Word of the week: SROI
Similar to Return on Investment, or ROI as it is known in the business world, SROI differs in that it describes the payoff on time, energy and money spent on social media activity and/or marketing. SROI is an important term to understand in today's tech savvy world. As technology continues to evolve and more organizations take to the web and in particular, social media, for their marketing strategies, the SROI concept will only continue to grow. Social media marketing has grown exponentially in recent years, with many companies taking to social media sites such as Facebook, Twitter and LinkedIn to increase their brand awareness. Healthcare companies in particular utilize social media for to keep up with a constantly changing industry and SROI provides one approach to understanding and managing the economic and financial impacts social media can have on your business.