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OPLIN 4Cast #149: Calculating social media return on investment (ROI)

Posted in 4cast

ROI graphYou tweet.  You blog.  You’re on MySpace and Facebook.  You’re LinkedIn and you IM with your patrons.  But what kind of impact is social media making for your library?  There is an argument for calculating return on investment (ROI), but can we really justify the time we spend staying connected all of the time?  What should we measure?  What kind of numbers would mean your social presence is successful?

There may be pressure to prove ROI, yet libraries still struggle with how to measure exactly how social media is helping library staff members meet organizational objectives and goals.

You are the community hub.  People love you.  So why should you have to prove your worth?

Want some tips for great ROI?  Here are some basic rules of the road.

The “Storytelling & Social Media: Return on Investment (ROI)” webinar from TechSoup Global & NTEN “will show how you can effectively use ROI processes, techniques, and formulas to help your organization make better social media strategy decisions and demonstrate impact.”  Also covered is “where to incorporate qualitative information and an introduction to a small tool set of analytics, mostly free, that can help you capture, analyze, and interpret data.”
While lengthy and a bit slow to start, this webinar is a good one if you are just getting a feel for ROI.  You will need both the audio and PowerPoint to this presentation.

While we want to know if time spent in social media is valuable, many organizations just aren’t tracking ROI.  Are you?