Here’s your missing half, Mr. Wanamaker.
Remember that great quote from John Wanamaker? You probably first heard it in your marketing 101 class. “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Then a couple semesters later in your Finance 101 class you got clubbed over the head over the importance of calculating ROI in advance of every investment. And ever since then you’ve struggled to reconcile the art and the science of marketing.
Today you’re an all grown up marketing executive (congratulations, by the way.) But you’re still trying to figure out exactly WHAT the ROI of your marketing programs are. And chances are you’re afraid to even think about the ROI of your Social Media investments. Can you capture the ROI on your social media programs? Is there a better KPI to use? Are their ROI benchmarks? Or are you just afraid of the CODN? (Cost of Doing Nothing.)
Admit it… (c’mon notbody’s listening. It’s just you…me…and the internet.) The very idea of Social Media ROI can be overwhelming. What exactly is a ‘Friend’ worth? A Tweet? A Check In? A Yelp review? Should you be worrying about all of this? Or any of it?
Thankfully, there are some smart people thinking about it. And talking about it.