With social media all the rage, how does it fit into a fixed marketing budget based on ROI and measurement? What are a whole bunch of tweets worth? Beth Harte has an interesting post on MarketingProfs.
Want to Figure Out Your Social Media ROI? Consider a Plan.
"It’s all the buzz these days, what is the ROI of social media? What’s the return? How much money can I make off this social media stuff? What’s the investment? How much time and money is this going to take? You’ve heard it all, right? We know conversation with our customers is the right thing to do. But how can we justify utilizing social media even on the most basic of levels?"Remember when dotcoms were new and investors and entrepreneurs tried to convince the world that the old metrics didn't apply any more? Well, turns out that the metrics hadn't really changed that much. If you don't have sales, you can't have profits. And without profits, you can't stay in business indefinitely."
So even though social media is new (and many of the companies haven't figured out how to make money for themselves) I am guessing the old metrics still apply and we need to figure out how to track the success of social media within our larger marketing mix.
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