What is the ROI of social media?

ROI of social mediaEveryone asks what is the ROI of social media.  You can try to put a number on it and show the engagement rates, reach, likes, clicks followers, tweets, etc and still you can’t quite nail down what the ROI of social is.

However, let me tell you that you can put your money in many different pots, and you should.  You can do print advertising, buy a great web site, get some good ad-words going,  you can even wrap your car in your company logo.  Yet when your potential customer puts you company name into social media it better pop up and it better drive traffic to where you want it to go.

Social media exposure is akin to a phone book listing or a web site in the past.  When someone types your company name into Facebook it better exist, and I better be active.  It is a business card and a funnel to drive business to you.

Have you noticed how many people walk, eat, hang out, and even drive with their heads in a phone or pad?  This is where they are consuming and this is their go to place for info.  You don’t have to be on all platforms but you need to be where your customers and your future customers are.

Gary Vaynerchuk put it really well in 2011 when he responded to this question brilliantly.  What is the ROI of social media? He said what is the ROI of your Mother? Can you measure what her support and love built in you?  Check out a snip from that 2011 keynote.  Sorry for the swearing, if that offends you, but he is right on it.  It is not a matter of ROI it is a matter of not being on the playing field at all.  You must be there to be in the game.

If you enjoyed that clip check out one of his latest keynotes from ICON 2016.

So think of it as a wonderful business card where you can let your story be told and the voice of your company be heard.   Use it or loose the game.

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