The Social Media Marketer

Social Media Marketing- Does Time Equal Money?

People talk a lot about how effective social media can be, but did you ever notice the caveat that always seems to be attached to the accolades?  Marketing with social media takes time, and for most business owners, time equals money. 

Of course, if your time on social media were to actually equal money in the end, it would be worth it.  But will it?  What kind of return on investment can you expect from this marketing tool, and how much time should you devote to it?  

White Paper guru Michael Stelzner recently conducted a study on the topic, the 2010 Social Media Marketing Industry Report.   It shows that ROI is uppermost in the minds of most marketers.  In fact, the number one question they want answered is "How do I track social media ROI?"  They are less interested in how to use it (many have figured that out by now), and more interested in how to make money from it and track results.

So, this brings us back to the time investment.  In order to measure ROI for social media, you would have to factor in how much time you're spending on it.  In the study, 1900 marketers were asked how much time they are spending on social media:

               -The largest group was in the 1 to 5 hours per week range. 
               -Of that group, 43% are spending 4 to 5 hours each week on social  media activities.
               -A significant 56% of marketers are using social media for 6 hours or more each week and 30% for 11 or more hours weekly. 
               -12.5% of marketers spend more than 20 hours each week on social media.

There also appears to be a correlation between the amount of experience that users have with social media and the amount of time they spend.  Beginners spend about 1 hour per week, in contrast to more experienced users who spend about 10 hours per week.  One could conclude that experienced users have not only found more ways to use their social media accounts, but also that they have developed a more clearly defined strategy for it.

And, with a more clearly defined strategy, every hour spent becomes more valuable.  The more you learn about how to use social media, the less time you have to spend in order to see results. 

Remember, too, that results are not just measured in terms of money in the bank.  If you're looking for some kind of direct, immediate correlation, you may be disappointed.  What you're more likely to see, according to the Stelzner study, is a host of other benefits that lead to sales:

• Greater exposure
• Increased traffic
• Connected customers (and their valuable feedback)
• Increased search engine rankings
• Lead generation

More than half of marketers indicated that their social media efforts generated qualified leads.  And one could say that this is why your time is required when it comes to social media marketing.  These results are measurable and they do lead to sales, but they are not immediate and they take time to develop. 

Like all relationships, the business connections you make through social media develop over time.   And, there are ways to use social media time wisely.  Whether you outsource it, or (like the majority of users) do it yourself, that time will develop into money.  Just stick with it, and learn how to do it right.