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The debate surrounding the ROI of social media has been raging on for years. And yet, I find it as useless as ever before.
There is a need for big brands to justify investments. But small businesses and solo-preneurs are in a different situation altogether. Social media allows them to connect with an audience they could have never reached before. And build relationships! That's the keyword here.
Jim Belosic has some great pointers in this article. In particular, I like this quote:
Today's customers want a two-way conversation. In decades past, a company could blanket the airwaves, use direct mail to send out fliers and coupons, and fill the newspaper with cleverly crafted messages about their brand. These kinds of outbound efforts aren't as effective as they used to be. This doesn't mean that companies should ditch all other advertising and marketing efforts and invest only in social media. Instead, social media should be part of an overall strategy. The key is to make sure that there is a consistency across all the various investments.
Read the article at http://www.inc.com/jim-belosic/how-to-measure-the-roi-of-your-social-media-efforts.html
Social Media when linked to business objectives can be tracked!