Social media can be a powerful tool for communicating with your customers and reaching new prospects. A survey by Mashable found that 84 percent of social media programs don’t measure return on investment (ROI). It also found that many individuals and businesses don’t know how to measure the ROI of their social media strategies and campaigns.
Social Media ROI: The Conversation
I was fortunate to be included in a panel discussion on the subject of ROI. The event was produced by the Sacramento Chapter of the Social Media Club with the intention of covering the topics:
- Best practices in social media measurement
- How to calculate ROI with social media campaigns
- When social media should be a part of a comprehensive communication strategy
Innovative marketing pro, Gordon Fowler, President & CEO, 3Fold Communications (@Gordon3Fold) and Josh Hilliker, Director of Social Media, Intel-GE Care Innovations (@JoshProStar) were co-panelists. Josh is the Director of Social Media at Care Innovations, an Intel-GE Company. He is responsible for the company’s Social Media strategy, online communities and product evangelism. Gordon is CEO of one of the few growing interactive marketing and public relations firms in Sacramento. He is a thought leader in brand strategy and generational marketing.
With well over a hundred attendees the conversation de-railed a bit into tools and tactics. It proved to be somewhat of a frustrating experience for some, considering the need for strategic thinking. The audience did get what they wanted. I’m just not sure it’s the information that was (is) really needed. There were plenty of salient points covered and I encourage you to view the Social Media ROI panel discussion in its entirety here.
Hopefully, we see these events as only the beginning of the dialogue. Continuing the conversation is the first step toward collaboration, real results and real answers. I’ve curated some resources and will provide some perspective with the hope that it will be discussed and augmented by those of you that want to know where and how you should be spending your time online in social media.
You can view see the conversation on twitter from the event by searching #smcsac on Twitter.
Much of our thinking applies first to larger companies. The notes I prepared for the panel discussion apply to any size organization, as the membership of the Sacramento Social Media Club skews toward smaller businesses.