Our friends at trends.com, who do economic, social and demographic trend prediction, came up with an interesting concept, in measuring return on investment in social media, but didn’t offer any specifics (at least not to the non-subscribers) on how to do it.
We think it’s a great idea, and we only know of one company (Ford) who does an ROI analysis, which is done by looking at Facebook hits and drawing a correlation to web site hits and indirectly, to sales.
Most of the blogs one reads are breathlessly promoting the next new toy of social media, wihile leaving it to the readers to figure out whether it’s relevant or how one could figure out a return on the investment.
If anyone out there reading this has some insight on this topic, we’re all ears.
We’re open to commentators