Are you interested in increasing revenue and decreasing costs? When people ask me about social media, that 's what I ask them. What I've found interesting is that the return on investment (ROI) for social media seems to have escaped most of the business world. A recent study by Ad Age 's sibling publication, BtoB, found that "While 93% of marketers are engaged to some extent in social-media marketing, 75% have no ROI attribution program in place to measure its effect." We often focus on social media as a traffic or conversation driver, but it's easy to forget that it can be a cost-saver as well.
Deming: The Foreshadowing of Social Media's Value
When I first started covering social media as an analyst, it occurred to me that customers were talking to businesses, businesses were talking to customers and customers were talking to each other about products and services. There had to be value there. That point of view came from listening to my dad, as a child, speak about Edward Deming.