I have just come across this video as referenced in a Phocuswright round up. It is a presentation by my new (well as of today) favourite site, Socialnomics. The video is similar in nature to a good book of “Freakonomics”, mixed with Gladwell’s “Tipping point” blended into the case for doing “something” as a business.
I too can appreciate that social media (SMO) is not right for everyone and everyone’s business. And after some pilots I have run, your customers may point you in the real direction. But not to act seems to be a lost opportunity.
To measure ROI on social media is difficult if you are comparing to conventional channels. You should ask yourself whether a Twitter followerer or Facebook fan is worth <, > or = to a newsletter sign-up? And whether a highly engaged internet active, prequalified online early adopter is the type of customer you should be appealing to?
With one foot in the marketing world, I hear my colleagues past and present talk about “customer centric”, “customer engagement” and “top of mind”. Surely any medium that allows the customer to be in charge of comms/info/receiving deals is a good thing. And brands that encourage people to engage I predict will be the winners in the long term.
Anyway, watch their video, it is better than I can type here – what do you think?