Comments on: The ROI of Social Media: Where’s the Money?

By: Scott Scanlon

Scott Scanlon — Wed, 03 Feb 2010 23:01:48 +0000

Sounds interesting. ROI and social media will start to mature fast. I’m starting to see a few tools that takes the approach you mentioned above. It’s still in the realm of you know it when it works. I enjoyed reading your overview of your conversations.

By: Luke Brynley-Jones

Luke Brynley-Jones — Wed, 03 Feb 2010 16:42:26 +0000

Thanks Todd. I agree wholeheartedly. Equally, though, I was pleased Robin Grant made the warning he did about drinking social media “cool aid”. Social media can be an internally disruptive medium, especially for established businesses. It’s one that needs to be approached with enthusiasm, but also a level head.

By: Todd Chaffee

Todd Chaffee — Wed, 03 Feb 2010 09:25:03 +0000

Luke, I enjoyed hearing you speak last night and your comments during the discussion were well thought out. I think ROI is easier than people make it out to be. If you look at SM as a broadcast channel you can measure it just like you would TV, radio, billboards, etc. As a listening and conversational channel I think the smart companies aren’t even looking at ROI. What is the value of being able to build stronger relationships with customers? How do we measure the value of relationships in our personal lives? We don’t. This is a historical opportunity to listen to and have conversations with millions of customers. Corps have had decades of speaking (broadcast) power with very little opportunity for customers to respond. Consumers now have that opportunity and there is no going back. Strategic not tactical and the ROI on “winning the war, i.e. staying in business” is not really calculable, is it? Compare it to asking the ROI question on “letting customers contact us via email” 15 years ago. For strategic moves the ROI question goes away quickly. In a year, no one will be talking about SM ROI, they will all be trying to catch up to the leaders that had the strategic vision to implement early.