What’s the return on investment? In years past, ROI served as the yardstick for measuring traditional marketing campaigns. Did the campaign generate the desired results and how did they stack up against the costs?

Well, that’s just another concept that has evolved, thanks to flourishing online communities. As David Armano wrote in Business Week, marketers can listen, learn and adapt … thanks to new focus groups.

By listening and engaging the “collective” through all phases of our initiatives, we now have opportunities not only to be more in tune with customer needs, but also to adapt as quickly as they do. In our digital world, that could be the most important ROI possible.

The game has changed. We don’t have to wait — in fact, you shouldn’t wait — until the end of a campaign to see how it worked. Instead, gain valuable insight during the implementation phase and adjust as needed to maximize effectiveness.

Springpad — a free online list-making and notebook service — engaged the Twitter community to conduct an online focus group. The Springpad moderator asked four questions, mainly focusing on service use and user interface. Springpad users offered their feedback and input, and the moderator asked follow up questions — much like a typical focus group. While the results aren’t scientific, Springpad received valuable feedback, such as:

The moderator also engaged participants in conversation — and showed that the company is open to ideas, as illustrated by this exchange:

This new “I” — insight gained from listening to online communities — will help marketers make better decisions and ultimately deliver a stronger product. They’ll get more bang for their buck — which is critically important during this challenging economy. In this ultra-competitive marketing landscape, the winners will be those companies that understand how to incorporate insight to strengthen the return on investment.

As our company ventures into more work involving social media and online brands, we have been making an effort to read everything on the subject that we can get our hands on. And, yes, that includes books. Admittedly, it seemed ironic for me to be toting around a hardback to learn about the future of what is going on online.

“Grown Up Digital: How the Net Generation Is Changing Your World” by Don Tapscott challenges many of the stereotypes about millennials (those currently between 11 and 31 years of age). What I was most interested in was confirming what our staff has come to believe is an inevitable shift in our industry: that the interest in social media as the latest tool in communications was not a passing trend, but rather the way it is and will be in the future.

The most compelling case for this position came from Tapscott’s analysis of population and the Baby Boom Generation. There are now 77 million Baby Boomers, born 1946 to 1964, making up 23 percent of the U.S. population. Net Geners, or millenials, consist of approximately 81 million people born from 1977 to 1997, and currently make up 27 percent of the US population. This echoing effect, as it has come to be described, represents the largest swell in population in our nation’s history, and it stands to reason that what interests them is going to impact the way we do everything.

Tapscott points out that where Boomers passively watched television in their free time, Net Geners have grown up with the Internet – interacting and changing content and incorporating online tools into their lives. His look into Net Geners’ interests and tendencies, further reinforces a very different set of expectations – not only of themselves, but also of the brands they chose to align with. Some companies have taken notice and incorporated this change into their online brands and tools that speak to their customers. Many have not and are hoping it’s just a fad. If they’re wrong – it is going to take them a long time to catch up.

Over the weekend, quite the controversy brewed – and apparently caught Motrin off guard.

Have you seen the infamous ad? Motrin took it down, but it lives on – thanks to YouTube.

Much has already been written about the controversy from business experts … to social media gurus … to parenting experts. But, there are some important lessons worth pointing out:

We aren’t a Monday through Friday, 9 to 5 society. Bloggers and Tweeters don’t stop talking on the weekends … so companies can’t stop listening. Thanks to today’s always on, always connected lifestyle, marketing communications folks – from the bottom up – are never truly “off the clock.”

Companies big and small need to pay attention to Twitter. The Motrin ad went up on Saturday. Mommy-bloggers went to work almost instantly, and by Sunday, the controversy was so out of hand that Motrin pulled the ad. And, the company’s web site was still down until Monday around 1:15 p.m. Does anyone still question the power of Twitter?

You get what you wish for. Creative marketing departments everywhere try to come up with a buzz-worthy viral campaign. Who wouldn’t want to be the next BlenTec? But, be warned. As Motrin would likely tell you today, becoming an overnight sensation for the wrong reasons – like offending moms everywhere – is not good for business. Make sure your zest for generating a buzz doesn’t overtake your common sense.

With an estimated $20 billion in spending power, children have long been a desirable target for marketers. But, today’s kids and adolescents are wielding even more influence – and not just with the power of the purse. Youngsters have mastered the art of parental lobbying.

Just look at the recent New York Times article – crystallizing this young generation’s ability to shape their parents’ decisions. In family after family, children played the role of “eco-police,” ultimately convincing their parents to purchase more fuel-efficient cars, compact fluorescent light bulbs and even solar panels.

The greening of America is not a passing trend. In fact, protecting the environment is mission-critical for today’s kids. And, parents are responding to their message. According to a recent study, 92% of adults have a more positive view of a company that supports a cause they care about, and 87% said they are likely to switch from one brand to another if the other brand is associated with a good cause. For a large percentage of households, environmental issues top the list of causes to care about.

So, now what? Companies need to take a two-pronged approach. First, they must identify strategies to become more green (if they haven’t already). Second, they need to communicate their eco-friendliness in a manner that will pique the attention of young people. Incorporate words and graphics that “speak” to kids and teens and use modes of communication that reach young people.

The bottom line: Children are driving purchasing decisions … and they’re insisting that their parents go green. How does your company adapt to this market shift?