October 22, 2012 by Christian Schappel
Posted in: In this week's e-newsletter - Sales & Marketing, Industry Spotlight - Sales & Marketing, Latest News & Views - Sales & Marketing, online marketing
There’s no doubt that social media ROI is hard to track. But it becomes much easier to calculate for companies that don’t believe these common lies:
- Social media is free. Wrong. Social media requires perhaps our most valuable asset: time – and a lot of it. That’s not meant to scare you off. We just want to drive home that it does require an investment to succeed.
- ROI is all about sales. There are other profit-boosting benefits to social media marketing, like lowering the cost per lead or improving customer service.
- Each fan is worth $X.XX. Unfortunately calculating ROI isn’t as simple as saying each fan is worth a set dollar value.
- Social media ROI doesn’t matter. Just because it’s hard to measure doesn’t mean it’s OK to stop trying to find it. Even if you can’t establish hard figures, the act alone of pursuing ROI motivates you to test, refine and retest to find improvements.