Most companies measure ROI in increased sales or revenue, but that only looks at social media from a marketing perspective and not the full potential social media can have on a business.
I have written in the past regarding Passive Social Media, using social media as a listening tool. By listening to your customers you might discover a new product line, a way to improve customer service, predict sales or the impetus for a marketing campaign, all of which can have a positive impact on ROI.
Companies like Procter & Gamble, Burt’s Bees, eBay and Dell use social media to gain insights and will be talking about it at the Social Media & Community 2.0 Strategies conference put on by IIR, May 3 – 5, 2010.
I have been invited to attend this conference and report on it, so I will be providing updates before, during and after the conference.
I encourage you to check it out if you are interested in taking advantage of everything social media has to offer.