Social Media and ROI
Lets talk about Social Media, Cyber-Economics and ROI (Return on Investment), the fact that this issue is at all topical and being discussed across the business community indicates that, corporations and companies are now fully committed to investing in large scale to social media marketing, because their thinking about the long haul. There thinking about when, not if, they’ll be getting their money back.
Firstly, if the organization that your working for, doesn’t have any dedicated staff to manage social media exposure, I suggest you get up right now walk into the CEO’s office and suggest you will set up the department, and it won’t cost them a cent more than they’re spending on you right now. If they don’t step out and create a consultancy that they can contact when their ready.
Social media networks are going to replace the old “convention” concept in a very short time, why do companies send management and staff to conventions, events, and lunches etc, to build real relationships. Nothing could ever replace face to face relationship building. Nothing until Social Media! For a social media to be even more productive and powerful than the bonds created in physically meeting it’s got to have an edge, that transcends the normal way we see the world. So what is the edge that social media has? What is making it so irresistible to consumers and advertisers a like? In one word, the Analytics.
Social media is reshaping and redefining the global cyber society into clearly labeled keyword groups and phrases, with the ability to target right down to hourly sentiment. Social media is showing us the real time mood of the population. You can gauge the public’s excitement about an idea, in real time. You can adjust campaigns, on the run. It’s a very flexible environment, with incredible statistical data. Which makes it quite scary to some, because it can’t be wholly quantified, but that’s OK we have to learn to manage it, not control it.
Social media relationships “aren’t determined by what you do or if your customers care or not. And they’re not about ROI. Sometimes in relationships, you get nothing back. Google built a relationship with us, (they listened to exactly what we wanted and gave it to us). We adopted it as the missing link, now we couldn’t live with out it and I don’t care what Microsoft thinks. But real relationships actually make a difference to ROI and customer care.
Even though R.O.I. is a term most closely associated with big companies and big corporations one of those terms that gets jargonized by the top end of town. However understanding and recognizing the need for R.O.I. has a vital part to play in the small business or for the lone entrepreneur. Your time is the most valuable thing you own, and the time you invest into growing your lists, your friends, followers and connections, is real money, real investment your putting into you business. So when it comes to social media investment, perhaps R.O.I should stand for something else, perhaps: “Return On Intention” would be a better way to look at it