©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
Calculating ROI in social media is a hot topic. As companies have rushed into the elusive social media marketing gold mine, many are left trying to figure out if all the time and effort is paying off.
The problem is that social media is extremely difficult to measure. In a former life, I worked as a financial analyst at P&G, and a big part of my job was to measure the ROI of our different marketing efforts. In calculating the return on traditional media, we often found that we couldn’t exactly calculate everything, so we resorted to some creative approaches.