Finding Social Media ROI is like the “Big O” (read, Orgasm), everybody wants to reach it. Some say “Got It”, but it remains an enigma to them, which will always be Elusive for everyone.
Elusive ….Why?
In this context, we can recall what Avinash Kaushik, Analytics Evangelist, Google, said about Social Media: “Social media is like teen sex. Everybody wants to do it. Nobody knows how. When it’s finally done there is surprise it’s not better.” However, social media has evolved since then. WITS ZEN also tried to simplify social media. Marketers, Brand owners, Corporations, SMEs and people in general have realized the importance of social media.
The very concept of Social Media is about:
- Creating/generating Awareness about products and services, and more importantly, about a “Cause”, social or business, whatever;
- Engagement of the customers, end users and community, at large;
- Listening to the conversations going on in and among communities, and
- Causing “Action and Reaction” based on opinion, feedback and collaboration happened.
And, the Value generated with this social trend is beyond measuring metrics. This Social Trend is defined by Charlene Li and Josh Bernoff as “Groundswell” , “ A social trend in which people use technologies to get the things they need from each other, rather than from traditional institutions like corporations.” So, social media provides the technological platform for Groundswell.
Social media is just a technology enabler, not an end in itself, and the end is to reach out to people, create a Relationship, a Social Relationship.
Social media ROI sounds interesting to brand and business owners, marketers. But, social media is much more than just the direct gains from your investment. A lot of marketers and social media strategist are working towards getting a satisfactory method of calculating social media ROI. So, sooner or later, how much revenue will be generated with so much investment made to social media can be and will be measured. But, how can you monetize the Value created with Social media?
Grappling with problems of calculating Social Media ROI, and finding value propositions attached with Social Media, WITS ZEN has pulled together stimulating slide decks and insightful write ups to resolve conundrum surrounding social media ROI:
Stimulating Slide Decks:
How Corporations Should Prioritize Social Business Budgets
How Mature is Your Company? Social Business Maturity quiz
The Greatest Question Since the Meaning of Life: What is the ROI of Social Media
Olivier Blanchard Basics Of Social Media Roi
Buzz 2010 presentation
Social Media ROI
The True Value of Social Media
Increasing Social Media ROI Using Gladwell’s Tipping Point Framework
Insightful Articles:
The Social Media ROI Conundrum
Social Media ROI for Idiots
ROI: How to Measure Return on Investment in Social Media
The ROI Of Social Media Marketing: More Than Dollars And Cents
Framework: The Social Media ROI Pyramid
How to Measure Social Media Return on Investment for the Complex Sale
15 Ways to Measure Return on Engagement (ROE) of Social Media
Social Media Metrics Superlist: Measurement, ROI, & Key Statistics Resources
WITS ZEN will regularly update the list. However, if you can add to the list, please let us know.
