+44 (0)845 8387282
hello@wolfstarconsultancy.com
+44 (0)845 8387282hello@wolfstarconsultancy.com
Follow @WolfstarPR
Questions, issues or concerns? I'd love to help you!
Stuart, that clip of David Meerman Scot is genius – it takes me back to days in the office when you got a bee in your bonnett. Truly brilliant!
Stuart, that clip of David Meerman Scot is genius – it takes me back to days in the office when you got a bee in your bonnett. Truly brilliant!
I respectively disagree.
Most business owners, chief execs and MDs are likely to say, “OK, if you can’t give me an indication of the return of my time, money and resource investments then what incentive is there for me to do it?”
If this is the case then they look at social media as a business ‘cost’ and not a business ‘investment’.
Why shouldn’t businesses expect a financial return on social media? Granted the measurement is hard to do but if you start off with benchmarks you can make assumptions … just like accountants do.
The quicker people start proving there’s a financial ROI on social media the quicker business leaders will accept it’s a necessary part of the equation.
I respectively disagree.
Most business owners, chief execs and MDs are likely to say, “OK, if you can’t give me an indication of the return of my time, money and resource investments then what incentive is there for me to do it?”
If this is the case then they look at social media as a business ‘cost’ and not a business ‘investment’.
Why shouldn’t businesses expect a financial return on social media? Granted the measurement is hard to do but if you start off with benchmarks you can make assumptions … just like accountants do.
The quicker people start proving there’s a financial ROI on social media the quicker business leaders will accept it’s a necessary part of the equation.
@Stephen I don’t think either me or David are saying you shouldn’t measure ROI, just that you can’t. People are tying to use smoke and mirrors, pseudo-science and relying on the ignorance of clients to pretend it’s ROI when actually it is something else. What benchmarks and assumptions do you suggest? For a 100% web-based business you can probably do it, but for most businesses and organisations you can’t.
What you can and should do is count, measure and evaluate then use that data to do something useful. It’s no different to the ROI of public relations. You can’t do it. How are you going to seperate the results of your PR/social media activty from external factors? What damages the industry is people pretending that they can do this. Far, far better to tell the truth and say look at all the things we can measure and this is what we THINK it will mean to you.
@Stephen I don’t think either me or David are saying you shouldn’t measure ROI, just that you can’t. People are tying to use smoke and mirrors, pseudo-science and relying on the ignorance of clients to pretend it’s ROI when actually it is something else. What benchmarks and assumptions do you suggest? For a 100% web-based business you can probably do it, but for most businesses and organisations you can’t.
What you can and should do is count, measure and evaluate then use that data to do something useful. It’s no different to the ROI of public relations. You can’t do it. How are you going to seperate the results of your PR/social media activty from external factors? What damages the industry is people pretending that they can do this. Far, far better to tell the truth and say look at all the things we can measure and this is what we THINK it will mean to you.
Love it.
The quote ‘insistence on ROI is an excuse for fear’.
It conflicts entirely with the MBA I am studying; a large part of which is from Harvard!
Love it.
The quote ‘insistence on ROI is an excuse for fear’.
It conflicts entirely with the MBA I am studying; a large part of which is from Harvard!