ROI: What does this acronym mean?
Posted by Pamela
Are you completely clueless about ROI? Don’t feel too badly, a lot of people have no idea what ROI is. This fantastic video by Erik Qualman is a great place to start.
So, essentially, ROI is an acronym for Return on Investment. When you talk about ROI and social media, the idea is that your investment in social media should show a gain in revenue/business. Jacquie McCarnen offered some ways to measure ROI in her blog back in January. Also, check out this blog by Nichole Kelly about some things to keep in mind as you begin to track your ROI.
Ultimately, whether you have a small business or a large corporation, it is only a matter of time before someone is going to ask you about the ROI of your social media. Certainly, accountability is important in any advertising campaign. However, it is important to remember that while social media will drive business in the door, its main purpose is to engage your customers and clients. This engagement will keep your customers coming back. As Mr. Qualman’s intern points out a strong social media presence may determine whether you are still in business in five years and that could be the most important ROI.
About PamelaI have a master's degree in Political Science from the University of South Florida. My current research focus examines the modern industrial food system from a critical theory perspective.
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