Social Media ROI – Are we asking the right questions?

Whenever I am in a discussion with business people about Social Media, 2 questions inevitably arise:  How do you find the time to keep up with it?  What kind of ROI can I expect?   We’ll deal with the time factor in a future post, but a video I ran across today helped make the decision to address ROI.  My usual response to the ROI is, what is the ROI for your car or your church or club membership? But the video, Social Media ROI: Socialnomics, produced by Socialnomics, the same folks that did The Social Media Revolution ,which got over 1.2 million views on YouTube and countless more on other postings, has a couple of slides that put the ROI question into perspective:

“You can’t buy attention anymore.
Having a huge budget doesn’t mean anything in Social Media…
The old media paradigm was PAY to PLAY.
Now you get back what you authentically put in.
You’ve got to be willing to Play to Play.”
Alex Bogusky


Here’s the Video:

One last quotation
“Why are we trying to measure Social Media like a traditional channel anyway?
Social Media touches every facet of business and is more an extension of good business ethics.”
Erik Qualman

I’ll close with this short video from Gary Vaynerchuck, which pretty much my response those who would rather analyze than engage:

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Joe Spake is a Memphis-based Real Estate Broker and Consultant. He blogs at Joe Spake's Weblog and Memphis Real Estate Buzz. Joe's Social Network.