Last week in class we talk about how much does SM costs and how measure the return on investment.
Indeed, even if there is not an "explicite"price in using social media for business, it still costs time, salary, equipment, technology, and opportunity cost.
So we have to measure the ROI to see if all these costs are not for nothing, to see our results and our effectiveness. We have to see the difference between the gain from investment less the cost of investment.
For that, we can use several information like eye balls (followers, repost, likes, retweets) sales values, retail store traffic, mentions etc. And we can also use some tools like click through rate, the search engine, analytics.
For example with our blog, there are several tools to see that with the audience, the traffic sources, the overview to know how many people have seen our blog, more about them, etc.
Indeed, even if there is not an "explicite"price in using social media for business, it still costs time, salary, equipment, technology, and opportunity cost.
So we have to measure the ROI to see if all these costs are not for nothing, to see our results and our effectiveness. We have to see the difference between the gain from investment less the cost of investment.
For that, we can use several information like eye balls (followers, repost, likes, retweets) sales values, retail store traffic, mentions etc. And we can also use some tools like click through rate, the search engine, analytics.
For example with our blog, there are several tools to see that with the audience, the traffic sources, the overview to know how many people have seen our blog, more about them, etc.
I think that your notes are very good.
ReplyDelete