Why You Should Forget Social Media ROI...
While I am a fan of “measuring to manage well”, some things just can’t be measured accurately. That’s why I believe we should forget what the ROI of social media is, in the conventional sense.
Here’s the metric that matters most when it comes to using social media for marketing:
Is your target market talking about you?
That is a yes/no question. There isn’t a correct number to answer it.
Einstein may well have been talking about social media when he came up with this thought: not everything that matters can be counted.
I don’t recall who said it, but one of the greatest lines I have seen on this topic was:
The ROI of social media is that you will still be in business in 5 years time.
I believe that statement to be essentially true: traditional “push” marketing tactics will increasingly struggle to generate decent ROI, especially as consumers “filters” (both psychological and actual technology filters) become more refined.
The marketing that will make all the difference in the near future will be the tactics that are centred upon having ideal prospects talking positively about you and what you do.
I can look at some measurements in my own business and say that social appears to be responsible for between 20% and 25% of new business revenue in each of the last 4 years. That is not an absolute measurement though. I account for new revenue opportunities by source as best I can, and often will have a new engagement where it is attributed to “I have been following your stuff for a while and you seem to know about…..” followed by “can you help me?”
The problem with social media in respect to measuring ROI is which channel do I attribute such enquiries to?
You see, the audience is seeing some stuff on Youtube, and some on Twitter, and some on LinkedIn…maybe following the blog and picking up a few ideas from Pinterest….and on it goes. Or was it the e-zine I mail out directly?
It doesn’t really matter does it?
What matters is the total marketing spend versus the total new revenue. The only ROI measurement which does matter is the overall return on money invested by the business – including all traditional and conventional marketing tactics.
The magic of social media as a marketing tactic is the engagement level of a rapidly growing audience of willing participants. You can create a significant audience of genuine prospects for your business who want to engage with you and your brand.
The question that professionals who are investing marketing dollars into social media should continually focus upon is: Will this get the people we want talking about us?
NBA Player Carl Landry Demonstrates the Value of Persistence in Life and Work
Written by: Jon Sabes
When you meet Carl Landry, stand-out college basketball player and nine-year NBA player, you imagine that becoming a professional basketball star was a straight forward run for the 6-foot-nine-inch power forward.
However, when you go deeper into Carl’s background, becoming a NBA professional was less than certain and little came easily to the 33-year-old from Milwaukee:
- He was cut from his high school team as a freshman and averaged less than ten points a game when he did play as a senior.
- He started his college career not at Purdue, but a junior college where it was not clear he would play.
- When he finally got to Purdue, he tore his ACL in his knee his first year and reinjured it the next year.
- While his family held a party for him the night of the NBA draft, he slept in the Philadelphia airport after missing a flight following a workout for the 76ers.
- In the NBA playoffs, Carl had a tooth knocked out, but came back in the same game to make a game-winning blocked shot as the Rockets beat the Utah Jazz 94-92.
Landry, who I interviewed on my podcast, Innovating Life with Jon Sabes (www.jonsabes.com), is a remarkable example of the value of “persistence.” In a time where technology creates the image that anything is possible at the touch of a button, persistence is an under-appreciated trait. When I spoke with Carl, I clearly saw someone for whom success has only come through a force of will that made him a NBA player, but it also made him a better player every year he played. That’s the kind of personality that has produced greatness in business as well as sports.
Carl was, in fact, drafted that night he spent in the airport. The Seattle Supersonics chose him as the 31st overall pick and then traded him to the Houston Rockets where he rode the bench for much of the first half of the season. When All-Star teammate Yao Ming was injured, he stepped in and played a key role in the Rockets astonishing 22-game winning streak (the third longest streak in NBA history). And, that season, after sitting on the bench for 33 of the first 36 games, he was named to the All-Rookie second team.
Carl was the first in his family to go to college. “I told myself that this was my ticket out, so I did everything I possibly could to be the best person in school and also on the court,” he said.
His family life in Milwaukee showed him what he didn’t want to do. “Just being honest with you, seeing some my cousins, peers, they went to work for jobs paying six, seven dollars an hour or they didn’t go to work at all and then living off welfare. I didn’t want that.”
When he was first injured, he had to contemplate the end of a career before it even got started. “When you have an ACL tear, it’s over…no more basketball,” he told me. “I said, God, give me health again and I’ll do everything I can to leave it all out on the line and be a successful individual.”
On my podcast, Carl pointed out another interesting lesson he learned in the NBA: Not doing things just to fit in.
“Fitting in was easy,” he said. “Doing everything that everybody else does was easy. If I stood out in some type of way, I’m going to have different results. I’m going to have stand-out results.”
That’s called the “Law of Contrast” and it produces that exact effect of changing the outcomes that everyone else is experiencing. Carl is smart, he recognized that differences make a difference, and doing whatever it takes is what is required to make real, meaningful differences.
Every off-season for the last 11 years, he has run a camp for kids in Milwaukee where he tells youth his story of hard work and persistence. “I always tell the kids to apply themselves and always be persistent,” he said. “If you dream, apply yourself and be persistent. With hard work, man, the sky’s the limit.”
When Carl says the sky’s the limit he means it. He is smart to recognize that it’s important to dream big, because if we don’t – we may be selling ourselves short. “You have to dream bigger than your mind could ever imagine,” he said. “I wanted a nice house. I wanted a nice car. I said, and I got all of that. So, what do I do, do I stop now? Maybe I didn’t dream big enough.” That’s a big statement coming from a kid who grew up to be the first in his family to graduate college and go on to be not only a top NBA basketball start, but a good businessman, father and someone who gives back to the community.
I’m convinced that in whatever he takes on as a basketball player or in his post-hoops career, Carl Landry is not going to stop getting better at whatever he does, and in the process of doing so, make the world a better place.
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