October 04, 2015 by
- 89% of consumers have stopped doing business with a company after experiencing poor customer service. (RightNow Customer Experience Impact Report)
- 70% of buying experiences are based on how the customer feels they are being treated. (McKinsey)
- 6-7X more costly to attract a new customer than it is to retain an existing customer. (SalesForce)
Is customer service a top priority at your company? These statistics indicate it should be.
Being consumer-centric is a business strategy; one that places top priorities on having a relationship, earning trust, rewarding good customers and forgetting about marketing.
It’s also an investment. How do you prove it’s worth it? And measure it?
Key Performance Indicators (KPIs) are business metrics tied to a target. They are used to evaluate factors that are critical to success. KPIs are the actionable scorecard that keep business strategy on track.
What are KPIs to track outstanding customer service? Here are 20 consumer-centric KPIs to consider.
HAVING A RELATIONSHIP
- CUSTOMER RETENTION RATE: The number of customers who renew their services or make additional purchases from the company during a defined period of time divided by number of active customers.
- CUSTOMER CHURN: The number of customers who opt to not renew at the end of their subscription in a given time period divided by the number of customers whose subscriptions end.
- CUSTOMER SATISFACTION SCORE (CSAT): Outstanding customer service organizations keep a constant pulse of their customer satisfaction (CSAT) score. By giving a simple survey after a customer has completed their experience with customer service, managers gain insights to build and develop their business.
- NET PROMOTER SCORE (NPS): The number of customers who would recommend your brand to their associates (e.g., friends, family, acquaintances) divided by the total number of customers.
- CONVERSION RATE: After someone from your customer service team interacts with a customer, how likely are they to make a purchase or take some other kind of action? If your customer service is good, this number should be fairly high.
- AVERAGE RESOLUTION TIME: If you’re able to keep that resolution time relatively low, that could be an indication of good customer service and another way to measure customer service.
- FIRST CONTACT RESOLUTION RATE: The number of inbound calls that are resolved on the first contact without the need for transfer or subsequent contacts divided by the total number of inbound calls.
- AVERAGE WAIT TIME: Even if you do respond quickly to an issue, how long does it take for you to get back to that customer? Measured both by if a customer calls or writes an email.
- CALL ABANDONMENT RATE: The percentage of inbound phone calls made to a call center or service desk that are abandoned by the customer before speaking to an agent.
- NUMBER OF COMPLAINTS PER DAY: Number of complaints received from clients by the customer representative staff.
- ESCALATION RATE: Number of technical or product complaint calls that are escalated from customer service representatives to supervisors/managers for resolution divided by the total number of complaint calls, as a percentage.
- COST PER COMPLAINT: The total expense (labor, materials, shipping, etc.) for the incident management group divided by the total number of incidents processed.
- DAILY RETURN RATE: The average daily number of returned products received and processed.
- ENROLLMENT CONVERSION RATE: The number of customers who choose to enroll in the customer incentive program during a defined period of time (e.g., quarterly, yearly) divided by the total number of customers.
- REWARDS ATTAINABILITY: The number of reward program participants who redeem accrued reward points/credits during a defined period of time divided by the number of participants who have reward points/credits to redeem.
- REWARDS ACCRUAL RATE: The value of rewards accrued by the average customer divided by the total purchase amount of the average customer during the same period of time.
- REWARDS BREAK RATE: The number of accrued rewards that are not be redeemed by members of the customer incentive program divided by the number of accrued rewards available.
- ANNUAL CUSTOMER VALUE (ACV): The average dollar value of a customer over one year.
- LIFETIME CUSTOMER VALUE (LCV): The net profit gained from a single customer over the ‘lifetime’ relationship with the good/service/company. This is generally generated by predictive analysis and forecasting because it is used to make longer term revenue projections.
- CASH FLOW: If your service is bad, it could drive customers away, decrease referrals and cause potential customers not to complete purchases. But if it’s good, customers are likely to come back, tell their friends and have a big impact on your company’s overall profits.
Do these KPIs help you measure customer service? How do you think your business does on these metrics? Do you need help with the metrics to keep the business strategy on track?
March 30, 2014 by
- It costs 4-6X as much to acquire a new customer as keep a current customer (source: The Times)
- 80% of a company’s future revenue will come from 20% of its existing customers (source: Gartner)
- 5% increase in customer retention can increase a company’s profitability by 75% (source: Bain and Co.)
You get the idea. You can’t be in business without putting the customer first.
