“ROI” is an acronym that draws huge emotion in the social media space! Some say it’s a necessity, some say it’s impossible to measure, while others are indifferent and would rather just ignore it. This coming Tuesday during our Hashtag SocialMedia Chat we will be exploring the illusive ROI along with the use of social media. I am far from an expert, but I have some thoughts and insights that just might help you next time your VP of Finance asks you, “What are you doing on that Twitter Thing?
Before we start the chat, I would like to observe some of the more important findings that I have made over my time working professionally and playing in this space:
A. Never approach your network or the individuals in your network with a selfish one sided agenda!
-This is especially true if you are trying to build a network or community online. You won’t have to worry about measuring ROI if you’re bringing the old “shout about” model to your social media presence.
B. Set clear goals and objectives
- Figure out exactly what measurements are important to you and what they are worth. An example might be Hours spent engaging online vs. leads produced. In all of this remember rule #1. Be of massive value to your network and they will extol your virtues to the holders of the checkbooks
C. Create Reporting Channels
- Have ways to track and generate reportable results. if you spend 5 hours on twitter this week, calculate the number of quality connections and the leads that are generated through your presence. After you have quantified your leads you can figure out how many convert and connect that back to the bottom line. Tools like Salesforce.com can be beneficial for this type of interactive tracking.
Enter The Hashtag Social Media Chat
I am honored that I was asked to moderate this chat and I hope everyone comes away a little smarter in the understanding of how we can leverage social media in your company or business. I was asked to come up with three questions that we will address during this chat and they are:
1. Are you setting up benchmarks and tracking systems in your use of social media? How are you proving your worth?
2. What types of things are you measuring in social media and how do they add overall value to the organization?
3. There is no “R” without the “I” what types of investments are you making in the social media space?
I am looking forward to the discussion and hope you will attend!
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