I thought I’d revisit the topic of social media in economic development and see what the latest thinking is. In the private sector, Corporate Marketing Directors are increasing the pressure on their marketers to demonstrate a positive ROI for their social media investment. They have heard the rhetoric that social media is too different from other media options to be quantitatively measured. CMOs are no longer accepting that excuse. There is mounting pressure in the Executive Suite to prove the value. You can expect a flood of new measurement methodologies will be created in the private sector to address that challenge.
There are several key learnings being developed on how to deliver a positive ROI from social media. They have the potential to shape the use of social media in economic development.
Emerging Key Learnings
- Go where the people you want to connect with are already congregating. It is hard, expensive and time consuming to create a sustainable community. It is far more cost effective to participate in communities that exist already. For example, having an active blog is definitely important. Having a proactive approach to commenting on blogs the people you want to connect with already read gets you to a positive ROI faster.
- Social media metrics begin with a clear understanding of a business objective. Jay Baer, founder of Convince & Convert has a great visual that illustrates the point.
I also thought it would be helpful to share some presentations on the subject I think are well done and informational.
Get Started Measuring
Here is a challenge for you. Remember Jay Baer? Here is a FaceBook valuation tool he created to help you better understand what the potential return you may be getting from your efforts.
What has you recent experience been in using social media to support your economic development goals? What have you found that works? Are you measuring your results? If yes, what measurement tools are you finding most helpful? Leave a comment and share your experience. I am anxious to learn from you.
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