I just read a very interesting blog from Robert Patterson of MMG Worldwide, talking about measuring social media ROI in the travel market.
I was especially intrigued by the discussion of non-tangible factors in calculating “return on influence”.
It all got me thinking that another interesting question to ask, especially if you’re still thinking about whether all this is worth it for your company, might be: “Can I quantify the opportunity cost of *not* doing this?”
In other words, using the travel example, could a hotel somehow measure how many nights it costs them not to be doing a Twitter campaign when the comparable hotel down the street is? Hotels are very upset about negative reviews, especially those of doubtful origins or motive – do they know for sure how much damage they do?
Perhaps the only way to calculate the negative side is to jump in and see what difference it makes – but the article got me thinking . . .