Customer service is the series of activities that enhance customer satisfaction to keep customers coming back.
Some have argued the quality of customer service has decreased in recent years. That it’s due to lack of understanding and planning at the executive levels on the Return on Investment (ROI) of customer service or, more specifically, Return on Service (ROS).
Do you think so? Here’s how 12 experts measure the ROI of customer service.
- “Customer service is not being completely about services, but also as the delivery tools to create company image and customer feelings. And customer feelings are the cornerstone of any successful business.” – Aida Alakbar, TeliaSonera
- “It is no longer good enough to simply satisfy your customers or to have a product that works. What will really make the difference is when the customer asks: when I went through that experience, did the provider really engage with me, did they understand my needs, did they think logically about what was best for me? – Jo Causon, CEO of the Institute of Customer Service
- “Global companies spend the equivalent of 2% of their marketing budget on actively maintaining relationships with existing customers, while 86% of us have stopped working with a company due to bad customer service – it suddenly all seems to add up.” – Tom Eggemeier, EVP of Global Sales, Genesys
- “The overriding factor for consumers will be trust. – a high level of trust will result in a good customer service ROI. Consumers have to trust a supplier to deliver against its promise. Whether that is providing the best price, being available when needed, or getting a response to an inquiry,” – Customer Champions
- Once you make an emotional connection with a person, the trust and respect you gain far outweighs the benefit that you get from any form of marketing or advertising efforts. The bottom line is, customer service banks on the long-term ROI. – Evergage
- “The rank that consumers assign to a brand relative to the other brands they use predicts share of wallet according to a simple, previously unknown formula, which we’ve named the Wallet Allocation Rule. The essential distinction of the Wallet Allocation Rule is that it takes into account both rank—Is your brand a customer’s first choice? Second?—and the number of brands in the set the consumer uses.” – Timothy L. Keiningham et al, Harvard Business Review
- “A simple, practical and intuitive approach is if a company asks itself, ‘What, specifically, do we want customers to do more of or less of?’ Attitudes (such as satisfaction) and feelings (such as delight) aren’t included – only observable behaviors, such as ‘use our service more often,’ ‘purchase more items on an average visit,’ and ‘return merchandise less frequently.'” – Kinesis
- “It’s best to start by understanding the value proposition of your company. For example, do you compete on customer experience, where satisfaction measures are of primary importance, or do you compete on cost, where efficiency and productivity measures are most important?” – Kate Legget, Gardner
- “The problem is that there is an inherent conflict – a tradeoff – between a customer’s current-period purchases and her lifetime value. Businesses are obsessed with short-term results. In sales and marketing terms, it means they are simply eating their own customers, a little at a time.” – Don Peppers, Pepper & Rodgers Group
- An organization must be able to make a direct connection to a performance metric. Many times organizations just give the customer what they want. But there is a big difference between what a customer says they want and what drives value ($). To get ROI, you need to focus on value. – Colin Shaw, CEO, Beyond Philosophy
- “Stop telling consumers about something they don’t want and will never buy, because eliminating that waste through data to focus on consumers who really care about certain products gives brands a 60% improvement in return on investment.” – Laurie Sullivan, MediaPost
- “The payoff of any project can either be a profit increase or cost saving. For most cases and especially customer service improvement initiatives, the payoff is likely to be cost saving, such as reducing staff time spent on a task, improving the quality and driving towards first contact resolution, and avoiding cost associated with errors.” – Etta AuYeung – Customer Service Advantage
For more facts on the value of existing customers, check out the infographic below
Do you think customer service has decreased in recent years? Do you agree with the way these experts measure Customer Service ROI?
June 25, 2012 by
It takes 2X as much to get a new customer as it costs to keep an existing one. Today…
- 71% of customers go online first when they have a problem with a product or a service (source: TNS).
- 21% more sales result to companies that use social media to address consumer complaints (versus 11% for traditional methods like email and phone) and consumers then tell 3X as many friends about their positive experiences (source: American Express)
You can do the math but could social media be better at building trust? Here’s what 12 companies learned using Twitter for customer service.
- @AJBomber: Restaurant owner, Joe Sorge, uses Twitter for outreach and as an extra pair of eyes and ears to listen and respond to customers. As a results, 75% of customers come from Twitter; weekly sales increased +60% within a year and, today, AJBombers has 19,910 followers. Not bad for a restaurant with two locations in Wisconsin.
