“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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Tags: hashtag socialmedia, keith burtis, ROI, social media, social media marketing, social networks
[...] READ FULL POST HERE The Session will be addressing these three questions to give it some format: [...]
What exactly does the acronym ROI stand for? If you would have at least defined the acronym an intelligent layman would be able to understand and constructively contribute to the conversation. As it is It’s to hard to follow and I feel like I am beeing left out of the loop. I don’t think that defining an acronym is that big of a deal. If you think defining concepts and verbage is beneath you then my friend you have bigger problems with the apparent self analysis of the size of your head! One is never to big for their own britches! If you are, then well you kind of end up looking pretty ridiculous.
Ross, I apologize for the delay first in responding and second for the slip in not defining the acronym we use. When we use acronyms they often become like regular words and it is good to be reminded to speak real words not jargon. the term ROI stands for Return on Investment referring to the dollars spent on social media activity need to have some tangible result like and increase in sales or decrease in costs for the effort.
I was on vacation for a couple of weeks and not monitoring very closely. If you have any more questions feel free to reach out either here on the blog or on twitter @jasonbreed. Out efforts here are designed to provide a resource for people looking to better understand and apply social media for business and we appreciate your feedback!