A well known rule in the business world, is known as ROI a.k.a Return On Investment. What does ROI means ?
A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio.
The return on investment formula:
From Investopedia
How does ROI apply in Social Media ? Is there any standard rules/tools to measure it ? Do you as a business organisation shun Social Media because it is very difficult to measure the ROI ? Does a modern information technology tool such as Social Media, use the traditional ROI method ?
Soicalnomics – Social Media Blog, had a great write up on businesses and examples with regards to ROI in Social Media, the facts and figures speak for itself, the power and influence of Social Media.
Even without a proper or widely accepted ROI tool, have you taken the first step to engage your communities, marketing channels, customers, friends, partners using Social Media ? Do you want to be like those (people/friends/business beside/around you) in life that sit in the back row with their arms folded, judging, and complaining or do you want to sit in the front row with a big vision and goals, spending your energy to make your vision a reality and dreams come true ?
I have embraced and learned using Social Media to engage my readers, bloggers, partners and vendors, the growth had been phenomenal and my blogs are still growing while I am still learning the world of Social Media.