One of the most powerful arguments you can make to your senior management to support web initiatives is their Return on Investment, or ROI. In my now infamous debate with Matt Herzberger on his blog on Friday, the subject of how you measure ROI for things that are not so easily quantifiable came up. The answer is simple: If something doesn't have a clear value, you assign it one. How much is an online application worth to you? How much is a page view? A click on a link in an email?
Here's an easy example for email marketing with the call to action being the completion of an online application. The numbers are (almost) completely arbitrary. The American Marketing Association has a great ROI calculator to use with stuff like this, which we'll be utilizing here.
Say it took 200,000 emails at a cost of $0.015 per message ($3,000) to result in 9,000 clicks (response rate of 4.5%) to an online application, which converted to 2,000 completed online applications (1% conversion rate). The last thing we need to decide is how much an online application is worth to us. Let's lowball it and say $1,000. Plug those numbers into the ROI calculator and we get an ROI on these emails of 2,900%:

I would actually argue that an application is worth more than that to many universities. Say the cost of attending your institution is $36,000/year. After financial aid paid out by the institution, your average student will pay half that, or $18,000. You get 3,000 applications a year, of which 650 (or 22%) students will ultimately enroll. So you're going to need 5 applications for every 1 enrollment so we can value an application at one-fifth the total revenue brought in by one enrolled student, or $18,000/5, which equals $3,600. We can now plug that into the ROI calculator for new new ROI on these emails of 10,700%. Not too shabby.

What I'm trying to show here is that assigning value isn't based 100% on hard numbers, but that its not entirely arbitrary either. Some guess work is involved but its calculated guesswork. I'm also trying to show that even if your boss rejects the premise of your calculated guesswork and you have to lowball it, you're still going to get a significant ROI that will outpace any print publication you have.
A tougher example:
Ok, the above example is easy. But what if you have something that isn't necessarily going to provide you with a conversion rate of any kind, like a blog? First, you need to decide what your ultimate goal is with the blog. I can't express how important this is and it is the step that is most often skipped over with any new web initiative. For the sake of simplicity, I'm going to break the goals into two categories: Your blog is probably either going to have a direct call to action or its simply going to be a place for your users to gain more information about your institution.
If you've got a call to action included in the blog template, such as making a gift to the institution or filling out an online application, your numbers are pretty straight forward. Just set up a tracking mechanism so you can see how many people converted from the blog to complete your call to action. Assign that conversion a value and complete the ROI calculations the same as above. (However, as anyone reading this probably understands, a blog is not necessarily the best tool for prompting your users to one specific call to action. It's more about an ongoing engagement. Therefore, this calculation is probably not an accurate representation of total value.)
If it's informational, then you've got a trickier question on your hands. A good place to start is to look at how the corporate world evaluates these things. Charlene Li of Forrester Research came up with a great chart to get us started:

I mostly put the chart here for food for thought. For our purposes, the best (and easiest!) measurement will probably be total visitors and number of people commenting. So what's a visitor worth to you? They must have some value or I would hope that you wouldn't have started a blogging program in the first place. Even if one visitor is only worth $1 and a comment is worth $2, you're still probably going to garner an ROI because of how cheap it is to start a blogging program ($150 for a premium Typepad account). That's part of the beauty of working on the web - it costs less for us to run an entire initiative than it does to pay the mailing costs of one print publication.
Including internal staff time
If you're really getting saucy, you'd also include how much an hour of your time is worth, multiplied by the number of hours it took you to do something and add it to the overall cost (salary + benefits / ( 8 hours a day X 5 days a week X 52 weeks a year) = your cost per hour ). This may seem like a bad idea at first, as it will bring down the total ROI of the project. However, if you show you are putting a ridiculous amount of hours into one aspect of your job that could be easily streamlined this addition will allow you to make an argument for a piece of technology that may cost a lot at first but will help you to significantly streamline your work. For example, the senior leadership team in the my office just approved the investment of tens of thousands of dollars in an external email service provider. One of the key arguments in getting this approved was showing how much internal staff time it was taking in troubleshooting the problems with our current system - hundreds of hours, which equated to thousands of dollars in cost to the college in just a few months.
Stories are great, but numbers are what really get them going
You can apply these techniques to almost any circumstance to assign some sort of numerical value to a project. It seems as though most web people prefer to illustrate their accomplishments through stories of their user's engagement. Anecdotes from your users about how great a particular part of your page or marketing plan is are great and completely appropriate. But nothing makes senior administrators perk up like numbers. It makes them go "wow, this is something that is ACTUALLY important...this is something I need to pay attention to."