This is a great slideshare presentation from Olivier Blanchard (@thebrandbuilder) on the basics of social media ROI (return on investment). Here’s the thing, joining a social network like Facebook and Twitter is free BUT…it takes an investment of time and energy. It’s opportunity cost. You forgo some other revenue producing activity to invest your time and energy in this tools in the hopes of netting some type of result. In a post earlier today, Amber Cadabra reminds us that “in a business context, social media needs to yield some type of result.”
So the question is:
- Do I invest my time and energy in these tools? And,
- How do I calculate the results?
Before you go out and launch a new social media campaign, remember to start with the basics. Here are some questions to consider:
- How are you going to make money?
- Who is going to buy from you?
- Where are your prospective buyers hanging out (both on-line and off-)?
- What kind of content do they respond to? What kind of questions are they asking that you can provide answers to?
- What’s working for you RIGHT now?
Once you’ve answered some of these questions, you’re ready to start putting some systems in place…