The new world of Social Media is among the most actively analyzed, misunderstood, and at the same time, celebrated mediums affecting businesses today.
At the very least, it introduces a renewed sense of vigor that is challenging creativity and convention and also inspiring more human connections in the process.
Social Media also introduces new channels and methodologies to drive and measure sales, service, and marketing. As such, discerning business executives seek direction to evaluate the opportunity costs associated with new media as well as establish the ROI of engaging in popular networks such as Facebook, Twitter, and YouTube.
If Social Media is truly transformative for businesses, why is it that we hear about the splendor of participating in conversations and forming relationships and only debates about the validity, need or standards for measuring performance and ROI?
In my experience, ROI takes a back seat to participation. There is a widespread desire to jump into social networking without all the answers. A 2009 study performed by Mzinga and Babson Executive Education only substantiates this perception.
According to the report, 84 percent of professionals representing a variety of industries reported that they do not measure ROI.
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