Can You Afford to Ignore Social Media?

All week I’ve been hit with basically the same question: “What’s the ROI with social media?”

Because the point of entry is so low and most of the tools are free, there’s very little cost in terms of getting started. However, it takes time, commitment and energy over a sustained period to see any kind of return of investment. Still, it’s hard to provide specific data on the ROI. I’ve personally seen how some of my customers have used social media in the form of Facebook Pages, blogs, and to a lesser extent Twitter, to build communities that engage with their brand. But it’s not easy to actually measure the ROI.

Then I came across this video by Erik Qualman, author of Socialnomics. It provides some useful examples of how companies have achieved success with social media and illustrated with stats and figures. At the very least, it’s a positive indication of the success social media as a marketing and communication strategy can bring.

Qualman’s video and related post was definitely my read of the week. You should check it out if you’re interested in social media or digital marketing.