Measuring the Effectiveness of Social Media in a B2B Scenario in India
Keywords:Social media, ROI, measuring effectiveness, measuring effectiveness, b2b, exploratory factor analysis, digitalisation
Digitalisation is a global phenomenon that is a worthwhile proposition for the development of any nation’s economy. Social media contributes significantly to the development of an economy by the spreading and democratisation of information through global players, such as Facebook, YouTube, LinkedIn etc. According to a Forbes report in 2017, these digital platforms create new ecosystems and business models for business owners and entrepreneurs. Whilst a report by Statista in 2020 states that there were 3.6 billion social media users worldwide and the number is expected to grow to 4.4 billion by 2025. Return on Investment (ROI) measurement of social media, which is a very important component for organisations to evaluate its success or effectiveness, remains a major challenge for organisations, despite number of attempts having been made by experts in the field. This study is aimed at understanding how the success and effectiveness of social media is measured in a B2B scenario. Various frameworks on social media ROI measurement are critically evaluated. Then, a tool for measuring social media ROI is developed, such that businesses will be able to evaluate their social media investments. The instrument covers 14 variables over four dimensions. The results indicate that respondents perceived organic return as the most important dimension. It is also evident that brand testament is found the least perceived dimension for measuring the social media ROI.
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