Google has launched new social reports that aim to quantify the return of investment of social media. Phil Mui, Google Analytics group product manager, says that Google wants to "tie social activities and referrals to measurable, meaningful economic value so businesses can more effectively evaluate which social channels are impacting their bottom line, and which tactics will lead to measurable economic value."
But Google isn't the only one attempting this. Vancouver startup HootSuite partnered with Adobe recently in an effort to accomplish the same goal.
Calculating social media ROI is currently considered impossible by most, but that's not stopping anyone from trying. With the continued momentum of businesses using social networks to drive customer engagement, boost sales, and enhance reputations, successfully quantifying the return in value of, say, a tweet, would be tremendously useful.
Who can crack the nut first?