My 10 tips for achieving ROI in Social Media

What is Social Media and why use it?

OK, so I get what it is, but why should I use it?

- Direct interaction with target audience

- Potential to build lasting brand-consumer relationships

- Timely method of communication

- One-to-one and One-to-Many Relationships

- New channels for product and brand promotion

- Message amplification

- Crisis Management

So what about this whole “ROI” thing I keep getting asked for?

In business you should weigh up short-term goals vs. long-term gain.

Social Media can act as a method for long-term gain by building relationships with customers who keep coming back year-on-year.

“Our new ‘Ground Control’ is about tracking the largest number [of] possible conversations across the web and making sure we ‘internalize’ that feedback — good and bad…

“Dell’s Ground Control is also about getting that information to the right people wherever they are in the Dell organization, globally and functionally. It’s also about tracking what you might call the ‘long tail’… those smaller matters that might not bubble to the surface today, but are out there… and deserve to be heard. We want to ‘hear’ them too — contrary to the scenarios about ‘squeaky wheels getting grease.’”

But my boss has said I need to show a definite ROI if I’m going to use Social Media. What can I do?

The only certain thing in life is change; audiences change, products change, personnel change.

The way we market has changed because people gambled, they didn’t know what the ROI would be.

Right, what practical advice have you got for me to put me in this “best position to achieve ROI”?

What things do I need to consider when creating this strategy?

Christopher Lee, Congressman

For consideration:

- Product launches

- Competitor activity

- Industry news

- Consumer insights…..

….there’s always something to talk about.

Anything else I should consider once I’ve created a strategy?

Any caveats you want to add so I don’t hunt you down later?

Is it a bird? Is it a plane?!? Errr….well a bit of both actually

Thank You

Philip Wride

Social Media and Community Strategist

Twitter: @pwride

Skype: phil_wride

Web: www.pwride.co.uk