Return on Investment in Social Media January 15, 2010
Posted by Dr. Bertalan Meskó in Healthcare, Slideshow.trackback
A few weeks ago, I talked about return on investment (ROI) in healthcare and I mentioned the term ROC. Instead of ROI, in the world of web 2.0 we should think ROC: Return On Connections
- Positive word of mouth
- Service recovery
- Message Influence
- Brand Monitoring
- Instant Feedback
Here is a new slideshow that focuses on this topic and provide us with many insightful pieces of advice:
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Yes and it needs to be taken a step further.
Yes, you should measure connections but then you need to put a value on the connections. Based on this value, you have a monetary return that can be used with the investment to calculate the ROI.
Because it is really tough to define the monetary return on social media, people have been using ROI (=innovation), ROE, now also ROC. But that is not useful.
Check out a light version of a Social Media ROI app that really gives you the monetary return as well as the ROI. Go to http://tr.im/4roi3
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