10X ROI on Social Media

2 November 2013
Posted by: Peter Friedman

It’s a myth that you can’t measure return on investment that’s produced by social media programs. You can. To quote Stephen Quinn, the chief marketing officer of Wal-Mart, “I’m always baffled when I hear people say, ‘It’s really hard to prove the ROI.’ We have ROI that’s really strong. And it’s transforming our organization.”
So how does a company show incredible ROI from social media? There are several obvious options like direct sales, general revenue increases or cost savings when customer support is delivered via social channels. But many of my clients find accurately measuring these challenging because of the need to coordinate with departments outside of marketing. Other ROI measures such as customer loyalty or awareness are fuzzier to measure.
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