High Five – What’s the Worth of a Rave?

From Bob GilesHigh Five from Handshake 2.0:

In World Wide Rave: Creating Triggers that Get Millions of People to Spread Your Ideas and Share Your Stories, David Scott claims that asking about the financial benefits from Internet marketing – the return on investment (ROI) - is misguided. Handshake 2.0  has tackled this question before for blogging.

"What's the ROI?"

It's a question right for the past but having little meaning today in the era of the World Wide Rave. The question can hang over a business like a dark cloud, producing cautious, boring messages, and standard scripts about the company rather than about the good done for the customer…the real currency for the customer. The Rave, and the massive number of contacts it could generate, may not ever be triggered because advertising folks are watching the ROI.

The company proponent of the use of social media to create a Rave gets "pushback" from corporate officials when he or she claims "What's the ROI?" is not a good question to be asked about the goodness of creating raves. In support of the company proponent, Scott asks businesses how they compute ROI on office furniture, landscaping costs, and on the advertising panels on car and truck doors.

The real calculation: if hundreds of thousands of people (a number that can be counted)  are seeing and sharing your messages and ideas, then some percentage of them will be buying your product, service, or idea.

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Bob Giles is writing about the World Wide Rave.  Here's the series so far:

Starting a Social Media Wave with a Rave
A Rave Worth Sharing
And this one:  What's the Worth of a Rave?

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Robert H. Giles, Jr. writes High Five for Handshake 2.0, a business news and Web 2.0 services enterprise of Handshake Media, Incorporated, a member company of business acceleration center VT KnowledgeWorks.  The opinions Robert Giles expresses are solely his own and are not necessarily shared by Handshake 2.0 or its clients, sponsors or advertisers. 

You can follow Robert H. Giles, Jr. on Twitter @Bob_Giles

Robert H. Giles, Jr. is a Virginia Tech Professor Emeritus with a vision for a rural land management system.  He writes two blogs, The Survivalists and Faunal Force. 

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Comments

  1. Love it. Thanks so much for spreading the word. David

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