Worrying About the ROI of Social Media? Dont!

Since the start of 2010, I’ve been recieving a lot of requests to meet with different business owners and consultants to review how thinkspace uses social media to generate business. It seems that companies are finally starting to grasp the fact that Social Media in the business world is here to stay and they are now frantic to figure out how these new platforms work.

Social Media ROI:

Whether a quick chat through email or an hour long meeting, one question always seems to come up during these conversations; How do you measure the ROI of Social Media? I’m here to tell you that this should not even be a question, let alone the most important one. That might sound a bit absurd, but don’t stop reading yet!

At Social Media Breakfast Seattle on January 19th of this year, Sean O’Driscoll of Ant’s Eye View put this in terms that could resonate with anyone. One of the key points in his presentation and one that really stood out to me were the questions he had for the audience. “Have you ever asked what the ROI is on the desk phones that you provide for your employees? What about your cell phone? Ever wondered what the ROI is on that?” Sean’s guess (and mine as well) is that you haven’t ever asked those questions, because you realize that you need phones to communicate with your customers; it’s the exact same way with Social Media! Your clients are out there trying to communicate with you, so you need to set up your profiles on those sites so that you are able to communicate back. Right now they are there and possibly ready to buy from you, but if you are’t there to answer their questions or foster relationships with them, expect them to go to your competitor. If they can’t find your phone number (i.e. your twitter account), they aren’t going to call you. Is this all making sense?

The Next Step:

I’m sure you’ve heard the case for Social Media multiple times now. I think you know that its time to just take the leap and make the next step! Sometimes that can seem a bit overwhelming, especially because of how many Social Media sites their are that your company should eventually be present on. However, you can start with baby steps to get yourself where you need to be.

1. You can hear Sean O’Driscoll  of Ant’s Eye View present his very relevant and ingenious ideas on Social Media at thinkspace on June 2nd from 12-1pm. If you’d like to attend, we’d love to have you and it’s a free event! Just email events (at) thinkspace (dot) com to RSVP!

2. Read up on these things and how to create relationships with your clients through Social Media. The way people do business has shifted; a large part of it is now about relationships and you can build those relationships online. Mashable is a great site to refer to if you want to keep up on the latest happenings in this arena.

3. Find someone who can help you get started on creating your Social Media accounts. You really don’t want to soil your name by beginning incorrectly, so be sure to start out on the right foot. Get an idea of what you should be tweeting, posting and digging by speaking with someone who has experience in the field. I’m always open to helping out and can get you going on the right path with Social Media! You can contact me at alyssa (at) thinkspace (dot) com or find me on Twitter.

Hope this helped convince you of the intense need for your business to embrace Social Media and this new way of communication. Social Media will directly affect your bottom line, but you’ve just got to get the “phone” that they are going to “call.”

8 replies
  1. Alyssa Magnotti
    Alyssa Magnotti says:

    Thanks, Kim! I'm glad you liked it! You should definitely come out to our event on June 2nd if you liked this because Sean is an amazing speaker and has a basketful of amazing insights into Social Media! :]

    Reply
  2. Ari Herzog
    Ari Herzog says:

    …thought to be fair, if there's no ROI then why write blog posts and keep commenting open so folks like me can stumble upon your blog (via clicking your name on your comment on Shannon Paul's blog, I'll add) and click into posts like this and add comments? Surely, there's some return on seeing my eyeball and now my comment here, no? ;)

    Reply
  3. Alyssa Magnotti
    Alyssa Magnotti says:

    Thanks for your comment, Ari! Like I quoted Sean as saying, Social Media is like a phone… There is a definite return when you use your phone to communicate with clients, just like there is a return when you communicate with clients online, its just not measurable and you shouldn't be taking the time to try and calculate it. “What is the ROI on Social Media?” is simply not a valid question. (Neither is “what's the ROI on my business having a phone number?”) That help?

    Reply

Trackbacks & Pingbacks

  1. […] can read the whole article about Social Media ROI here. Also know that you can always contact Thrive and we can get you started on the right foot! Also […]

  2. […] Community Manager of ThinkSpace, cites and further analyzes these points in her illuminating post, Worrying About the ROI of Social Media? Don’t! Sean’s guess (and mine as well) is that you haven’t ever asked those questions, because you […]

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