I often get asked the “how do my 3,000 Facebook fans translate into revenue?” question and my usual answer is that Return on Investment is a business metric, not a media metric.
I’m not a finance person or investor and I needed to check the Return on Investment formula again:
If your equation shows a cost value in $$$ and a gain value in Facebook fans then you’re in big trouble.
Social media is the typical investment-return relationship (social media has a cost attached) and hopefully this graphs will clarify any doubts:
Remember, in order to be successful you need to have a goal, build your strategies and activities to ladder up to that goal and then track to see if you’re meeting expectations. So set clear goals, both tangible and intangible.