Apr
19
2010
What is your ROI with Social Media?
Author: Stuart R. CrawfordThere is lots of discussion in various small business communities throughout the world around the topic of Return On Investment (ROI) with Social Media? As an owner of a successful small business IT firm and now a partner with Ulistic, understanding ROI is not only important but essential for success in your business operations. What is the ROI on a piece of software? What is the ROI on that lunch with a prospect? What is the ROI on hiring your first employee? But there is more!
Personally, I think simply focusing on ROI is very shortsighted. I understand how important it is that your business is profitable and sees a return on the investments made however I think the deeper question is “what is the return on opportunity” or “How can my business capitalize on the opportunities out there”? For me this is much deeper and really hits the core of why we do what we do. I believe this is what makes our team at Ulistic different, we have and continue to run profitable and a successful business. We know what it takes to be profitable, where to reach your markets and a unique approach to looking at the entire picture and the impact on your business. Then we share this information with our consulting clients.
How does this tie into Social Media?
What is the ROO with your marketing efforts?
What is the ROO in having the talented staff member fielding support calls?
What is the ROO of being present in the online communities?
You have to understand the opportunity and what potentials exist in your target market. I speak about casting your net and the importance of knowing where to fish for maximize effectiveness plus have nets out there which catch less fish (The Long Tail). But you also need to know when the fish are hungry. (Thanks Bob Burg).
During our Calgary Social Media Workshops which Ulistic holds every couple of months for business owners, we focus on the importance of looking at the potential opportunities associated with simply being present online. I remember how T. Harv Eker would open his Millionaire Mind intensive with every single time “80% of success is just showing up”. This goes for your online marketing and social media activities as well. You need to show up, that is the first step but of course it is not the last step. You need to have a presence, now there are tricks so it doesn’t consume all your time.
What opportunities are you missing by not having a presence on the mainstream social media services? I shared recently online with you about how Google is now archiving tweets on Twitter. Twitter, Facebook Pages, Digg, LinkedIn and many others are importance networks to participate in and do you play in these sandboxes? David and I cover the importance of search and your social circle during our Calgary SEO courses and plus the importance of having effective online strategies in our Calgary social media courses.
What is the ROO for your online fishing (marketing)? To me, it is so much more than talking about Facebook, Twitter and other online services.