tag:blogger.com,1999:blog-7281428715366750186.post3077727386364430006..comments2023-10-01T07:57:28.204-07:00Comments on This Blog Has Moved to http://www.thestrategicguy.com/: Validation in Forrester’s Social Media Report…Well...Kind OfMarc Hausmanhttp://www.blogger.com/profile/13654354560113862550noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7281428715366750186.post-17868078093825394192010-07-29T13:56:45.898-07:002010-07-29T13:56:45.898-07:00Realizing that the ROI question has been the main ...Realizing that the ROI question has been the main one thrown out this year for social media, and we all seem to be of the same mind, here are three things to think about.<br /><br />1. Most of the time when a C level executive jumps to asking about social media ROI try asking him (or her) how they measure ROI in all of the other areas of their company or on specific non-sales positions their employees hold. You will hear stunned silence.<br /><br />If the first question you get is about ROI, it means that the questioner has a limited understanding of both social media and how they are running their business. They are unconsciously repeating the default question du jour to ask about social media because it's what everyone else is asking, not because they expect an intelligent answer.<br /><br />2. That said, it seems that models can be created to estimate how social media improves customer satisfaction, affects repeat sales, improves customer retention, stretches the reach for word of mouth marketing, and extends the lifetime value (and spend) of a customer.<br /><br />3. Lets be honest about traditional marketing ROI. After decades you still cannot determine ROI on a billboard, magazine ad, magazine article, bus board or TV commercial. You can estimate eyeballs and try to make indirect correlations to how they affect sales, but you can't concretely track how many sales each of those individual methods generate in a specific time period. It's a joke when social media marketing's effectiveness is downplayed because professional ROI tracking is not developed for it yet.<br /><br />Brett<br />@BrettGreeneBrett Greenehttp://oxsteinlabs.comnoreply@blogger.comtag:blogger.com,1999:blog-7281428715366750186.post-2405355353602033742010-07-28T13:37:32.901-07:002010-07-28T13:37:32.901-07:00Carol Meyers • The power of social media extends ...Carol Meyers • The power of social media extends beyond revenue generation. It can also be used for market feedback, customer service, and market intelligence. I am hosting a free discussion here in Boston about how social media can be used to spot new market opportunities or threats - Consider how researchers are now using Twitter to track the mood of the country. Anyone who wants to join us next week is welcome.<br />http://seethetrend.eventbrite.com/<br />Spotting Market Trends First - Using Social Media to uncover business opportunityCarol Meyershttps://www.blogger.com/profile/15401053217886445680noreply@blogger.comtag:blogger.com,1999:blog-7281428715366750186.post-77582729011407839812010-07-27T18:04:20.072-07:002010-07-27T18:04:20.072-07:00I echo strategic guy's viewpoint. CEOs and Mar...I echo strategic guy's viewpoint. CEOs and Marketers should start assigning dollar value towards social media endeavors. I 'd luv to see a balance sheet that reads ROI and SROI(social ROI)next to it in bold . SROI will detail all the retweets, fan numbers, discussions and etc. It will paint a picture of a market share which is multidimensional but worth an estimated amount reflected by the 'social' growth. I think Chris Anderson's free model might help here. But not exactly, according to him you sew the 'social seeds' by providing 'free' products or services and later reap the monetary benefits. Here, we more keen to see the estimated value of the 'social seeds' and their growth.<br /><br />There are so many business processes and practices that are intangible but seen as great for business and help sales. It's not the selling (where the money is obtanied) but the relationship built is what counts and builds a business. This 'tacit' value is not new, and admittedly these are hard to assign dollar value on but it's time you need to. <br /><br />@dt_at_workSuku Sinnappanhttp://au.linkedin.com/in/drsukunoreply@blogger.com