- @AskCiti: Citibank uses this Twitter handle to send a link via Twitter direct message to the customer to start a live chat. Compared to navigating 800 number callback from the back of a credit card to a live operator where “the interactions were more phone tag. We’re getting in touch with the customer the way they want. It’s something that’s easier and fits the customer’s style,” say Frank Eliason, SVP of Social Media. (8.088 followers)
- @AmericanExpress: American Express found consumers who begin a customer service dialogue through Twitter “are willing to pay a 21 percent premium at companies that provide great service. Ultimately, getting a service right with these social media savvy consumers can help a business grow,” says Jim Bush, an AmEx EVP.
- @AskHalifaxBank: With no response from other channels, an angry customer resorted to Twitter: “Good LORD @askhalifaxbank how can 1 company make SUCH a mess of Isa transfers? I’m on hours of phonecalls, branch visits & still not sorted.” She got a response within minutes her complaint had been forwarded and return tweet: “If we can help with anything in future, feel free to tweet.” She says she would use Twitter again.
- @ClevelandClinic: The Cleveland Clinic uses Twitter to dispense health advice to over 52,000 followers. In return, patients are better about keeping their appointments with physicians and the Cleveland Clinic has a noticeable increase in traffic to their website.
- @FirstDirectHelp: First Direct Bank has “best practices” for every tweet they receive. “We aim to respond to a tweet within an hour and whilst it’s difficult to put a figure on it, at the moment it has definitely improved the time to resolution, which was already good,” says a spokesperson
- @HRBlockAnswers: During tax season, a long response time can mean a lost customer. For example, @r_wett tweeted “HR block, how is it that the FREE SC e-flie [sic] costs me $30 to file?” A short seven minutes later, @HRBlockAnswers replied, “@r_wett Through the HRBlock website, Federal returns can be completed for Free. Fees apply for states. In this case, the exchange and the quality of the dialogue secured a new customer.
- @LAFitnessUKHelp: When a frustrated customer wanted to know the LA Fitness’s cancellation policy, he spent 15 minutes on hold and hung us. Instead, he asked on Twitter, and his tweet was answered within four minutes. He stayed a member.
- @NetSolCares: When a customer “eeded to update a client’s website which is hosted on Network Solutions. we are based in the UK. apparently, due to some DDOS attacks some IPs (mostly from overseas) have been blocked,” she “twittered (tweeted?) about the connection issues asking if anyone else was having the same problem. i was hoping to just get some additional information on what the problem may be, instead, i got a response from NetSol support within the hour.” Her Tweet to Gerry was followed up by an email and phone call from Sam who fixed the problem within minutes. “I won’t discuss whether i feel NetSol is a good host provider or not, but i will say i was incredibly impressed by their customer service, and i found out just how useful a simple tweet could be.”
- @SouthwestAirlines: An angry customer tweets a complaint about her flight that “Southwest=Suckage.” She gets another tweet back and then another tweet days later ask how her return flight was. “I have to say that my Southwest Twitter experience wasn’t just a single fire and forget incident as they twittered back again to check up on me,” she says.
- @Starbucks: To listen to customers and help with content management, Starbucks tweets: “Hello Twitterville. I posted some news stories last week. Is that interesting for you. I’m here for you, so let me know what you want to see.” Couldn’t any brand benefit if they followed this tweeting practice?
- @TwelpForce: Best Buy gives employees the opportunity to help consumers on Twitter voluntarily and the community grows to 2,200 employees within 3 months. They respond to over 13,000 customers on Twitter answering 100-125 questions, concerns, and opinions every day. The Twitter feed @twelpforce now counts over 44,000 followers and the number of questions averages 100-125 per day. Someone I know was waiting on line at the Best Buy Help Desk and had her issue resolved faster on @TwelpForce than in store.
Customer service “is not about being perfect, it’s about the response” said Deborah Mitchell, a clinical associate professor of marketing at Ohio State University, in an interview with Smartmoney.com. “People like to feel like the company was proactive in responding, and bent over backwards to fix it.”
What do these lessons from 12 companies teach you?
October 27, 2010 by
Last week, we published, 34 Case Studies that Prove Social Media ROI. This week, we’ve added another 33 to bring us to 66 case studies that prove social media ROI.
The purpose: Prove (with 67 examples) the value of social media and understand the ROI principles at work to help any brand thinking about using social media to build their business.
