Here’s a way to determine social media ROI

Here’s a true but little known story about me....I decided to attend Virginia Tech after I visiting a family friend who was a student there.

Diane took me to a frat party and I had fun...a lot of fun...and VT zoomed up to my top college choice, thanks to my "punch"-influenced impressions. (Fortunately, the gods were with me, because VT turned out to be a great choice for me career- and otherwise.)

I bring up the story, though, because it reminds me of what's happening in social media...where execs are being asked wing social media decisions based on impressions. Social media initiatives provide real-world benefits -- but execs can and should expect to consider their economic value relative to other customer-facing initiatives.

Yes, it's hard to determine a social media ROI because of the combination of a long-term investment and unknown variables. But...

Not having a clear idea of how to determine a social media ROI doesn't mean it can't be done.

Want to know how?  Think like an upstream oil company.

Yes, really.

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Talking Around the Town – Friday, 10/30/09

Thanks to all the folks who took time to write articles and share their thoughts. 

So many good topics on technology, CRM, and social businesses.  So many opportunities to comment.

And I did, I did. Here are the places I visited this week.

 

Sales is much more than just sales people

A Twitter discussion on the lead to opportunity life cycle moved to a Mitch Lieberman's blog (sometimes you need more than 140 characters for conversations).  My 2 cents on the customer life cycle and it's place in lead nurturing through opportunity to conversion to customer.

Also be sure to check out the article I wrote as a follow up to Mitch's.  It's Take ownership of your customer relationships - And win.

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Take ownership of your customer relationships

Who owns prospects and customers in your company?  Do you know?  Just as importantly, would folks in other departments give the same answer?

You need "yes" answers to all those questions or you'll mismanage your customer relationships.

To get to "yes," your customer-facing teams need good definitions of your company's Customer Life Cycle and Rules of (Customer) Engagement.

Let’s dish on strategies to propel your company's business success by spring boarding on well-defined customer relationships  – and then layer in the technology tools for managing the customer.

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Talking around the town – Friday, 10/23/09

This week, I had much to say about a number of topics.

Holding central place is my continuing championship of letting business objectives and strategies lead technology.  The latter is the servant of the former, by gum. 

Go. Read.

 

The Next Big Thing is not Social “XYZ”

Wim Rampen wrote a short article that generated active discussion on the topic of the co-creation being at the core of Social CRM and Social Business Design.  Much of the discussion centered on the Next Big Thing. 

I'm a technology lover and, hey, partner in an IT firm here.  In my mind, though too much discussion still centers on technology, when many businesses are still at the starting point of defining objectives and strategies for social business design. 

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Tips for successful business & tech requirements for tech solutions

I chatted with my buddy David today about a project he has going with a client to implement a sales solution.  Everything is moving along successfully for David – good news – and there’s a good reason for it.

And that reason?  Well-defined business requirements, followed by technical specs.  Do these activities in detail and well, and you’re halfway towards completing a successful technology project.  Do them poorly, though, and your project is a ticking time bomb.

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Talking around the town – Friday, 10/16/09

I entered into a great discussion this week on John Moore’s blog regarding Important Social Media Stats From IDC For You To Consider.

The article highlights adoption of social media by workers and the technology implications.  I commented on my techno-thoughts, in the good company of others.

 

I agree with a lot of what John writes, however, in his article Social Media May Never Scale Beyond Support For Most Businesses, John and I face off on opposing sides.  There's great potential for business uses of social media -- but it will fall into collaborative realms.

What’s the deal with our free consultation offer?

One of my buddies and former co-worker asked me what the dealio is with Intellicore Design Consulting offering folks a free consultation offer. 

If we provide quality services to clients, and we do, then why give away a free hour of our time?  Because it's an "expand the pie" opportunity for you and us.

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Business strategy should always lead technology

There are ongoing discussions ablaze concerning how to label social media technology solutions.  Should they be called Social CRM or Social Business solutions or what have you.

It’s beneficial to decide on labels so we can all speak a common language so the discussion is important.

However, the focus on the technology is also a cart before the horse phenomena.

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