Finding Social Media ROI is like Hunting a Unicorn (Part II)

Part two of four on why social media ROI is as challenging as corralling a mythical unicorn. Read Part one here.

What is ROSMI?  Better put: Who is ROSMI?

Pronunciation: “Rose-Me”

Definition: a mostly mythical and poorly drawn unicorn

Pictorial Definition:

 

 

 

 

 

 

 

 

 

 

 

 

I drew this picture a few months back after my 4-year-old daughter said, “please draw a unicorn.” Me to her, “does it look like a unicorn?” Her, “not very much.” It’s amazing to think that my drawing skills peaked at age 5.

O.K., so now that you know my history with social media and the definition of Rose-Me, let’s get back to the intersection of the four items I discussed up at the top.

Item 1: Hopefully you actually clicked on the link to the great read at TheFinancialBrand.com.  If you did not, allow me to recap:

A 25-year-old bank marketer named Dave – who looks quite scary in the shadowy pictorial representation – said that social media has become an irrational quest by banks.  He said that ROI needs to be the focus of all marketing decisions instead of taking off on a wild quest for a mythical purple Unicorn.

ROSMI Summary: Every bank marketer in America, “Where is that damn mythical purple Unicorn, Rose-Me?”  Dave, “She doesn’t exist. Neither does Santa or the Easter Bunny.”

Item 2:Hopefully the four of you who are reading this also subscribe to Ron Shevlin’s excellent blog www.snarketing2dot0.com. I know at least 25% of you do as Ron is one of the four subscribers. If you are in the other 75% – i.e. you aren’t Ron Shevlin – do yourself a favor and subscribe to his blog.

On his site you can read interesting posts like this recent one that is summarized with the following:

  • Credit Union members don’t engage with their CUs…nor will they do so with large banks.
  • One-half of one percent of all Twitter users follow a bank.
  • Twitter’s usefulness is questionable when you look at the desirable outcomes of any potential marketing banks or CUs can do.
    • Ultimately, Ron sums up the post with this line: “Bank and credit union CEOs need to start asking their CMOs: Is Twitter really the best use of your department’s time and resources?”

ROSMI Summary: Bank CEO to CMO, “If you insist on taking your staff off on a trek to find this mythical unicorn, you’d better bring it back stuffed and mounted so I can show my friends.”

Stay tuned for post three, which deals with where we went wrong and the unspoken fact that people in the Social Media realm seen to want to avoid: you only have a limited amount of time to produce revenue!

About Mark Zmarzly: Mark Zmarzly is VP of Financial Services at ACTON Marketing, and an accomplished marketing, business development, banking, and creative professional with demonstrated success solving customer acquisition, marketing, and profitability problems. He has worked with financial institutions from 1 branch up to 1,700+ branches in the areas of marketing, copywriting, account management, consulting, teaching, social media, and business development. You can find his insights on issues facing the financial industry at www.ihelpbanks.com and on Twitter @BankMarketing. You can also connect with him at http://www.linkedin.com/in/markzmarzly.

Written by Mark Zmarzly