Posted by Brad J. Ward | Posted in Analytics, Higher Education, Marketing, Recruitment, Social Media, Thoughts | Posted on 10-29-2008
I just read a great post by Jason Falls on the ROI of Social Media [Link]. It’s a must-read for anyone dealing with social media and sums some things that have been going through my head when trying to quantify the value/return on social media efforts. Here are a few quotes that stand out to me from the article if you don’t have time to read the whole thing:
“The problem with trying to determine ROI for social media is you are trying to put numeric quantities around human interactions and conversations, which are not quantifiable. To illustrate that point for all our measurement and metric geeks out there, what you are trying to do is assign multiple choice scoring to an essay question. It’s not possible.”
“’Ultimately, the key question to ask when measuring engagement is, ‘Are we getting what we want out of the conversation?’ And, as stubborn as it sounds Mr. CEO, you don’t get money out of a conversation.”
“Avinash Kaushik says much of the same in his discussions on web analytics. This isn’t an end-around the need for ROI, it’s the answer. Or at least a big part of the answer.”
“If your goal is to participate in the conversation, to enhance your relationship with your audiences and become a trusted member of the community that surrounds your brand, then your measures should prove you’ve done those things. Your ROI is what you got out of the conversation, not what you got out of their checkbook.”
Well said, Jason. It’s exciting to be in a time when we are formulating all of this and are able to read and share thoughts and ideas with the leaders in the industry. Check out the post and comments and tell me what you think.
*update*: I DO think that it is important to track and find some sort of measure on social media efforts. I just think it’s still too unclear on what the specific measurements are. It’s almost as if I’m comparing apples to oranges when I look at different measurements for different campaigns/strategies on different platforms… if that makes sense.