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.
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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