Archive for February 16th, 2013
Back in October, I had the pleasure of attending the Philadelphia Real Estate Council‘s fourth quarter round table, where the topic was a departure from the group’s usual fare (capital markets, urban development opportunities, valuation). The subject of this meeting was “Social Media and Real Estate.” Three guest speakers shared their experience with social media, its challenges and opportunities. The underlying question throughout this conversation was this: when it comes to commercial real estate (in all of its forms), what is the ROI for social media marketing?
I’ve tackled this subject before, here on the Llenrock Blog, and I’m going to save us all a lot of hand-wringing by saying this: It is impossible to know the ROI for social media marketing, in commercial real estate or anything else.
So let’s stop talking about social media in these terms. It’s difficult to calculate the value of social media for the same reason it’s difficult to calculate the value of any marketing/advertising. There’s a lot of guess work, but we know when it works. And that’s the point all those people in the social media business (myself included) are trying to make: even if we can’t make a direct connection between a company’s online presence and annual income, a connection still exists. Read the rest of this entry »