Monday, November 23, 2009

The ROI of Social Media

I had an opportunity to talk to Larry De Palma of TDG-Phenix, a banking and payments consulting company, about our social media efforts. According to Larry, many of the bankers he encounters aren't seeing the value of a social strategy. They seem content to keep building branches and maintaining a "business as usual" approach. Even those who do understand and get it usually lead into the next, more challenging question of, "what's the ROI of social media?"

I have to admit that we don't calculate the ROI for our organization. But I think that is okay for us. We see it as a necessary part of our overall strategy to interact with customers and prospects and build our brand. However, there are certainly others who do. To highlight some of these, I invite you to take a look at the following video from Socialnomics, a social media blog. In a very entertaining way, it provides examples from various industries that might help you determine your companies own ROI. Included in the video is a reference to Gary Vaynerchuck, a recent speaker at the GBTC Tech Nite here in Baltimore. I hope you enjoy it.

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