The hype around Social Business over, it has become a more mature industry with one question that remains hard to answer for some: what is the return on investment (ROI)? What is the value that Social will bring to your business? The answer on that is easy, if you know what you have to measure. Let me explain what you have to do to measure the ROI of your Social Business project.
Use the right information
It might be obvious, but if you use the wrong metrics, you will never be able to calculate a good ROI and you will never be able to identify the value of Social for your business. If you are unsure if you are using the wrong numbers, double check it here:
Measuring the correct numbers
After you have checked if you are measuring the right numbers, you might want to know how you could refine them. Not only to measure to the ROI, but also to boost your social business activities with a viral growth. This post contains a presentation that I presented at Nyenrode Business University during the B2B goes social event:
The calculations you need, just copy and paste it
Setting up measurement and calculations is hard work. Therefore I created this overview of sample calculations you can use for your Social Business project. It shows a clear ROI and the payback period can be shorter than 3 months. Which I would say make an investment fairly obvious: