The ROI of social media has been an ongoing topic of debate across many industries for quite some time, but ROI now has a new meaning: Realization of Influence. Brian Solis, one of my favorite geniuses, recently published a post of the idea, originally developed by Italian media strategist and author Vincenzo Cosenza, exploring the understanding of the relationship between cause and effect, and how it’s the first step in designing strategies based upon the realization of influence.
The new ROI can be defined as a “measure [of] caused effect and outcomes and/or the tracked change in behavior over a fixed period of time” (B. Solis).
Although ROInfluence is not a numeric score, it’s a metric of cause and effect, and performance. Discussed in an earlier post, the ROInvestment of social media can be broken down into four factors: Financial, Brand, Risk Management, and Digital Assets. ROInfluence can essentially be measured by these four factors as well, but the idea/strategy/proposal should be evaluated based on “merit, thoughtfulness and impact to the organization” (B. Solis).
Solis’ post is, so far, the only place where Cosenza’s idea can be read in English. I’m excited to see the reaction to Cosenza’s new book, Social Media ROI, when it’s translated and hits stands in the United States. From what I can understand from his blog, some of the ideas to be introduced are mind-blowing, in my opinion. Although the book’s arrival in English-speaking countries may be a while considering it was just released to the Italian market on Feb. 22, one can only hope its translation is underway!