Return on Relationship, ROR (#RonR)… simply put the value that is accrued by a person or brand due to nurturing a relationship.
In the world of coordinated creation of social media stories, there are typically two kinds of success, or ROI, from social campaigns: cost mitigation and/or sales increases. But I believe there is a Return on Relationship fostered by all brand-relevant content and communication.
If you want to continue to reach your market in this social media age, the marketing focus needs to be on building relationships, and metrics need to expand beyond ROI (Return on Investment) to include ROR: Return on Relationship™… simply put the value that is accrued by a person or brand due to nurturing a relationship. ROI is simple $’s and cents. ROR is the value (both perceived and real) that will accrue over time through connection, loyalty, recommendations and sharing.
Are companies finally starting to get the message about Return on Relationship, ROR (#RonR)? I have been using and evangelizing the term since early 2009, and the acronym, RonR (as a hashtag #RonR), is floating around a lot these days and it seems to exemplify the heart of the issue–paying closer attention to customers.
As we grind and hustle to get a business off the ground, every resource we can put into play is precious. But the asset we tend to value most — money — usually seems to be in the shortest supply.
Networkization of societies has contributed to an exponential increase in the number of relationships, both, face-to-face and virtual.
The key to measuring social is understanding your Return on Relationship, ROR (#RonR), which I believe is measured through organic engagement, community management, sentiment monitoring and much more.
Social media is quickly becoming a way of life… and a way of business as more and more companies are realizing they need to integrate social media into their marketing strategies. We can’t, however, expect to do “business as usual” and succeed in building an eager audience around our brands.
ROR, #RonR, is measured through organic engagement, community management, sentiment monitoring and so much more. It all comes down to one word: Value. How do your social media efforts create value for you, as a brand, and for your audience? What prompts that viewer to come back to your social channel(s) and to any other place you are looking to drive them to?
Return on Relationship, ROR (#RonR)… simply put the value that is accrued by a person or brand due to nurturing a relationship. ROI is simple $’s and cents. ROR is the value (both perceived and real) that will accrue over time through connection, loyalty, recommendations and sharing.
When you tell your story in a way that people will care, you create a relationship, a connection, a value that goes beyond immediate $’s and cents. It is what creates conversation, the content that creates trust, loyalty and advocacy.
Building a relationship with existing and future customers is the true value and strength of social media/marketing and what will and has allowed brands to survive and flourish for the long-term.
For the most part, companies have been slow to adopt ROR. They make the mistake of thinking social metrics such as Facebook fans, retweets, site visits, video views, etc., are just not measurable assets because they aren’t directly reflected on the balance sheet. But that doesn’t mean that they are without value. Also, ROR requires a commitment to consistent, labor-intensive work over a long period of time.
Are you getting a return on your relationships? Do you know how to give your small business authenticity on social platforms? Do you know how to connect, interact, and engage with your audience on a personal level?