We’re in the I Love Lucy era of social-media marketing, a golden age of unaccountability.
That is one of the opening sentences of a very nice article of Fast Company on Social Media ROI. It shows how some companies are using social media though when it comes to measuring ROI (return on investment), it seems that quite some companies don’t feel the need to do it. The only reason they are likely to have is that they are scared to do it. It was never so easy to measure real ROI and probably that is the thing that people are scared of since it some of them will be confronted by the fact that what they do with social doesn’t add any value at all.
Next time if you do something with social media, just in keep in mind: ROI is calculated by this basic formula:
ROI = (Gains – Investment) / Investment
The thing you have to think of when you will be measuring ROI is what are your investments and what are your gains? It is as easy as that, no rocket science, no unicorns, nu double rainbows. The only thing you have to think of is to put everything in the same units so you will have a good comparison.