Krista Neher of Bootcamp Digital wrote a great article about capturing the ROI of your social media campaign. In her article she addresses the age-old problem of assessing the value of any marketing campaign, and suggests instead a few inferences you can make about your campaign and how it can help.
One of her strategies is essentially “Proof by contrary absurdity.” Contrary absurdity is a fun and very useful tool to bound an ROI. Let’s walk through an example:
- Start with an absurd statement
- Transition to a believable assertion
- Assemble more information
It would be absurd to think that of nobody in my geographic region checks out my repuation on Yelp while considering me.
Since it’s absurd to think that no one is checking me out, it’s fair to say that 1 or greater customers look at my reputation on Yelp monthly.
(In fact, Google suggests that there are more than 1,000 searches in, for example, Las Vegas. Watch this article for an update – we’ll see if Yelp can provide some similar statistics.
I know that the annual value of my customer is $2,000
Do the math
If I can capture that one customer per month by doing a great job on Yelp, then I’ll be adding $2,000/month to my bottom line.
Therefore, it’s absurd for me not to value a great Yelp campaign at $2,000 monthly for my business. It’s probably worth more.
The same process may hold true for Facebook, Google+, Twitter, or more.
Want to extract this kind of value from your own campaign? Contact us if you think we can help you with YOUR business.