2009-12-29 We Are The Network: Part 2 – Working Measures Of Virtual World Engagement and ROI
“Part 2—Working Measures Of Virtual World Engagement and ROI”
Please join us for a discussion every Tuesday at 12PM noon SL (US Pacific Time)
This Tuesday, Dec 29th, we will be at the Epoch Institute in Second Life™
This Week’s Topic
Part 2—Working Measures Of Virtual World Engagement and ROI (Return On Investment)
In our last session, we attempted to arrive at key measures to determine “The ROI” and “Virtual World Engagement” for virtual world and social media projects. I say “attempted” because we ended up with a variety of different positions and views on what constitutes the value center for engagement and ROI. Ultimately we decided that there is no single measure of value or ROI (other than dollars at the end game for business projects which could be measured in multiple ways, and measurable improvement of some sort for educational and social action projects.)
At the close of the discussion there was strong consensus that we needed another session on this topic. Actually it was closer to “we are going to continue this,” and so we will!
We decided that the path to metrics is to build a catalog of prototypical goals for various project scenarios in business, education and social action, with the premise that this will lead to some specific measures.
Please bring your own list of typical scenarios and goals for projects in virtual worlds and social media as a starter, so that we can assemble these into a starting point for discussion.
What were the measurable results to go along with the “feel good” impressions and comments that “visitors can” (did they)? Was it a success by some objective measure of the participants? Is there some quantifiable return for the investment, and how much return was there? These questions do not necessarily point at product sales, and in many virtual world projects the target is not direct sales. At the same time, there are quantifiable ways to measure engagement and return on investment.
What are rational measures of engagement and return (which are not the same thing!) for virtual world projects? Which approaches have you seen to creating objective measures? Which seem to work, and which do not? Are there potential measures of engagement and ROI that are not being exploited, would need new software development or automation to collect, or “should be possible” but cannot be accomplished with today’s tools?
Join us Tuesday at 12PM noon SL, and thanks for being part of “We Are The Network”!
Reading links below – have fun and see you soon!
These are the same links as last session, repeated in case you didn’t have a chance to check them out on the last go-round:
Defining Social Media ROI by @TheBrandBuilder
Social ROI Primer, London Business School
Measuring Social Media ROI: Why It Fails
Social Return On Investment (SROI): Exploring Aspects Of Value Creation, Harvard Business School
Is Social Media ROI Unmeasurable?, by SEOMozBlog
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Please Note – Mixed Text and Voice Session:
We Are The Network is an open, mixed voice / text discussion session. Please feel free to participate in voice or in text, to your preference. The facilitator and some participants will be using voice, so you may wish to enable voice in your viewer so that you can hear the voice portions of the session.
To enable voice, choose Preferences from the Edit menu, click the “Voice Chat” tab along the left of the form, and then make sure that “Enable voice chat” is checked. Again, speaking is not required for this session, however if you do not enable voice, and use speakers or headphones, you will not be able to hear part of the discussion.
Thanks for attending!
Joel Foner (Second Life: Joel Savard)