Along with all the talk of social media’s value for businesses, comes the inevitable question about return on investment. If you’re going to dedicate time and resources into building an online presence, some sort of measurable benefit to your business is often expected.
At our Social Media Week event earlier this year, we asked our panel of socially-active business owners how they measure the ROI of social media. Shelley Pringle, founder of Polaris PR, said for her it comes down to the number of new business inquiries she gets. When talking to potential customers, she asks where they heard of her business, and oftentimes they will point to her online presence. Jay Lebo, founder of Gravitas Business Architects, said he can similarly correlate sales with his social media efforts, but said devising an exact measure isn’t important to him. You can’t do business without interacting with people, he pointed out, and social media is how people now interact.
Check out the above video for more insights from the experts themselves, and be sure to check back for more in the coming weeks.