The 67 case studies (33 below/34 in the blog below this one) cover B2C, B2B, profit and non-profit areas. They include businesses big and small. They prove social media ROI based on:
- Shorter Sales Cycles
- New Leads
- Improved company operations with internal cost savings that return money to the bottom line
- Mass reach (at a fraction of the cost of mass media)
- Innovations and new product ideas from customers
- Social good
The business principles: Clear business strategy + Defined measurements goals + Willingness to jump in + Imagination + Commitment = $$$ROI
We asked for input along the way. Reineke Reitsma, a Forrester Analyst in Amsterdam, asked for some social media programs that failed. We have two; one from KFC and one from Starbucks. While both “failed” because the companies were not prepared for overwhelming consumer response, they show the ability of social media to drive demand. When customers came en masse, the two companies reacted in entirely different ways. I’ll let you judge who showed good social media manners and bad. They’re below as well and were referred by Tom Chernaik, a friend in NYC and Co-Founder of Cmp.ly, who I thank.
So the next time someone at your company questions whether social media has proven ROI, refer them to these. You might also ask: Are there 67 case studies that prove ROI for what our company does?
33 MORE CASE STUDIES THAT PROVE SOCIAL MEDIA ROI
- ADIDAS: Used social networks to do guerrilla marketing on mobile (e.g. Facebook, Twitter, SMS) in and around NBA All-Star Game and increased retail sales 20X goal in Las Vegas (where All-Star Game occurred).
- AMERICAN RED CROSS: During Hurricane Katrina, multiple organizations had trouble coordinating and sharing information connecting children to their parents. Because 44% of web users found social network as an alternative, social media reconnected more families than organized support and regular media combined. “One person can take a photo. One person can post a message…and it changes our understanding of a situation immediately,” said Macon Phillips, special assistant to the President.
- BARACK OBAMA: Social media campaign for the President on My.BarackObama.com raised $30,000,000 from over 70,000 personal fund-raising pages, 400,000 blogs, 35,000 groups and 200,000 offline events. I sometime wonder, when social media was so successful getting the President elected, why it’s not being used more strategically, now.
- BARE ESSENTIALS: Makeup manufacturer used combination of e-mail and social media to achieve unique visitor engagement rate of 75% and equivalent conversation rate to mass media channel at a small fraction of the cost.
- BREAST CANCER AWARENESS MONTH: The updating of personal status on social network pages for women with breast cancer received more media attention on CNN and newspaper networks than the paid efforts of numerour PR firms. The difference, of course, was the former was a marginal investment and later was paid support.
- COCA-COLA: Achieved strongest global marketing integration ever with Expedition 206, a social media promotion where a small group of travel ambassadors went to 206 countries over 365 days to “generate happiness” and published on social networks. It enabled global promotion execution among 3,500 Coca-Cola marketers around the world.
- COLGATE: Launched Wisp, disposable toothpaste, through “Be More Kissable” social media video campaign (+30 more involvement) that ran on YouTube, Twitter and Facebook. It achieved reach of 10,000,000+ rivaling mass advertising at small fraction of the cost.
- DIGITAL: Magazine/blog/website with pay-per-click business model linked social media outreach to SEO for site authority. Goal was to deliver 10,000+ viewers to show profitability; social media delivered 100,000+ viewers for sustainable success.
- FORD FIESTA: Used social media for U.S. launch to generate mass reach, build relationships with key targets and achieve reservations-to-conversion sales rates that were 10X higher than expected. On YouTube, Ford Fiesta generated 6,200,000 views with 132,000 consumers raising their hand for more information. On Flicker, there were 750,000 views; 83% were new to Ford. On Twitter, there were 40,000,000 impression; 30% were car buyers under 25.
- EMC: B2B social media effort that achieved business transformation by creating a global company-wide social community, EMC ONE. This connected and increased collaboration resulting in double-digit revenue growth in more than 60 countries.
- EMERSON SALON: Saavy used combination of blogs, Facebook and Twitter to reach 75% of their customers and drive positive reviews on Yelp. This built business because 90% of all purchase decision begin on the internet and 85% are looking for an independent review. Co-Founder, Matt Buchon, said “it’s rare for even a walk-in customer to come in and not have be read our blog or seen our tweets.”
- FELA: Off broadway play, Fela, created Facebook campaign, aimed at Facebook users with interests like theatrical shows or Afro beat. They spent $4,400 in time, management and Facebook ad costs and generated $40,000 in ticket sales for ROI of 9-to-1.
- FISKARS: 300 year old Finnish company that makes fine cutting tool created online social community of crafting enthusiasts called “Friskateers” to reach underutilized channel of small retailers for a 3X increase in company sales.
