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What Is Your Time Worth with Social Media?

I get it. You are busy. But if you are telling yourself social media marketing isn’t worth your time, have you really considered what your time is worth?

One of the great mysteries about Social Media is determining a concrete way to analyze the ROI of your efforts. When we think of our time, conventional wisdom tells us to take our salary, divide by fifty workweeks, eight hours a day to determine our ‘hourly rate’ for our time. For small business owners, those numbers are probably closer to fifty-two weeks, twelve hours a day. Since our salaries are often skewed, our time by that calculation is worth pennies—making it a worthless calculation.

When thinking about what your time is worth in Social Media you must consider your goals. What is your time worth for driving traffic to your site? For making an important networking connection? For developing a lifelong customer?

If you are telling yourself you don’t have the time, consider this:

The Start Up
I am working with a client who is starting a Virtual Assistant business. As we had the conversation about using social media to grow her business the ‘Who has the time?’ argument was front and center.

To illustrate the example of the value of her time using social media, I pulled up the basic Twitter Search. No third party applications, no learning curves, just quick and easy. We typed in ‘looking for virtual assistants.’ Within seconds, she had a list of over fifty people in the past twenty-four hours looking to hire virtual assistants.

Say she connects with just three of the approximately fifty results in the past twenty-four hours. She charges $40 an hour, is hired for two short-term jobs, and one long-term contract. Her thirty-second search and ten minutes in follow-up just translated into a significant impact in her revenue.

Not all involvement in social media is that quick and easy. The basic principle of social media is to spend the time to develop relationships with your clients and customers. However, before you brush it off as a waste of your time, really think through what your time is worth to meet your long-term goals.