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Chris Jones to Chris's feed, Social Media Club, Social Media, Social Media Enthusiasts, Social Media Marketing, Social Media ROI, The Bloggers Discussions
How a 40,000+ Employee Company Trains its Employees on Social Media - http://mashable.com/2009...
Nicola Codipietro, Lucas and Cagan Caglar liked this
Chris Jones to Chris's feed, Social Media Club, Social Media, Social Media Enthusiasts, The Bloggers Discussions, Tech Bloggers, Social Media ROI
Video Marketing Done Right - http://www.impossibledreamsmedia.com/2009...
Chris Jones to Chris's feed, Social Media Club, Social Media, Social Media Enthusiasts, Social Media Marketing, Social Media ROI, The Bloggers Discussions
Why Miley Cyrus Deleting Her Twitter Account Is A Teachable Moment - http://www.impossibledreamsmedia.com/2009...
Shea liked this
I can understand M.C. Twitter, email and friendfeed and facebook can be overwhelming.
- TrafficBug
Q:1 - Is ROI always money? Or can ROI be measured in non-monetary value items????
look - events are measured in attendees, lead cards filled out (sometimes), PR is measured in sentiment and positive to negative mentions, etc., direct marketing is measured in leads or sales - yes, it can be measured in non-monetary values... thats the definition of RETURN - but that should be defined upfront, in advance, before the program starts - a client that doesnt have measurements for success (anything) should be working on her/his resume or getting a book from the library
- Sean Bohan
Are these things not measurable. I think it's falling short when you call a trip to an event a success because you got 100 new leads. Did these leads convert into sales? if they dont convert to sales then your goign to keep paying high attendance and vendor fees for people to fill out information cards.
- Keith Burtis
Ooops, put my comments under Jacob's post. Investment is more than money. Our time is limited too.
- Kneale Mann
depending on the event & what you are selling, 100 leads could be all you need for the year. Some events are ONLY about lead-gen, and are scored and tracked through the "funnel". If there isn't measurement in place its a boondoggle. ROI can be measured in non-monetary terms if that is the context of the person calling the shots - Return On Investment - what do you get (leads, sales, press mentions, positive youtube vids, "engagements", registrations, etc.) for what you spent ($$$, attention, effort, etc.)
- Sean Bohan
This is a great discussion, and one I'm particularly interested in so thanks for starting this room Keith. I don't know that ROI necessarily has to be about the bottom line numbers, but I think that has to be a component of the equation. Like Olivier and I briefly discussed at SoFresh, ROI as all those other things is okay as long as it eventually tackles conversion and $$$.
- Ryan Stephens
a lot of our members talk about ROI in terms of "outcomes." their communities justify their existence because they're supporting outcomes the company is interested in. outcomes don't always need to be tied to hard $$.
- Jim Storer
ROI has always "traditionally" been about the bottom line. It's tough to let go of that mentality. However, with social media and the building of social capital among individuals, I think new ROI standards are going to have to be established and addressed per organization. Companies are going to have to get over themselves and think again about...
in my opinion ROI cannot be re-defined. The social spaces include, hits, traffic, mentions, RT's and all. This is not ROI. However, these things can be used as Key performance indicators. Re-tweets lead to traffic, traffic converts on opportunity or sales.
- Keith Burtis
Agreed KPIs are a terrific way to explain it.
- Anna Barcelos
Amy Martin discusses some of the KPIs she measures in depth in a youtube video here --> http://www.sportsnetworker.com/2009... -- What can we take away from that potentially adds to this discussion?
- Ryan Stephens
I'm not really sure what I'm taking from that. It seems to be missing the mark on conversions. Conversions are not hits and traffic but they are the results of hits and traffic. Hits and traffic are a social KPI. The social sphere needs to take one more giant step to close the loop..it's not enough to say that we got this many hits, diggs, retweets etc... None of it means a thing unless...
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- Keith Burtis
I agree re: return on influence, impact, emotion, etc. are really overrated without bottom line #'s. I don't think we should discredit their ability to positively enhance the brand, but then like you said, we still have to close the loop and understand how that translates to the bottom line. You bring up a good point that I suspect is a limitation for many. If you use Olivier's approach...
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- Ryan Stephens
there are other ways around financials. You can create landing pages and track the number of sales based on the click of a button, you can track coupons printed and scanned at a store. We need to be creative and make sure that our customers know that we don't play games. This isn't about facebook, twitter, or any other tool. It's about business. The toolsets will change, evolve and get...
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- Keith Burtis
Hey guys/gals try to use the comment feature... this will keep the related searches in a easy to read thread. Thanks :)
Keith thanks for establishing this! OMG...there is still so much work to standardize SM ROI. I'm telling you, and @bethharte and I chuckled over this earlier today using one of our favorite quotes from the Cluetrain Maifesto re: some companies "The clue train stopped there four times a day for ten years and they never took delivery." I would rather talk about these challenges together than just spew our separate siloed opinions. Finally, thanks for coming over to FF! Nice change of "scenery" fr/Twitter.
- Anna Barcelos
I've been curious about SoMe and ROI. It's been one of the first things out of the clients mouth, and really, even my boss. Anyway, thanks for the IMPACT angle, I think it works. Send your nay sayers over to this link. It's almost like a twitter urban legend http://www.mpdailyfix.com/2009...
Check out Olivier Blanchards site! http://thebrandbuilder.wordpress.com/
- Keith Burtis
I believe that if there is no $ involved then we shouldn't be calling it ROI to begin with, call it impact.
Impact. Engagment. Deployment. Anecdotal Research. We need to redefine the word "investment. Our time is not free. Return on Investment of our time, money, energy, gray matter etc.
- Kneale Mann
Hi everyone! Hey Keith, I saw your blog on this new FriendFeed Group and I was hooked to join. I look forward to serious discussion, the sharing of ideas and always some fun. Cheers! km
I agree with Keith on this. Companies hold events for a reason, to get leads that hopefully turn into clients. There is also a bit of misunderstanding in semantics when talking about ROI. At it's very core you can define ROI as money in vs money out. That's just the definition of ROI. Some people say your return depends on the "I."
The definition of ROI in and of itself implies that you put a certain amount of money in and you get a certain amount of money out. That being said I believe ROI should not only bring in $ but strengthen the brand, not one or the other, but both.
totally agree
- Sean Bohan
Jacob, I agree but I think the non-monetary rewards are actually part of the overall investment. It is falling short when you don't tie the good will and brand image back to actual dollars. Social media has given us the power to track all sorts of non-monetary metrics. The key is in taking it one step further and tying those metric values back to what is happening in sales and return in $$$. Maybe Olivier will weigh in.
- Keith Burtis
Where we discuss the always interesting and often taboo topic of ROI in Social Media!
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