Innovative Influence

Recent Report Details 15 Best Practices of Top 100 Brands

I’m often asked by CEOs and business owners about the business benefits of Twitter. Clearly they see my enthusiasm for it, but remain skeptical about what it can do for their business. The best response I’ve found that sums up my points beautifully is written by Jeff Bullas on his blog, and I’ll quote him here:

“And now this report from Engagementdb.com , evaluates how well they are engaging their consumers using social media and how that engagement correlates with their most important financial metrics: revenue and profit.”

Here’s a summary of the findings of that report:

4 Key Observations

As the number of channels increase, overall engagement increases at a faster rate. Brands that were in seven or more channels engaged deeply across all channels where they were present, as compared to brands that were present in fewer channels. There is an exponential growth in the depth of engagement as the brand extends itself into more and more channels.

Engagement differs by industry. Not only are some industries on average present in more channels, they also engage with them more deeply. For example, media and technology companies tend to be in more channels and engage deeply within them than,…. apparel, consumer products, food & beverage, and financial brands which is to be expected given that companies in these industries are just beginning to experiment with social media.

Financial performance correlates with engagement. Back to the million-dollar question: Why do social media? Because it pays off. While no one yet has the data to determine direct cause and effect, what is found is a financial correlation between those who are deeply engaged and those who outperform their peers

It Provides ” Multiple Communication Touch Points” More touch points can present a ripple effect, inducing viral marketing, boosting brand recognition and driving sales volume. Simply it means that different people prefer different types of communication, so the more types of communication, you as a company are enaging in, the more chance you have of creating a broader and deeper reach in the market place.