At the ADMA Forum last week Ted Rubin, Chief Social Marketing Officer at Collective Bias presented to the delegates the concept of ‘Return on Relationship’. It generated quite a buzz in the audience and also on the social media stratosphere.
With the proliferation of social media channels and the number of businesses integrating social into their marketing mix, are we measuring our success through the right metrics? ROI or ROR?
As a Digital Marketer, I am always trying to trial new approaches to connect with my audience, this really resonated with me.
‘Relationships are the new currency !’ As explained by Ted Rubin and Kathryn Rose ‘Return on Relationship™ (ROR), is the value that is accrued by a person or brand due to nurturing a relationship, whereas ROI is simple dollars and cents. ROR is the value (both perceived and real) that will accrue over time through loyalty, recommendations and sharing, and is used to define and educate companies, brands, and people about the importance of creating authentic connection, interaction, and engagement.’
What really resonates with me, as I manage both business and personal social media accounts is that we need to move away from the ‘selling’ approach and start to make meaningful connections. The consumer is now in the driver’s seat and we need to pay attention and listen to their expressed needs to ensure we’re creating a meaningful connection.
It invigorates me to think of the possibilities through social and how I have a great channel to listen to my audience.
My key learnings:
- Don’t be frightened to ask questions. People want to be connected with you and help you to understand them
- Build HUMAN relationships don’t hide behind your logo. People want to identify with a real person and forge real relationships.
- Move from an ROI measurement model to a ROR model to really measure impact. This is a new way to measuring impact and proving the value of social media marketing.
I know I am going to order a copy of the latest book Return on Relationships to learn more about the evolution of this concept and how I can learn more.
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