At Lithium, we know the importance that technology plays in amplifying a brand’s social media efforts. However, we were curious to understand exactly to what extent technology can be the catalyst for enabling social media marketing to drive real and measurable business results. So, to answer this question, we partnered with Forrester to see if one of our biggest assumptions was true: that brands investing in social media marketing platform technology ultimately have a competitive advantage in the marketplace.
(Hint: brands that have invested in technology definitely have a competitive advantage!)
Of over 100 social media marketing experts surveyed, representing brands that generate $100M or more in annual revenue, many agreed that an investment in a more comprehensive social media marketing platform helped achieve the following results for their brands:
Improved customer retention (57 percent)
Acquired new customers (60 percent)
Increased conversion rates (57 percent)
Boosted customer loyalty (50 percent)
Also, as many as 75 percent of the marketers surveyed said that these platforms helped synchronize, streamline, and simplify their social media marketing efforts as well as improve overall collaboration across multiple teams – further underscoring the positive impact that this kind of technology can make both internally and externally for brands.
The message is clear: if your brand is serious about social, it’s absolutely critical that you invest in the right technology to scale your social media marketing efforts. This doesn’t mean cobbling together a variety of free, paid, or add-on solutions from multiple vendors, but rather implementing the right end-to-end platform solution to do the heavy lifting. And if your brand is part of the 87 percent of brands in the U.S. that has yet to invest in a social media marketing platform, it’s not too late to get started.