Social media ROI, where’s the ROI in that?
What’s the ROI of conversing with someone while queued to buy a PEET’s coffee? What’s the ROI of engaging other parents and teachers at a monthly PTA meeting? What’s the ROI of swapping stories at a monthly book club meet-up? Common sense tells us these interactions are inherently unquantifiable, yet immensely important and powerful.
Now compare this line of thought to the recent Fortune.com article that digs into some reasons why Facebook–in its current iteration–may not be as valuable to marketers. Essentially, Fortune points out that despite the fact that 1 out of 8 minutes spent online is spent on Facebook, marketers are still trying to determine whether buying ads on Facebook is worth the investment given that Facebook ads perform half as well as banner ads. This said, certain firms like Virgin America have had positive experiences with Facebook and a social presence generally (could this success simply be that their service is stellar, and the promotion of this stellar experience hearkens back to Godin’s concepts around making something remarkable?)
So what about the conversation? Or “MONETIZING THE CONVERSATION”? Fortune cites a Razorfish Liminal study pointing out that customer “relationship” management (er, CRM), as a concept to interact with customers, is shifting:
It’s not enough anymore for marketers to have a top-down mentality, simply making sure they have a presence on multiple channels, but to understand what makes some customers still use an 800 number, while others reach out to brands on Facebook.
Here’s the problem: the above assumes your customers want a relationship with you. They don’t. Yes, they will engage with you, yet only if it is on their terms. The findings in “Liminal” demonstrate that, in the future, marketers will need to find ways to sustain those engagements over time, regardless of channel, whether they are traditional, emerging or new.
Wow. Customers don’t want a relationship with a brand? But want engagement? Multi-channel marketing strategies tied to understandable analytics that yield actionable business intelligence is a must, it seems. Enter Stage Right: Gahlord Dewald.