- FOILED CUPCAKES: Generated 93% of its business through social media leads to surpass revenue target by +600%
- GENERAL MOTORS: Launched “FastLane,” one of the first blogs personally written by senior executives. Customer feedback given through a blog saved the company $180,000/year versus traditional focus group research not to mention the enormous good will of company executives responding to consumers, not a focus group moderator.
- H&R BLOCK: Tax preparation is a highly seasonal business. H&R used Facebook and Twitter to provide immediate access to a tax professional for Q&A in the “Get It Right” social media campaign. The effort secured 1,500,000 unique visitors and answered 1,000,000 questions for a 15% lift in business versus the prior year when there was no social media “Get It Right” program.
- KFC (BAD EXECUTION BUT HONORABLE BEHAVIOR): Ran coupon promotion on Facebook and Twitter for a Free Grilled Chicken dinner. High value resulted in coupons passed around virally on the internet and KFC franchises ran out of food; yet, they honored everyone who came with a coupon, eventually, and people appreciated their responsible behavior. Check out Starbucks for a similar promotion and a company who didn’t behave so responsibly.
- JIMMY CHOO: Best known as a designer for women’s shoes, Jimmy Choo used Twitter to geo-locate and feature upscale stores where their sneakers were available and saw a +33% increase in sneaker sales, a 40% increase in positive mentions and 4,000 participants in his Twitter effort.
- JOHNSON & JOHNSON (BABYCENTER.COM) 8 year old online/social media community connected and engaged 8,000,000 new and expectant moms in the U.S. (78% of total) and another 16.5 million in 21 countries. A major profit center for J&J and, in fact, a major social brand.
- JOIE DE VIVRE: A company that operates 33 luxury hotels in California on Tuesday nights broadcasted special $79/night deals to its Twitter account of 10,000 followers and Facebook page of 5,000 fans. It booked roughly 1,000 rooms, that would have stayed empty with virtually no investment.
- JUSTIN BOOTS: Attributed 95% of sales to social media on a budget that was half of traditional media.
- KINAXIS: B2B supply chain management company used 18 employee bloggers and focused on category thought leadership and it generated over 42,000,000 leads. That’s 2,180,000 per blogger.
- KRAFT (TOLBERONE): In the Phillipines, Kraft wanted to make Toblerone, a Swiss chocolate bar, synonymous with gratitude. The company established October 20 as the country’s National Thank You Day. Website, http://www.thankyoudayphilippines.com/museum, and social network outposts generated nearly 500,000 hits and Toblerone sales escalated 132%.
- MARS (PEDIGREE): As part of integrated “Pedigree Adoption Drive,” Pedigree created “Become a fan, help a dog” Facebook group. When campaign started, there were 55,000 fans. At the end, there were 1,000,000+. In terms of involvement, users sent 6,000 photos, 50 videos, 1,000’s of comments and, most important, made donation for 1,100,000 bowls of dog food.
- PAGANUM FARMERS MARKET: Small network of UK farmers proved blogs and social network advertising produced better return on investment than any other online or offline consideration.
- PETCO: Leveraged the voice of their customers by implementing the Bazaarvoice Ratings & Reviews solution, which went live on their site. As a results, website clicks were nearly 5 times higher, Top-Rated Products category had a 49% higher conversion rate and customers spending saw a growth of nearly 63% on PETCO’s top-rated products.
- PIPERSPORT AIRPLANES: Sold $140,000 airplanes online through search optimized video content and social networks. The sale of the 1st plane drove ROI through the roof.
- QUICKEN: Launched social community and blogger outreach to build long-term relationships with future and potential customers and provided free credit reports/scores, home value report and mortgage recommendations. Quizzle.com received over 425,000 visits and 70,000 accounts were created without a dollar spent in traditional advertising.
- STARBUCKS (BAD EXECUTION AND BAD BEHAVIOR): Like KFC (above), Starbucks ran limited duration coupons through social media in limited markets. Coupons spread virally on social networks but Starbucks, unlike KFC above), wouldn’t honor them. So Caribou Coffee did, instead. Their competitors gained a lot of new customers who better taste in their mouth for Caribou than Starbucks.
- UNILEVER (AXE): Launched an online contest through social media and created a website, AXERide.com, for registrants to interact. The contest directed contestants to upload a digital photo of his car and explain in a short essay how tricking out a car would help them get the girl. AXE received more than 30,000 visits and four times the number of entries as compared to previous AXE competitions.
