If you follow me you know I talk a lot about the ROI of Social Media since I happen to have stumbled on a great ROI using Social Media in providing support for our customers at Avaya.
Social customer support I would argue is the single best place to focus your social media efforts since it can reduce customer churn and increase your retention rates faster than any other program I have ever seen before thereby delivering a strong ROI. Listening for and spotting a customer issue, responding to them and solving their problem in minutes using social media not only lets you conquer social media but delight your customers in the process.
But I think there are 3 more ROIs out there where you can build a great business case with Social Media
Conversations – PR needs to move from publications to conversations and if you take that concept and really track and engage in conversations where you brand would fit – I could see that leading to an ROI over time – similar to the way the long tail works for books or movies – this is the long tail of conversations and it would be like having 100s of ads out there for your brand that were all relevant and in context. Which leads me to my next ROI …
Leads – Listening for mentions of your brand or product or even competitors brands is a great way to find leads – evidence I have when listening for the competitors of Avaya – if I hear someone say “replace Cisco” – don’t you think that’s a conversation Avaya should be engaged in? Grant it there haven’t been a ton of those conversations but if you add up all your competitors and your own brands product lines it becomes meaningful.
Advocates – Here is the last one where we have had some success as well. How are you building and taking care of all those really avid followers on Twitter or die hard fans on Facebook – perhaps if you were able to harness them like some companies are doing now with service like Zuberance – you can get them to make recommendations and build your brand with the power of their voice. We are seeing some success with this but some clients of Zuberance are really killing it with this one strategy.
Dell has been talking about how they made $3 million dollars off their Twitter site – how did they do it? With a Coupon Code! – We have plenty of tools both old and new at our disposal to measure and track so many things on the web – so much so – that I have lost all patience for the concept that “we cant measure social media” – if Dell can measure with a coupon code just think what can you be doing to track the flow of social media with special 800#, special email addresses, special landing pages.
That’s how we did it at the beginning of the web – I don’t see why this time is any different!