I had a coffee this week with fellow marketeer Steven Groves. After we agreed that there are some great benefits to blogging and that fantastic technologies like Second Life are still virgin territory, we tried to wrap some real world value to this. In other words, aside from the fascination, how's does one create ROI on time and money spent developing a Web 2.0 presence? Sure, there are the comparisons like, "What is the ROI on your phone system?" but when it comes right down to it, why pay someone to create and maintain your blog, My Space, or Second Life presence when the same resources might been used for advertising, direct mail, email, website or just meeting people for coffee?
I suspect we will find that Web 2.0 is here to stay and that the type and amount of a person's or company's presence there should be determined by
- 1. Having at least a general understanding of the capabilities available today
- 2. Understanding the reach of Web 2.0 into your target market, and estimating the change in that reach over the next 6-12 months
- 3. Understanding how your presence will really drive business (or whatever you results metric is) vs. other investments resources.
Links:
Web 2.0 ... The Machine is Us/ing Us
Material from recent Social Media conference in Phoenix
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