Even with the ample number of individuals and companies engaging in social media, questions arise about how valuable social media is. While there isn’t an exact formula to crack the equation, success rate ultimately depends on what you define as value, and whether or not your initiative created a call to action.
Sysomos released a study with statistics revealing just how short the lifespan of a tweet is: approximately one hour. Out of the 1.2 billion tweets sent out, only 1.63% are retweeted within the second hour. The same numbers apply to replies, which doesn’t make an individual’s tweet seem very significant.
However, that doesn’t mean many brands aren’t taking notice of people in the Twitterverse. A person’s profile and influence on Twitter is being more seriously regarded than ever before. Companies such as Virgin America and the Palms Hotel in Las Vegas have loyalty programs where highly influential tweeters get special amenities and perks in hopes that they will tweet about the great experience to their many followers. The influence rate of a user is determined by services such as Klout, that measure the influence and reach an individual tweeter has. This practice has been done long before social media entered the picture, but the dynamic of what brands are basing their loyalty programs on has changed. What is being said online now influences actions in real life, which is how a brand can more clearly measure success. This is of course, varied on a case-by-case basis. However, the ultimate goal is to have the conversations and actions taking place around your brand online cause a purchase to be made or a service to be bought. The power of a strong voice online should not be overlooked, and most brands certainly aren’t.