ROI, or return on investment, is a pretty important calculation in business. It gives you a metric on whether a project or task is giving back more than what you’re spending on it. Social Media ROI can be a bit tricky to calculate. There are soft numbers like followers, retweets, etc. and there’s a more direct calculation of actual sales or leads (conversions) from social media activities. While all these metrics are important, social media ROI isn’t always so directly measureable. How do you assign value to a conversation?
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News & Notes
Updated Social Media Usage Statistics via Erik Qualman
Erik Qualman from Socialnomics refreshed his popular Social Media Revolution video with new statistics on social media usage:
You can get more information on the statistics used in the video on his site.
Pricing Based on Customer Expectations
Pricing, when done properly, is one of the most difficult tasks any business faces. Yet it is usually only given a perfunctory once-over. Customers have a range in mind that they’re willing to pay, but if you ask them, cheaper is always better. Ask a customer what they paid for something after the fact, and they’ll probably have a hard time remembering exactly. Price something too low, and people wonder about the quality. Price too high, and you’re out of budget. How can you meet your customer’s expectations without directly asking them?
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