Is measuring ROI in Social Networking possible or should it be ROR?
Many times I am asked “What is the ROI of Social Networking?”
The answer is often unclear, ask any Social Media person. It is unclear because many of the Returns you receive cannot be measured in terms of dollars, or numbers.
As I tell many of my clients, the possibilities are endless with regard to Social Networking. The benefits may be new customers, better customer service, new suppliers, media exposure, new friendships, new business deals, knowledge on product &/or websites, and so much more! You learn more so much from open and honest dialogue with, essentially, the world! The audience is the largest you’ll ever encounter.
As I have been attending functions and reading articles online, I have been listening and brainstorming on the other possible terms that could and should be used with regard to Social Networking, and the “Returns” we receive. What’s your favorite?
ROR – Return on Relationship
ROE – Return on Engagement
ROL – Return on Loyalty
ROK – Return on Knowledge
This Post Has 3 Comments
I’d have to vote for “ROE” – Return on Engagement!
Social networking is all about building relationships and that, to me, means “engaging” with people on all kinds of levels.
Melanie
I agree ROE…my favorite part of Twitter and FB is receiving and sharing (re-tweeting)real time testimonials from my customers. To me, that’s the best part of my small biz-connecting with my customers. I especially love it when they send pics!
I vote for Return on Engagement!
For measurement, I feel that if you start with a strategy for your social media efforts that has specific & measurable goals, it is possible to measure the results. It’s critical to take snapshot of where you are before you begin so you have something to compare the new data to as well.