Maximising ROI from social media

Maximising ROI from social media

You know the story … Digital channels have grown up. Push has become pull. Consumers are truly empowered and they are becoming increasingly turned off by one way dialogue. The social web presents a fundamental and revolutionary change. What customers are saying online helps shape your brand …

But how does it all stack up in ROI terms? This was the topic of a roundtable discussion I facilitated for the International Business Development Group in October. Attended by organisations as diverse as 3M, Barclays, BBC, Cisco Systems, Sea France, Woodland Trust and The Caravan Club we kicked off by discussing some of the key challenges we all faced in 2010.

Everyone is talking about social media. It still amazes me just how much twitter has engulfed our digital marketing conversations during 2009. Don’t get me wrong, I am a fully signed up member of the fundamental and revolutionary change I mentioned earlier but like every Digital Marketing Manager I need to be concerned about return for the business – return on every bit of effort we make. The starting point has to be figuring out the ‘what’ and ‘why’ – our objectives. Closely following that we need to figure out how we are going to measure it all. I am not going to repeat stuff for which others have already presented a good discussion so here are three good econsultancy blogs I checked out while doing my homework for this session;

10 badass social media visualisations

Social media ROI? Is it worth waiting for?

10 superb social media presentations

I’ll cut to the chase – my travelling home on the train thoughts. We know social media is really important. We know the role it takes where driving brand equity online is concerned. We know the role it might take in driving response and sales. Hey, with a bit of planning and the right tools we can even measure it. But, beware the opportunity cost. Don’t let the social media monster eclipse everything else you need to be doing. The list is long and unless you are very lucky your resources are finite. So, be clear on what your specific digital marketing priorities are and remain focussed on them. Do social media but do it at the right time and in the right way for your organisation within the context of the specific challenges you face.

If you still need to be convinced on the potential impact of the social web check this out;

Like the Fat Boy Slim soundtrack too – reminds me of the old days!