Should ROI (return on investment) -- a very popular investment metric -- in social media be based on outreach efforts and bottom line profit results or based on a new ROI (return on influence) -- that of more a creative investment metric -- that you develop contingent upon your group of friends and colleagues?You can decide here.
In the meantime, let us know how you measure success or what constitutes a win in your mind.
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4 comments:
Laurel, I think you're right on and that it is crucial to recognize social media is not about measuring the investment.
However, many are finding it hard to justify the time spent. To them I offer this Social Media ROI Calculator. http://tinyurl.com/yl8gzw4
It is a great way to see in numbers if you are getting out what you're putting in!
Spot-on Kirsten! Thanks a bunch.
We are a big fan of both Charlene Li and Josh Bernoff so we are glad to see they contributed to the work.
Thanks for noting my article, Laurel.
It does seem like social media marketing can take quite a bit of your time, but the truth is if a brand just focuses on the big 3 (Twitter, Facebook and LinkedIn) it shouldn't take more than an hour or two a day.
With all three networks now synchronized you can post from one and your updates will be added to all three. Your goal is to add the right friends, engage with them in relevant conversation, and collaborate.
Assuming you are building relationships with the influencers in your niche, the time factor to build your own authority/influence will be shortened. If a brand does nothing else in social media, they should take the time to set up Google alerts with their company name and keywords to monitor what is being said about them in the Twitterverse.
You are quite welcome Coree and I totally agree with you. Thanks for commenting and for your readership.
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