Is it time to move on from that notion? I’m not sure but here is a good case for it. Social media is now a mainstay for the Digital Executive and the digital business.
Is there no ROI to the customer experience at all? All things to think about for sure. Perhaps it isn’t an “either/or” issue but more like “yes/and”. At some point, it would seem that we should create a value from great social media experiences.
What if the return is more loyalty than a financial measure on the quarterly statements? In that case, it could be a better ROC (Return on Customer). Are customers who engaged with you more loyal over time than those who aren’t?
Many brands are moving away from metrics that purport to measure ROI on social media. They’ve realized that social media isn’t a transactional engine or sales machine, so they’re dropping half-baked indicators that gauge secondary effects, such as financial return. Instead, the new metrics evaluate social media strategies in terms of audience-building, brand awareness, and customer relations. Read more here: The Myth Of Social ROI – Business Insider
Here are the key ideas:
- Be clear up front what is important
- Measure what is important
- Take the long view