![The Elusive ROI of Social Media [Infographic]](https://canadiansinternet.com/wp-content/uploads/2018/06/Content_Social_Media_Marketing-750x410.jpg "Social Media Marketing")
Someone once said that trying to figure out the ROI (Return on Investment) of social media is like trying to figure out the ROI of the telephone. We know it works for Canadian businesses and there are options suitable for any budget, so we don’t believe there’s any great need to put a number on it. However, we do have to justify the effort and any expense to some logical degree, and we need to understand the less tangible benefits. We also must determine the level of success of social media marketing and social network campaigns.
The following infographic helps us to better pinpoint both the tangible and conceptual aspects of social media marketing.
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Infographic by MDG Advertising
The bottom of the infographic outlines Forrester Research’s guide to identifying the value of social media marketing efforts:
- Financial – Have costs decreased or sales increased?
- Brand – Have perceptions of the brand improved?
- Risk Management – Are you better prepared to respond to issues that effect brand reputation?
- Digital – Has the brand enhanced its digital assets?
Asking yourself the above questions will determine the value of social marketing beyond what can be labelled with a number.
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Melody McKinnon is an internet entrepreneur with 25 years of experience in a wide range of online business models, backed by a formal business education and enhanced by training and mentorship. She has owned or managed both educational and ecommerce websites. Her book, 7 Recession Proof Online Businesses to Start From Home, is available from all major ebook retailers.
Melody has worked with many businesses & brands in a multitude of capacities. She can often be found on CanadianDigitalMedia.com, CanadiansInternet.com, CanadianFamily.net, and AllNaturalPetCare.com, as well as other quality digital publications. Her content has earned reference links from highly-respected websites, magazines and university textbooks.
I don’t worry about it much but it’s a good idea to keep an eye on social media metrics when you get get them.
I wonder what the ROI is of spending so much time trying to figure out the ROI of the Internet? lol 😉
Informative infographic, thanks.