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Social media is worth the investment, say indian cios by wgre ethbtn
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Social media is worth the investment, say indian cios |
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Business,Business News,Business Opportunities
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Last week, Gartner claimed that half of enterprises are wasting money on social media . But Indian CIOs who are bullish on the social media spacevehemently defend their digital marketing spends by claiming thatit does indeed link back to measurable business outcomes. "Having a million likes on your Facebook page or a millionfollowers on Twitter may not make a social media campaign successful . It needs to translate into a revenue mechanism that affects theprofitability of the business," feels Ranendra Dutta,VP-IT,Sabmiller India.
He agrees it is tough to do. "You need to supportyour social media activity with secondary market research data ofsales revenue, then you might be able to draw a co-relation, but itis tough to do," he adds. Many like Dutta however agree that social media should be measured not as a standalone activity, rather as part ofa larger digital marketing strategy. "In a marketing campaign, doyou calculate the ROI of the collaterals?" asks V.S. Parthasarathy,group CIO, Mahindra & Mahindra.
Mahindra and Mahindra's digital marketing strategy has helped thecompany bring down transaction costs, build valuable leads ofpotential customers and increase focus of customer expectation. Infact, Mahindra and Mahindra's digital marketing activities has wonlaurels at a Harvard Social media Conference. Companies today are spending on acquiring expertise in social anddigital marketing as well as in tool that is helping them analyzethat data. While only a few have started porting that data intotheir BI platforms, CRM activities like lead generation, crowdsourcing have started to bring in visible effects. Companies like Mahindra & Mahindra and Sabmiller are extremelybullish in the social media space and have linked it to theirlarger digital marketing strategy.
Sabmiller for example is runninga campaign called 'the Coolest Job' on Facebook to promote arelatively unknown malt alcohol-beverage brand Miller High Life.The page received 37,000 job submissions and gained over 100,000new Facebook India fans (from zero). Mahindra & Mahindra, on the other hand, has been able to notonly boost sales by drawing people into their showrooms, but also cut down theirtransaction costs. "Social media eliminates the cost of athird-party recommendation agency. Take Mahindra Holidays, forexample.
Today people customize their own holidays and followreviews of other travelers to make their decisions. Social mediahas automated business processes that otherwise would've been acost to the company," says Parthasarthy. BI tools in the market have yet to reach a sophistication levelwherein they can be used beyond a reporting tool, and understandthe underlying emotions and sentimental value of Tweets andFacebook posts. However, social media front runners like TATADocomo and Hungama.com are studying the online behavior of theircustomers that has helped them in dishing out targeted content. "We've invested significantly in software as well as hardware tostudy the online behavior of our customers, on our site as well asvarious social media platforms.
Our analytics tools help usunderstand where our customers are coming from, what are theybrowsing and what songs they are downloading, helping us servicethem better? I can directly co-relate this with my revenue, "saysManan Chhatrapati, CTO, Hungama.com. Tata Docomo has delivered over two billion message impressions permonth on Facebook alone, and is currently the second highest rankedIndian media on Facebook, according to Brands Going Social. AshishPachory, head IT, Tata Teleservices has deployed web-crawler andassociated tools to gain deeper insights into customer sentimentson Social Media. "The available information is analyzed usingsocial media analytics to intelligently identify and resolvecustomer pain areas.
The information also helps us in marketanalyses of products launched by Tata DOCOMO and other telecomplayers. Most importantly, it helps us understand behaviors andtrends to do targeted market launches and arrest any negativesentiment before it hurts our customers or our business," hesays.He adds, "It aids timely planning and prioritization ofproduct launches, while also helping in reduction of customercomplaints, thus helping us increase our revenues quickly." Social media is an open medium, and more importantly it's free."There very well might be a day when these sites will startcharging companies who are using this medium to connect with theircustomers and advertise their products. It's about time we startedmeasuring the returns because the cost of not being on social mediais way too high," concludes Dutta. Send feedback to varsha_chidambaram@cio.in. I am Chemicals writer, reports some information about clothes stain remover , spray booth manufacturers.
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