What’s The ROI Of Social Media? That’s What EVERYONE WANTS TO KNOW!
So to help with that, and dispel the notion that social media is just a waste of time, I worked on creating a model around the enterprise value of social media. I looked at an area of a company and wanted to see, if I took the metrics used to measure, say Customer Service and I applied social media, how would the performance of that department change.
From all the posts, comments and tweets, we all know that customer service needs to shift. Is social media the way the shift will happen? That remains to be seen, although there are already hundreds of companies going in this direction.
Would love to hear your thoughts and comments!
If you are still wondering if there is an ROI, check out this presentation on slideshare.net:
Learn. Share. Grow!
Thanks for tuning in!
Dr. Natalie
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Soon, this question will be akin to asking, “What is the ROI of jet fuel to an airline?”. Social media, or whatever businesses want to call it to help them sleep at night, is communications, plain and simple. Communications is the lifeblood of business – within companies, B2B, B2C, B2B2C, whatever. Questioning the value of helping people find and connect with one another to achieve specific goals for a business will as laughable as whether you should have email or a phone.
Questioning the value of people communicating is ridiculous, you are right. Questioning the method and value of how that is done is another story altogether. I think you might have missed the point Mr. Brice. CRM is about business processes. How do you get information about a customer from one point to another within your organization to make it easier for you to know how you can frame the conversation with that customer. One database several fronts. Still by and large one direction for conversation.
Socialized CRM will take it to the social media step of facilitating the conversation. Not so much how are you going to help or sell to your customer, but, developing the capacity for allowing them (your customers) to talk amongst themselves and with you in a more meaningful way. Yes there have been forums for decades now where folks did just that. This has the capacity to be done on a higher level.
Just think, with a corporate social media platform you can unify your touch points to a single website and get differing levels of conversation going. Sales reps to other sales reps, customers to customers or companies, internal and external communicating in what one hopes is a more efficient manner.
Thank Glen for your contribution to the conversation! Appreciate that a lot. I think your points about the ability to break down the silos and have people work in collaboration makes sense. Interesting — each new era of business– points out so clearly what would be better if!
Yeah… at some point I think we will remove the word “social” before describing how people do business. But for now, since it is not mainstream… we have to figure out how to distinguish the “old” from the “new” and generally humans tend to categorize things so that the communication is clear and others can “get” what they are saying.