Last week I was on a panel for the Social Media Club here in Boston on making the business case for social media. Mine was an easy role – I just had to go out there and talk about all of the wonderful ways and reasons people have for saying NO! Pat Fennessey of Cymfony did a way better job of it than I did with a list that really rang true.
As the conversation went on, I pointed out that the investment in most social media programs is so small that we should think of ROI as ROi. I mean if it costs essentially NOTHING to create a blog or to post a video ANY result is upside. Look at Blendtec. They spent $50 to create the “Will it Blend” program. In its first five days, that $50 investment led to SIX MILLION visits to the company’s Web site. (That works out to approximately 0.000008 cents per vistior – a pretty good return if you ask me.)
We all understand that the reason social media works is because it is easy, effective, accessible and affordable. Businesses and the many naysayers out there need to recognize this as well. When the “I” is small the “R” can be as well.
[tags]Socia Media, ROI, SMCBoston[/tags]