This entry was posted on Monday, November 23rd, 2009 at 7:59 am and is filed under Advertising Factor, Attention Factors, Change Factors, Future Factors, Human Factors. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
11 23rd, 2009
- Drinking The Social Media Kool-Aid?
- The Social Media Stampede of 2010?
- The Power Of Social Distribution
- Looking at The Wrong Numbers?
- What Will Bend Social Media?
- Is Your Social Media Expedient?
- A Strategy For Social Media ROI?
- Bridge To The “Mind of The Market”
- Are CMO’s Clueless?
- What Does A Strategist Do?
- Buyers vs. Sellers: Who Serves Who?
- Old Strategies No Longer Work!
- The Worst Social Media Mistake
- What Is Your Social Strategy?
- 2010: Markets Will Do The Unusual
- Is It Conversational Perjury?
- Logical Shifts in “Social” for 2010
- Tricked Into A Social Silo?
- Will Social Search Change Things?
- Is Social Media A Bunch of Crap?
There has been lots of debate about the ROI from social media. As discussed previously the debate reflects old strategic thinking that says everything must be measured against an ROI. That old thinking reflects “legacy knowledge” and old management styles that have decided to stop learning.
As markets shift and new technology accelerates shifts old knowledge and management methods cannot produce the “holy grail” called results. Worst yet is that results in business are a reflection of past practices and sometimes the real results don’t show up for months, years and even decades. Just consider the current global economics. Do you really think the “results” just happened or are they indicative of years of stinking thinking and market practices that have failed? Time reveals all things. Today time moves faster and subsequently so will the results of your thinking, your practices and your conversations.
What Is Your Strategy For Producing Results?
As we’ve said over and over results are driven by the quality of your system. A system is the collection of efforts applied by people, processes and technology. A system must have an aim that is supported by a strategy. A system has to be managed with knowledge otherwise it has no aim. The aim is not the result rather it is the intent.
When knowledge changes so must your system and your strategy. When the intent of the market changes everything changes. Managements job is the manage the system or change it with the aim of improving the system to better serve its purpose and intent.
The strategy for producing an ROI in today’s marketplace is significantly influenced by your intent to serve the market. Intent is revealed and reflected by your communications, your relationships and your depth of knowledge of both. Intent is transparent as is the knowledge used to create and deliver on intents.
Using old knowledge and old methods reveals your intent to not change with the demand of the markets. Refusing to change is an intent to fail. The markets of conversations reveal this based on the experience the markets have with your system. Your employees know this, the market knows this and the need for management to understand this has never been so transparent.
Stop thinking about ROI and starting thinking about improving or replacing the system. To do so requires new thinking and the ability to apply new knowledge.
All this social stuff represents new knowledge which can be freely accessed from the conversations. To get it and use it you must be engaged but engaged with the intent to learn. If your strategy is simply to try to sell your old knowledge and methods with an old system whose aim is results you will fail. Why? Because results now come from a new system aimed at a different intent. Watch the video below.
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November 23rd, 2009 at 10:07 am
Social comments and analytics for this post…
This post was mentioned on Twitter by socialmedia247: New blog post: A Strategy For Social Media ROI? http://www.relationship-economy.com/?p=7853 #socia.. http://bit.ly/5iIvnj
#socialmedia…
November 23rd, 2009 at 1:18 pm
Excellent thinking here Jay. I’ve been running across quite a few posts lately from people like you that are really getting to the heart of the matter. Simon Mainwaring is one of them. Sharp guy.
This sentence nails it for me: ‘The strategy for producing an ROI in today’s marketplace is significantly influenced by your intent to serve the market.’ It’s not just about finding more ways to bark out marketing messages or getting clever with reaching more people with less expense. We should be talking about providing value to the market so that revenue follows naturally. The tools are there to embrace and collaborate with the market – but the intent behind these interactions is what separates the wheat from the chaff.
I’d love to connect with you on a project that I’m collaborating on with a colleague on this topic. I’ll follow you on Twitter and we can go from there.
Thanks for putting this kind of thinking out there – hopefully we’re approaching a tipping point for this conversation.
@brandon101
.-= Brandon Sutton´s last blog ..Connecting… =-.
November 25th, 2009 at 12:25 pm
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Stop thinking about ROI and starting thinking about improving or replacing the system — [link to post]
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November 25th, 2009 at 10:09 pm
[...] So You Have a Social Srategy: Do You Have a Strategy for Social Media ROI? [...]
November 26th, 2009 at 7:22 am
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November 26th, 2009 at 8:41 am
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New blog post: A Strategy For Social Media ROI? [link to post] #socia.. http://bit.ly/5iIvnj
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November 26th, 2009 at 10:39 am
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November 30th, 2009 at 6:31 am
There is another way to turn the variables for ROI at social media on their head. Making the initial outlay so very no brainer that the gains can only be on the upside.
I know of social media consulting firms who are tying up with web 2.0 solution platform vendors who use open source to drive down the costs on Proof of concepts to the sub $ 20K level. Yes, Sub $ 20K.
Here’s a quick way to enterprise 2.0 nirvana.
1) Identify a proof of concept roll out that costs less than $20K
2) Open the POC for a small group of people and allow brainstorming that could return specific ideas for solution, cost savings and variables on which to measure ROI during a full roll out.
3) This is when you touch ROI, choice of platform, etc.,
You can dumb down adopting social media. Keep looking..
November 30th, 2009 at 6:32 am
There is another way to turn the variables for ROI at social media on their head. Making the initial outlay so very no brainer that the gains can only be on the upside.
I know of social media consulting firms who are tying up with web 2.0 solution platform vendors who use open source to drive down the costs on Proof of concepts to the sub $ 20K level. Yes, Sub $ 20K.
Here’s a quick way to web 2.0 nirvana.
1) Identify a proof of concept roll out that costs less than $20K
2) Open the POC for a small group of people and allow brainstorming that could return specific ideas for solution, cost savings and variables on which to measure ROI during a full roll out.
3) This is when you touch ROI, choice of platform, etc.,
You can dumb down adopting social media. Keep looking..
December 20th, 2009 at 9:19 am
I totally agree that it’s about intent rather than ROI.
But companies can’t deal with that. They don’t know where to begin. And should they be venturing into a social effort without a business objective?
I really like this sentence –
‘Stop thinking about ROI and starting thinking about improving or replacing the system. To do so requires new thinking and the ability to apply new knowledge.’
The second sentence is key – the new thinking. But that transition is SO hard. My new company has jumped in and it’s very exciting to see the enthusiasm. They are embracing new ideas and implementing them.
But every company needs someone to guide these efforts. I think that that’s where most will struggle. They need to invest in a social media specialist or community manager that will provide the professional opinion, training, etc. Can that be a consultant? I don’t think so because it needs to be someone inside.
.-= Connie Bensen´s last blog ..2010 The Year of Social Media ROI =-.