How to Measure the ROI of Social Media

18 11 2008

One question that is constantly asked by organizations who are considering venturing into new media is concerning what the ROI for their efforts will be.  Typically they want to turn to this traditional measuring tool to judge whether or not it is worth their time and investment to get involved.  If you are someone who is the social media ninja for your company or consults for companies on social media, then I’m sure you’ve faced this question before.  As Jason Falls explains in a similar post on the ROI of social media:

“The problem with trying to determine the ROI for social media is you are trying to put numeric quantities around human interactions and conversations, which are not quantifiable.”

Just like everyone else, I face this question constantly, especially from my efforts in social media with my Argentinean steakhouse and food blog.  I thought Jason’s quote above nailed everything that I had been thinking because I don’t try to measure the specific ROI on my efforts.  But, it is a lot different when you’re the owner versus when you need to explain it to a prospective client, investor, business associate or anyone else for that matter who is outside of the social media circle.

Last week I had the opportunity to attend Social Media Jungle (full video stream here) which was organized and hosted by Jeff Pulver.  During the conference, one of the speakers was Ben Grossman who spoke on just this very topic.  I really like how Ben addressed the question of ROI for social media by discussing using ROBI (Return on Brand Investment) and ROCI (Return on Customer Investment) as measurements instead of the traditional ROI.

If you have 20 minutes to spare, I highly recommend viewing this video of Ben’s presentation.

[blip.tv ?posts_id=1478625&dest=-1]

So, what are your thoughts?  What do you tell your clients, friends, family or business associates when they ask you what the ROI for all of “playing around” on social media is?

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Being Better Than Zero and Appreciating It

12 11 2008

One of the things I really enjoy doing is to dig through blog archives and read older content. Why? Because most of the time it is still relevant today. Also, it allows you to see the progression of a blog and the person or people behind that blog.

Tonight I decided to dig through the archives of Gary Vaynerchuk because all of his video blogs are entertaining, informative and motivating. I came across a video where Gary states that “everything is better than zero”. Part of Gary’s point was that you should take everything you can get and be appreciative of it – whether it’s 1 subscriber or 1,000; whether it’s 1 advertiser with a $10 spot or 25 advertisers each with $1,000 spots….whatever it is and no matter the quantity of it, the point is to appreciate it all!

When I first started blogging I wasn’t sure where it would take me but so far it continues to lead to nothing but good things. One of the most important things that blogging and social media has provided me is a group of awesome people who I get to interact with on a daily basis.

So, as I prepare this post in the wee hours of the night since I’ll be attending 3 social media events and hosting a wine dinner in the next 36hrs, I wanted to say thank you to all of you who read this blog and find what I have to say interesting.  You continue to motivate me every day!  It is very humbling to receive comments, emails, pings on various social networks and talking with people in person who tell me that they enjoy reading the blog or what I talk about on Twitter or any of the other networks that I’m active in.  I look forward to continuing to grow this blog and hope that you stick around for the ride!

Thank you, you are all awesome! 🙂

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Solutions Stars Video Conference Brings the Conference Directly to You

27 10 2008

On October 29th from 1p EST to approximately 3:30p EST, you will have the opportunity to watch 32 leading business, marketing, and social media experts.  The best part is you don’t have to travel anywhere and it’s free!

Network Solutions is hosting the Solutions Stars Video Conference to explain to small business and entrepreneurs how the Internet can benefit their businesses.  This conference will focus on nine content areas:

  • Building Web Presence
  • The Social Opportunity
  • Start with Listening
  • Strategy Drives Outreach
  • You Need Social Networks
  • To Blog or Not to Blog
  • Visibility Through Search
  • Rising Above the Noise
  • Time Demands

While the fact that there is a free conference which you can watch from the comfort of your office chair or couch is cool enough, take a look at a short list of some of the presenters:

If you don’t know who any of these guys are then spend some time going through each of the above links.  Every single person on the list of 32 is someone who you should be familiar with!

What makes this so interesting for me is that the format reminds me of the Pixelated Conference Series that I participated in at the beginning of the month, thanks to Chris Brogan, Mitch Joel and Bryan Eisenberg.  I will definitely be tuning in on Wednesday, will you?  If not then you’ll be missing out a great opportunity to learn a lot about business, marketing and social media in just a couple of hours.  Did I forget to mention that it’s FREE?!?!

To attend all you have to do is return to the Solutions Stars Video Conference site at 1p EST on Wednesday.

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Finally back!

1 10 2008

Yes, yes I’m back and still alive! Unfortunately I had a business emergency that meant I had to leave BlogWorld Expo early and fly to the Philippines.  After a week of 20+hr days, the issue is basically resolved and so I flew back yesterday.  Unfortunately while I was there I didn’t have time to do much of anything else except the occasional call home.  But, now that I’m back it’s time to get on track again.

Today I wanted to bring you a video which was released while I was in Manila from my friends over at HubSpot.  It’s a funny video on inbound marketing vs. outbound marketing.

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Tips from an Internet Marketing Expert

22 08 2008

Earlier this week I had the chance to sit down with Mike Volpe, Vice President of Marketing at HubSpot.  We talked about the differences between inbound and outbound marketing strategies as well as the importance of using internet PR and social media.

Mike will be a part of a top-notch group of presenters at the upcoming Inbound Marketing Summit on September 8th in Cambridge, MA.  As of the last time I checked in with Mike, there were only about 20 tickets left so get over to their site and sign-up.  Let me know if you’re going to be attending as I’ll be there as well.

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Crafting an Inbound Marketing Strategy

28 07 2008

The HubSpot team just posted a video of a presentation that they recently gave.  The topic of discussion was about developing an inbound marketing strategy that incorporates SEO, blogging and social media to drive results.  They did an excellent job describing the synergy that is formed when you utilize all 3 in your marketing strategy.  Best of all is that their suggestions are completely free and just takes an investment of your time.  Granted, you could get into PPC campaigns, purchasing of themes for your blog, etc but at the basic level, which will produce great results, this strategy is free and ready to be implemented.

The video is about 40 minutes long.  If you don’t have time to view the video right now, at least take a look through the slides which are available for download at SlideShare.


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