Word of the Week: ROI

Word of the Week: ROI

By Word of the Week on December 18th, 2009

ROI - Maybe you are wondering why such a familiar term made the cut this week, but in social media, ROI has taken on a new meaning. While projected return on investment can be a deciding factor in implementing a social media program, the other ROI, the risk of ignoring social media, is beginning to make its way into the consciousness of marketers. It is incredible how in just the last couple years, sites such as YouTube, Twitter and Facebook have so dramatically changed the landscape of how we do business. And as time goes on, it is becoming clear that we’ve only scratched the surface of what is possible. The risk of ignoring social media is being left behind: watching your competitors connect with their audiences in brand new ways while losing control of the conversation about your own company or product. In healthcare the risk of ignoring social media is just as real as any other industry. With patients going online to find anything from local doctor profiles to information on prescription drugs and insurance provider rates, it is important that these healthcare companies and providers stay actively engaged with the patient/consumer. Because if they don’t, someone else will.