- VITABIOTICS: Health supplements manufacturer builds community of 13,000 that it uses for learning, insights and trial of new products prior to going to market. Product trials have 95% completion rate and save the company $100,000’s annually versus traditional research and test marketing.
- WET SEAL: E-commerce teen clothing store for girls created “community” section on the web site for users to design their own clothes, publish for reviews and leverage “wisdom of the crowd.” They saw a 21% increase in revenue driven by a 10% increase in sales and a 10% increase in the average purchase per customer.
- WHOLE FOODS: Maintained 200 Facebook accounts and over 150 accounts. While the accounts have different topics, they all focus on business happenings supporting a clearly defined business strategy for social media.
September 14, 2010 by
There are reasons why social media works, but, given certain demands, it won’t work. Here are the principles at play and 10 reasons social media builds business; 4 things it doesn’t do.
10 REASONS SOCIAL MEDIA BUILDS BUSINESS
- IMPROVES SEARCH RANKING: Social media outposts (e.g. blog, Facebook, Twitter) created or added to your website can improve search rank significantly. That’s because the extra touch points and publishing frequency drive not only traffic but establish “links” Google uses to establish “authority,” their primary criteria for a high search rank. In fact, 97% of companies report higher search rankings by adding a blog to their website (source: comScore).
- FINDS KEY TARGETS: You can find any target by almost any characteristic (e.g. interest, demographics, location, health conditions, product usage, 1-to-1 relationships) using available social search tools. I’ve connected with people through social media that would have never been possible otherwise. One, for example, is Kim Kardashian. I reached Kim through a blog at the bottom of this page. I don’t think an e-mail or a phone call would have worked.
- KEEPS PULSE ON YOUR INDUSTRY, COMPETITORS AND BRAND: Just like you can find key targets, you can and should listen to what they say about your industry, competitors and brand. Recently, for a client, we found out through “mommy bloggers” about pending legislation that ended up having a big business impact. Amazing what you can find on the internet.
- ACHIEVES SPEED TO MARKET: Many businesses believe being “first mover” is an important competitive advantage. Social outposts can be established in a matter of days and updated in real time.
- IDENTIFIES RETURN ON INVESTMENT: Social Media Examiner says the #1 question people ask is: How do I measure social media ROI? Since you asked, three blogs down, are “100 measurements for social media ROI.” I hope there are some that work for your business.
- LOWERS INTERNAL COSTS: From communications to customer services to CRM, examples abound where social media is integrated into these services to deliver a bigger pay-offs at lower costs.
- OPTIMIZES AND SCALES: There’s nothing static about social media; it’s meant to be acted upon with learning. Listen, connect and engage are the activities. Increase what’s working and pull on what’s not are the actions.
- BUILDS TRUST: People like to do business with people they know and social media gives people the chance to get to know and trust you. 86% of people trust a recommendation from someone in their social media circle; only 14% trust advertising (source: Nielsen).
- DISCOVERS NEW BUSINESS BUILDING IDEAS: By 2013, Forrester predicts most new products and services will come to market because consumers will tell companies through social media what they want. Wouldn’t you want to be ahead of the curve?
- MAKES YOUR PASSION CONTAGIOUS: If you’re passionate about what you do and offer, social media can make others feel like you do. A friend from Milwaukee, owner Joe Sorge of burger establishment, AJ Bombers, increases weekly sales +25% with Twitter. But, as Joe will tell you, “if I didn’t believe AJ Bombers makes the best burger on the planet, social media wouldn’t accomplish a thing.”
4 THINGS IT DOESN’T DO
- SUBSTITUTES FOR A BUSINESS STRATEGY: You don’t need a social media strategy. You need a business strategy. The role of social media is to amplify it. Social media can help you if you don’t have one.
- ESTABLISHES AN AUDIENCE OVERNIGHT: Your audience builds as you publish worthwhile content and engage; it doesn’t just appear. You’ll find watching where, how and why it builds is actually is fun and valuable learning.
- IS FREE (OR VERY LOW COST): Time is money and someone has to plan, set-up, publish and analyze. Whether you do it or someone does it for you, the medium may be low cost but the time of someone(s) or some company who know what they’re doing isn’t.
- SUCCEEDS WITHOUT COMMITMENT: Without company buy-in and commitment to resources, the presence, content and momentum that make social media work isn’t going to happen. So, if the thought occurs to just set up Facebook and Twitter pages and use them as a home for uninteresting press releases to check off the box, please reconsider social media.
Is this in line with the reasons you thought social media might work build business for your brand? Anything you would add?