Posts Tagged ‘show me the money’

If you’re a car enthusiast like myself who shoves money hand over fist into old cars because we have fond memories of them when we were younger you might want to adjust your attitude when thinking about ‘Return on Investment‘ in a business context. You could argue nostalgia is the benefit here but it’s a bloody expensive one, with blood, sweat and tears every year without fail.

At the end of the day a business does not run on good vibes and unicorn farts, so you can be damn sure they don’t want to be ploughing money into ventures that don’t provide a tangible benefit.

For scientific purposes, I have included what is widely accepted as the most accurate representation of a unicorn fart.

Metrics to use when calculating ROI

My personal favourite way to calculate how well you’re doing is client feedback. Actively engage your staff through either open door sessions where staff can approach managers to voice their concerns, ideas etc, polls that are available through your chosen enterprise 2.0 platform i.e a poll on your main Wiki page or even just asking around the office.

People can be reluctant to voice their opinions however so you may need to provide a way of anonymously providing feedback to ensure there is no ‘confrontation’ as such.

The other way of doing this is through cold hard statistics, and Harry Gold from ClickZ has put together a list of 14 Social Media ROI Metrics You Use Right Now to measure your organisations Enterprise 2.0 return on investment.

The cold hard truth

If only it were as easy as looking at statistics all day, as there are so many different ways to measure your ROI. You need to find the right tool for the right job, not all ROI metrics will map well to your organisation so try and few and see what you can find out!

Most of the time when I mention Enterprise 2.0 people seem to go all Jerry Maugie, I mean come on, how many of you have had that ‘friend on facebook’ ask you to ‘Like’ their ‘SUPERNEW AWESOME BUSINESS THAT WILL MAKE MILLIONS”?

What it takes is time, persistence and an understanding of your target audience, only then will you start to see a realised return on investment.