The ROI of Social Media
Nov 26, 2009 Online Marketing TIPS for your Business
A little while back we posted an excellent video from Socialnomics that went viral, and here is another one that they’ve just posted. It talks about how businesses can profit from using social media effectively.
One question that I get repeatedly when educating business professionals about social media is “how is this investment going to benefit my bottom line” and that’s a tricky one to answer because, as one of my colleagues says, it’s like asking “what’s the ROI of owning a telephone?.” Social media is a communication device, and you can use it however you like. There are both effective and ineffective ways to do that – and whether or not you’re willing to spend the time to really learn to use the tools and integrate the strategies has everything do with your success.
Look at Gary Vaynerchuk (mentioned in the video) and his Wine Library – I have been watching Gary for months now as an internet success story. He’s really done something different – he provides entertainment for free and attracts hordes of people by doing that, and only makes money when you buy his products (which he doesn’t make explicit on the site – that’s always nice, it’s not a salespitch).
Take a look:
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