October 21st, 2009

short url: http://beeseen.com/s/7

Social Media ROI: What, How, Why – BlogWorld Expo 2009

BlogWorld & New Media Expo

Panelist(s): Rob Hahn, Jim Marks, Sherry Chris, Mike Simonsen, Dan Green

What is an ROI?

Traditional ROI = Return on Investment
Social Media ROI = Return on Influence

ROI is a measure on traffic, clicks, and dollars. The basics of ROI is that, how much money you put in is how much you get in return. It can be summed up as such:

Time invested and sphere of influence put into Social Media => Return on Influence => Return on Investment

Time Spent on Social Media

To give a perspective on how social media works, Dan Green provided his background on his foray into social media. When he first started social media interactions, it took 18 months to get the first lead. Now he spends on average: 132 minutes per day or 13.5 hours per week on blog, twitter, facebook (essentially equating to about 1/4 of a week on social media). The pay off is that he’s closed over 100 real estate deals via social media contacts.

Another one of the panelists stated that it took 6 months of blogging before receiving his first lead, and now he’s gotten 4 real estate deals of $300K each.

The success isn’t to say that you make your conversions on social media. It’s a way to market yourself, gain access, garner contacts, and eventually close the deal. Traditional means such as a phone call or a face-to-face meeting are still necessary in closing the deal.

Structure Strategy, and Direction

Jim Marks states that for a successful social media effort, you need a structure, strategy, and direction. If you don’t know the direction you’re going in everyday, you have to change your strategy. Blogging works, since a byproduct of blogs results in traffic and conversions. Aim to bring online clients offline. Create relationships.

Corporate Blogging and Social Media

Sherry Chris says that getting approval for a Corporate Blog maybe difficult. However, the payoff could be substantial. For example: using BHGRealEstateBlog.com and through “tweeting”, it resulted in closing a $13M business deal.

Some tips for Twitter :

  • When retweeting, use a teaser
  • Give a reason to click on the link
  • Lead them towards a means to close the deal

Leave a Reply