Most Companies are Not Measuring Social Media ROI…And That Is Okay!
Looks like everyone out there is still trying out their social media experience and not overly concerned with measuring the ROI. A recent survey by MZinga and Babson Executive Education revealed that of the professionals who have adopted social media, only 16% measure the ROI. Yes, only 16%, giving us a clear example that its okay to experiment for right now. Take advantage – its better to take action, then to first figure out how to create the perfect ROI study for your organization. Why? Because there is no easy answer today. If you make calculating ROI too complicated of a task, you will never experiment with social media. Besides, the first order of business with social media is listening to your customers – why even measure that when its always a good thing to do.
Too many organizations tell me they “can’t see the ROI” behind starting any campaign in social media. That’s a laggard talking (in crossing-the-chasm speak) and its just they aren’t willing to experiment, with minimal effort to see what is out there. Once you experiment in social media – and start by just listening, the investment and trends will begin to materialize where you can start recognize the return.
The survey went on to say that more than 40% of respondents said they didn’t even know whether they could track ROI from their social tools. Now this is just a maturity thing that will change over time. The tools are there, they have matured, but I believe its not about the tools, at this point its about getting started.
The survey found that 86% of professionals in a variety fields said that they have adopted social media in some way. Though I find this % high, based on some client conversations where they have adopted nothing in social media, it likely depends on your definition of social media. The point is, the move is happening and everyone needs to look at what they are doing in this space and what, not if, social media programs work for you.
I welcome your thoughts on measuring social media ROI vs getting started.
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October 19th, 2009 at 4:13 pm
[...] However, as any new trend comes of age, people begin to want ROI and accountability for any such investment. In fact, a lot of people get too hung up on the details of the ROI they miss the big picture – keep in mind, most people are not measuring the ROI on social media and that is okay! [...]