A hot topic where opinions are deeply held that generates a great debate.
Social Media Today hosted a webinar on the hot topic of whether it was possible to prove a return on investment in social media. In part of their “best thinkers webinar series” Maggie fox hosted a contentious lively debate that can listen to the audio recording of here .
Speakers were : Natalie Petouhoff , Lux Narayan and Arthur Bailey
In a classic sense ROI is a metric calculated by the following formula:
(benefit – investment)/investment * 100 = ROI
The difficulty most companies have with ROI on Social Media is that it is difficult (some would argue impossible) to measure the benefit of Social Media influence on customers. In an exact sense this is correct – unless someone clicks a link in a social post and buys a product it is difficult to exactly prove a 1 to 1 correlation.
But that isn’t the nature of business – if it was no one would run a casino. There are no 1 to 1 correlation guarantees in business. That doesn’t mean you shouldn’t calculate the odds to manage the risk.
Business is all about taking and managing risk.
Natalie presents some of the best arguments about how Social Media can be used to handle the day to day crisis moments that occur in today’s business world I have heard.
They are made all the more compelling because they are all based on her experience.
I give this webinar a 9/10!
Slides to accompany lecture are here.