What's the ROI of Social Media - dailyBlogma

What’s the ROI of Social Media? Here are the answers!

It’s a question that’s often asked.

As the former Kodak Executive, Jeffrey Haylett asked, “What’s the Return of Ignoring?”

Yes, with the right strategy, you can indeed make more money through effective use of social media, however, here’s the key point that so many struggle to comprehend…..It’s not just about money!

“What?!” I hear you exclaim.

Well, take a deep breath and care to look at the bigger picture for a minute.

A well known expression is “Knowledge is King”.  I’m sure many of you would have heard this saying countless times. Embrace it and apply that thinking when using social networking.

If you engage with your network, you will learn from others who are more than willing to share and help you. With that, business relationships are created and nurtured. In your ‘travels’ you will learn. When you learn, you will be smarter in business and when you’re smarter, what do you think happens?!

The same is true with off-line networking, so why should social networking be any different?

If you remain unconvinced.  How about this question then?…  What is the ROI of your telephony spend?  That’s right, your telephone & mobile bills. Apart from specific campaigns, I question if anyone truly measures this. So why should social networking be any different? :-)

Tip: Don’t over complicate things. Think “We can!” and avoid finding excuses not to do something that’s clearly a no brainer - If done correctly.

networkerplus

networkerplus

Award Winning Social Media & Networking Professional | Speaker | QR Codes | Augmented Reality | >15 yrs in e-Business
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  • Gary Victor July 7, 2011 at 7:10 pm

    Not sure I get your answers to the headline’s ROI question – are you saying that “learning: is the ROI? Well my SM clients would never be happy with that. They want (and need) to see growth in their follower base, continual fan conversations, click troughs on the special offers tabs. That’s their ROI metrics, and while it is a bit different than other web metric there has to be more to investing in social media than just learning. We set tangible goals and measure ROI against that – I recommend any other SM marketer do the same.

    Reply
    • networkerplus
      John Coupland July 9, 2011 at 9:34 am

      Hi Gary,

      Thanks for your comments, with which I totally agree. :-)

      The blog was written to help readers understand that, whilst there are of course many ways to measure ROI via use of tools for metrics, etc, there is a bigger picture too – hence “It’s not just about money!”

      John

      Reply
  • Ali R. Rodriguez
    Ali R. Rodriguez July 8, 2011 at 2:19 pm

    This article seems unfinsihed. I’ve heard “content” is king, (or queen) and it’s usually an engagement activity to keep your readers interested and investing not in you, but in themselves through what you have to offer; however, “knowledge”……of what? – If it doesn’t match your readership/target audience, you may be sharing knowledge that no one cares about; and …… you’ll flat-line on your ROI. And, will that “I” be for Investment or Ignorace?

    Reply
  • Mitch Rezman July 8, 2011 at 5:48 pm

    Terrible answer -that’s like asking what’s my ROI on garbage pick up? A telephone bill is a fixed expense. Social Media involves time and money. If you pay an employee or outsource your SM campaigns you are spending money.

    If you do it yourself, it’s costing you money.

    This is one more non-answer to the question is Social media making you any money, and clearly the answer is not found here.

    Reply
  • networkerplus
    John Coupland July 11, 2011 at 4:20 am

    Gosh people! Calm it will you?! ;-)

    As I’ve intimated before and will make clearer now…..Metrics, etc, is a given. We all know that. If I didn’t, do you think I’d still be in business, let alone growing it incrementally?

    The blog was written to help enable people to see the >> bigger picture << – i.e. There's a lot of sharing and learning out there – NOT just about "pounds, shillings and pence!"

    So Mitch, don't telephone calls take up anyone's time and money? (Rhetorical). In mine and my customers business world they certainly do!

    Take a deep breath and have a fabulous week! :-)

    Reply

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