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"How do you measure that?"

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""No one here is hounding me for the ROI".



That’s the last sentence in "(Like) + (Retweet) = $$$?" an article from the July issue of FastCompany. The article is about the ROI of social media; from Likes, to Tweets, to contests to Social Business Software.



Here’s what I have to say about that quote: YIKES!



The article includes quotes from senior marketing executives from Audi, Home Depot and Sephora (who provided the one above), saying in essence that they have no idea about the value of their company's social media activities and investments. Worse yet, these executives indicate that no one is really asking them to demonstrate the ROI."

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"My main message is that deploying an enterprise social network improves the performance of the company. As a consequence, the most important measurement is not the one of the tool in itself but the measurement of its actions / impacts on the performance of the company. "

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"The time horizon: "Pull" does not mean thinking only about the short-term Many of the people we have talked to about our book have the misconception that pull is driven by a short-term mindset. After all, one of the key drivers of the move from push to pull platforms is the increasing difficulty in forecasting and predicting demand and the consequent challenges this presents"

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"“How will we measure success?”

It’s a question we get a lot as we help clients design social business strategies. In our experience, there are few companies that aren’t trying to connect the dots between their social efforts and results. It’s not 2008 anymore where marketers can secure budget for social initiatives because “everyone else is doing it,” or “but, we’ll be left in dust!” CMOs want to know exactly what return they are getting for their media spend, just as they do after any other media buy."

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"Measurement and metrics tracking is not a decision-making tool. It is a performance indicator. The numbers neither know what you are trying to achieve nor are they the only factor in understanding performance. Do not use them that way – it is simply poor management to rely on numbers to make your decisions. Use them to assess and evaluate."

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In the industrial economy, we had lots of ways of measuring our work. It was a mostly physical process so we could literally see what was going on. Our financial systems were built around this industrial model and we could also put dollar values on products as they progressed through factories and machines, converting raw materials into finished goods.

The shift to a knowledge economy has changed that. A lot of the value created today happens inside peoples’ heads or their computers. This is the case in service and technology businesses but even in manufacturing settings where it is the process, not the product, that creates so much of the value.

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In both entrepreneurial and larger companies, we too often spend time focusing on the desired financial performance target, rather than the inputs that drive those numbers. Because boards, investors and management demand an objective way to measure performance, we often go right to the result without focusing on what caused those results.

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Le plus important, c’est de savoir ce que vous voulez faire et comment vous allez le faire. Le moyen choisi pour mesurer ne vient qu’ensuite. “

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