I am often asked can you really quantify the Social Media ROI? My answer is always “yes, of course you can.” We will look at three different ways to quantify the Social Media ROI.
Update (4/23/10) – we added Consumer Insights as a return channel to the Twitter campaign return and ROI calculator. Consumer Insights are invaluable to a company’s products strategies and thus a heavy value is placed on consumer insights. Using non-social media technologies, a company would use expensive focus groups to gather insight.
Today (April 13, 2010), Adweek came out with article describing how Vitrue determined the value of a Facebook fan. That got me thinking. First of all, the measurement “$$/fan” is misleading. The measurement should state “$$/fan/year” or month or some time period. Otherwise, it simply doesn’t make sense.
A few days ago, while discussing the Social Media ROI with a client, I realized that we were talking about two different things. It got me thinking – there are many different ways of defining the Social Media ROI. Some definitions have already been made Social Media Part 4 and Social Media Part 5. In … Continue reading Social Media ROI – three types of Social Media Return
Clients come to us asking “how do we explain the value of Social Media to our clients and upper management?” The short answer is: show them the numbers… measured in dollars and cents. Using returns measured in dollars, you can prove that you bring in real quantifiable value to the company. This is extremely powerful.
The Social Media ROI discussion has gone through a number of growing pains in the last year. I have spent a fair amount of time discussing the SM ROI evolution and I have come to the point where I think there are three steps that will move the SM ROI to the importance it deserves.
Ok, so it has been a while since last blog posting – 8 months to be exact. Ouch! During this time a few things have changed in the Social Media ROI world. The most important thing – and the very best – is that the discussion whether we “should or should not measure Social Media … Continue reading Social Media ROI – Part 4