This is an important question that many business owners often ask; is there really ROI in my social media activities? Scott Wheeler, Marketing Science Director at Critical Mass, acknowledged last week that instead of focusing on ROI, companies should really analyze whether their corporate brand image is creating value for the company.
ROI is a flashy buzz word that many marketers and analysis’s like to use, but isn’t necessarily a good measure in evaluating social media. Neither is monitoring your following base increase in a short period of time. Rather than measuring such things as ROI, companies should really be focusing on their edge rank score, interaction with their followers, mentions from consumers, awareness of their brand and “get over the hump of trying to look at it in monetary terms,” Wheeler.
But because there are some companies that are able to measure their efforts financially, Wheeler addresses those looking at the bottom line; “clearly define business, marketing and consumer objectives.“
A good marketing objective example would be to increase the lines of communication via social media to help bolster sales inquiries in the pipeline.