The cost... and the immeasurable benefits... of social media

Social media costs money.

We get it. 

By now we've all come to realize that social media isn't "free". There are many costs, such as staffing and advertising (which this insightful infographic demonstrates) that marketers and business owners need to consider.

What I LIKE MOST about the infographic is that it goes on to list all the BENEFITS of an investment in social media, most of which are immeasurable. They (Social Media Today) list these benefits (which were gathered via an eMarketer survey) as a way of illustrating that marketers have dismissed "low cost" as a real benefit. A valid point to make, and an important one for their purposes. But to me, the most important point of this whole infographic is the fact that there are MANY benefits of social media, most of which are immeasurable, and all with considerable impact on the success of a business. Sure, we may not be able to calculate a numeric ROI (since we can't measure the total return), but the length of this list of benefits makes it hard to justify NOT investing in social media.

IMHO, there are a few missing from the list!  Notably:

• LEARNING - Social media is a fantastic source of industry news, insights and best practices, no matter what industry you're in.
• COMPETITIVE INTELLIGENCE - Social media allows you to follow your competitors' activities... at least to the extent that they share them on social media (you'd be surprised how much they share).
• REPUTATION MANAGEMENT - Track all the mentions of your brand across the internet, positive and negative.
• PERSONALITY - Many of the businesses I work with express a real desire to figure out how to tell customers who they really are. Your activity on social media allows you to show your personality - to let your customers know just what you're all about, beyond what it is that you sell.
• BRAND RECALL - The more active you are on social media, the more likely it is that your brand will come to mind when customers next need to buy [insert the type of product you sell here].

LESSON FOR MARKETERS

The case for investment in social media is compelling (perhaps overwhelming).  The real question is whether or not you're taking advantage of all the benefits. 

YOUR TURN

Any benefits that I missed? Don't forget to also check the ones in the infographic.