.
One of the biggest challenges for UK businesses is the measurement of ROI. Overall, just 17% of the panel claim they are recording ROI, while 27% admit they have no idea how this is done in their company. A further 30% use existing key performance indicators (KPIs) and one in four use data from previous campaigns as a benchmark.
Many businesses admit that they lack confidence and feel they are not skilled enough to deal with communication on social media, the survey also finds.
Source: M2 Bespoke News