What is the ROI of a handshake? Is it even quantifiable? What value does the conversation and the relationship have?
Of course it is. If you’re a small business owner you know that if you provide a good service for a customer they will tell people about what you’ve done for them. This is called “word of mouth” marketing. Social media marketing works the same way; it boosts your reputation amongst your potential customers.
In fact, this situation is what creates the most skepticism about the value of social media for small business owners and whether or not to engage in using it. The solution is surprisingly simple. Stop comparing what you might do in social media and how you might measure it to something as tangible as a radio advertisement or sponsoring an event with a booth.
Instead, start thinking about the value of social media how you think about whether or not to attend a networking event. Or in the realm of customer service or loyalty for how you encourage your current customers to talk about you or come back to you over and over again. The ROI of focusing on these activities is huge, but it may not fit neatly into your spreadsheet.
Does that mean you stop attending events? Of course not. The ROI of a conversation may not appear for years, or it may happen tomorrow, or it may never happen. That is the way that relationships go. But the more of them you can create, the more you can increase your chances for positive outcomes. You KNOW this already — just trust your instinct and start doing more of it.
Whether you measure the investment in your social media marketing in dollars or time, there will always be a tangible return. It just might be a different sort than your investment.