Allow me to explain using this site as an example.
When I started this blog I wanted to share my thoughts and ideas on the social media marketing and technology space. I used to talk about these things quite a bit and finally decided that I should open up the conversations to a larger audience. I also wanted to build up a network for myself and in the hopes that it could lead to some interesting consulting or collaboration opportunities. I didn’t really know what to expect; the only thing I knew I really wanted to do was to own the topic of “social media consulting” (and a few other terms) in Google, which I pretty much do.
A lot has happened since this blog has been created (1. 5 years old now). As a result of this blog (and my social media efforts):
- I’ve signed a good size client with my consultancy
- I landed a book deal
- I’ve spoken at several conferences and events (with many more on the horizon)
- I’ve developed several business/collaboration opportunities
- I’ve garnered a good amount of exposure online via syndications, search results, referrals, etc.
If I made money off of something that I didn’t intend to make money off of, is it still ROI? If a company invests 500k into a project that didn’t involve a financial return as an objective then is it ROI if the company does see a financial return?
Well, it really depends how you want to look at this but in my opinion ROI needs to have purpose. Meaning, I invest 500k into something with the intent of geting back 600k. We see a lot of accidental ROI all the time, especially with blogs (mine is a good example). ROI needs to come from a clear strategy with specific set of objectives in mind. If we are to embrace a more accountable social media (and marketing) program then we need to take specific responsibility for what it is what set out to achieve.
Making money on accident in my opinion should not qualify as ROI unless your strategy and objectives were actually laid out to make money. Intent means a lot when it comes to accountability.
What say you?
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