When you are in business for yourself you know one rule: It takes money to make money. That means that ever aspect of your business must produce revenue or add something to you business.Everything must add value in some way or it’s dead weight. And dead weight gets cast off. Understanding this concept is doubly important for marketers because their job is directly related to value. If you can’t show the value in your marketing strategy then you have a big problem.
Blogger Ann Marie Van Den Hurk has some suggestions for making your marketing pay off in the long run–and the short run, for that matter…
Times are tough, and as a business owner you should make sure you spend your limited resources wisely. You need to know whether the money you spend on marketing, including social media, is adding value to the bottom line.
I had a chance recently to sit down with Olivier Blanchard, who, as the noted author of Social Media ROI, knows a lot about measuring return on investment.
Question: What are the three most common myths about return on investment?
Answer: The first one I encounter on a regular basis is, “You shouldn’t worry about ROI in social media. Conversations and engagement are far more important than money and what the space is really about.”