How do you measure the return on a relationship? By Ted Rubin and Kathryn Rose. What is one of the first things that come up when a new tool or process is introduced to a company? Metrics. What are the numbers we’re aiming for? What will tell us if the implementation of a process or tool was a success? How will we get that information and make sense of it in a way that can inform our business strategy? These questions — plus a few new ones — need to be asked as we begin taking social-media integration seriously in our businesses and marketing strategies. But what does that mean in terms of building relationships?
Defining metrics around social media has been challenging, and early on many people said it simply could not be done. Now, however, we are learning that social-media use and impact measurement is possible, but not by applying traditional metrics and methodologies. Granted, you can measure the return-on-investment of social advertising campaigns just as you would any other type of advertising, using the simple formula: (Benefits — Costs)/Costs = ROI … read >>