In the previous WeAreMedia modules, we covered how to develop a social media strategy and map. It is now time to consider the ROI (Return on Investment), an evaluation process and analysis of benefits, costs, and value of a social media strategy over time. While your initial foray into social media may not require huge investments in infrastructure or technology, you will need to invest one of your most valuables -- your time. So, how do you know it is worth it?
An ROI process can help you measure the contribution to your organization's mission, give you a framework to track your strategy, set priorities, and helps you focus on results, not tools. This module covers the four basic building blocks to using ROI - benefits, metrics, value, and financial formulas as well as how to use quantitative and qualitative information to help you learn how to improve your social media strategy or understand the impact over time.
This week we'll be building and discussing Module 6: Considering the ROI. For today, we're going to have some fun. The first step in an ROI process is to figure out the benefits. Benefits describe how a social media strategy might enhance your organization's programs or improves services or increases efficiency through reduced costs or increased revenue. When starting to think about benefits, you should brainstorm all potential benefits whether or not they appear difficult to support or quantify.
- How will the social media strategy contribute to effectiveness of staff to serve our stakeholders?
- How will the social media strategy help us build better relationships with our key audiences?
- How much time or money can we save?
- Will the social media strategy translate into earned revenue or increased donations?
Did you ever play mad libs? They were fill in the blanks sentences that ended up being humorous. So, wouldn't it be fun to have a social media and nonprofits roi mad lib?
Here's what you need to fill in:
Our organization (fill in the name) is implementing a social media strategy that includes (fill in the blanks). The key benefits are (list)
Can think of any benefits? Well, go read this blog post by Chris Brogan, "12 Ways To Sell Your Boss on Social Media" and then add your organization's social media ROI mad lib here:
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