The brilliant Ben Grossman, only 20 year old and already representing the social media generation with in depth understanding of traditional one. Ben talked about the ROI of social media and how companies can measure it. On top of ROI, two other measurements that were formed by Prof. Donnie Sholtz were mentioned:
ROBI – return on brand investment
ROCI – return on customer investment
Key message was: traditional measures of ROI are not relevant anymore.
With social media it is harder to isolate factors of traditional measurement, as it is composed from a series of cause-and-effect relationship which are hard to isolate and see what impacted final result.
ROBI measures investment of external factors: economy, consumers as a whole, brand loyalty and residual value.
ROCI measures who returns comes from, with behavioral data that tells how we should engage customers in the future. This will grow with the growth of semantic web.