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One of the most frequently asked questions today is “What is the ROI of social media?”
Many have wrangled with this question. Some have developed their own ROI strategies.
Eric Qualman, author of Socialnomics, says that when he’s asked that question, he often replies with “What’s the ROI of your phone?”
Interesting reply right? Yet, Eric has gone one step farther and created another great video on the ROI of Social Media. Check it out:
This quote stuck with me:
“You can’t buy attention anymore. Having a huge budget doesn’t mean anything in social media…The old media paradigm was PAY to play. Now you get back what you authentically put in. You’ve got to be willing to PLAY to play.” – Alex Bogusky, Co-Chairman of Crispin Porter + Bogusky
Here are some of the stats that stood out to me.
1. Over 300,000 businesses have a presence on Facebook and roughly a 1/3 of these are small businesses.
2. Wetpaint/Altimeter Study found companies that are both deeply and widely engaged in social media significantly surpass their peers in both revenue$ and profit$.
3. Only 18% of traditional TV campaigns generate a positive ROI.
4. Customer support cost = $12 via the contact center; $0.25 cents self service
For a list of more stats used in this video, visit Socialnomics.
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