#ROR, or #RonR, might seem like a foreign concept. But, what it stands for is something every small business owner should know. ROR is an acronym for the term "return-on-relationship," similar to other business terms like "return on investment," "return on equity," or "return on assets." ROI, ROE, and ROA focus primarily on numbers. ROR focuses on relationships as well as numbers.
ROR is one of the marketing world's newest key concepts used in their strategic planning for businesses. It is measured through organic engagement across social media platforms, community management, and how everything a business is doing creates value. Unlike ROI, ROR brings in ROI and satisfies the relationship between your business with your customer. Anything that your business puts out into the world should positively impact your ROR. It's about making sure your business holds value to your consumers.
Ted Rubin, marketing strategist and author on the subject, described ROR as "the value accrued by a person or a brand due to nurturing a relationship. ROI (Return on Investment) is simple dollars and cents. ROR is the value (perceived and real) that will accrue over time through loyalty, recommendations, and sharing." In addition, he adds, "measuring the return on relationship is not easy, as it involves not only analyzing connection growth, but also measuring the overall sentiment of your consumers voice in relation to your brand."
Here at PressReady, we have a variety of kits available to help your brand establish good standing ROR with your customers. From our Brand Identity and Storytelling workbook, meant to help you speak your identity, vision, and goals, to our Pitch Ready: Operation Exposure kit to help you achieve positive, meaningful media coverage, the perks included in every kit can help you with your business' ROR.
To get a jumpstart, head on over to PressReady.io and check out our introductory kit, Get Noticed! to get started on building up your brand's ROR. Over on our blog, we have lots of supplemental posts in accordance with our kits to give your more insight on building your personal brand, and helping your ROR in the process.