If you’re like me, you undoubtedly are meeting with prospects asking what the ROI might look like if they got involved in digital communications, new media, social media or whatever you choose to call it. Everyone wants to know how they’ll benefit from having a stronger online presence. I get that, I’d be curious as well if I was unfamiliar with the terrain. Here’s the problem:
How do you measure missed opportunities in your ROI equation?
As Gary Vaynerchuck and so many others mention, it’s about listening not talking. Like any good sales professional, you end up talking about 30% of the time with the other 70% being consumed with learning as much as you can about your prospect so you can determine how you can best help.
What’s the ROI of turning a negative comment into a positive outcome?
No matter how hard you try, you’re going to mess up. We’re human, not robots. Show me who you think is perfect and I’ll exploit all their flaws. We may have all the best intentions but sometimes there are things that happen outside our control. Its ok, people understand. Here’s the rub…
If you’re not online, listening to your clients, prospects, advocates, and haters of your brand you’re missing out on vital communication.
Think about the last company you criticized online. Do you like them as a company? I bet you don’t.
It’s hard to be critical in a public forum when you like the people behind the logo. Even if you don’t care for their products or services, if you respect them and know they have a strong online presence you’ll most likely not say anything at all. What’s the ROI of helping avoid negative comments?
I think it’s time companies’ stop trying to come up with all the excuses of why they don’t want to get involved. That doesn’t mean that every company should start a Twitter account today, create a Facebook page, or produce a YouTube video. Ignorance is one of the main reason businesses fail. Their ego won’t let them seek out new opportunities even as they see their old methods no longer working.
Without proper planning and education, a company can risk brand image by recklessly joining social circles only to SPAM the entire community. Just signing up isn’t enough. There are plenty of companies we could point to as examples of what not to do. Likewise, there is a growing list of companies doing it right or at a minimum working hard to provide what their community wants.
The question should no longer be, “What will my ROI look like if I get involved in social?” but rather…
What am I missing out on by not getting involved, listening, and delivering what the people want?
What’s your take on the subject? I’d love to hear.
Photo credit: www.articulate.com/rapid-elearning/2008/01/
There is a great case to be made for listening. Unfortunately it seems to be very difficult to quantify – and even qualify – from the positive point of view. For instance, one cannot say, “you will realize $XX.XX from these behaviors” the the case is difficult to make to an inquisitive executive. You also can’t qualitatively say, “your company will improve more admirably on the Likert Scale if you do these behaviors.” I think people have to be shown what they’re missing and experience some positive (or negative) results before they resign to the fact. If something can’t be proven, time and money investment may be hard to convince the skeptical to do. The idea, until then, is an esoteric one that is difficult to assess for a company that is performing well.
.-= Therran Oliphant´s last blog ..There is a Forest Around Those Trees =-.
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Thanks for the post David! I agree that people often look for the quick ROI of time spent using social media. For instance, they think and verbalize, ” I was on twitter for a week/month and I didn’t get any business, and all I heard was about where people were having lunch or dinner.” That’s someone who isn’t listening and isn’t interested in relationship building. What’s worked best for me is to listen, learn, have conversations, and occasionally promote an event I’m involved in or a blog I wrote. I look at it as building relationships online, not a shortcut designed to get new clients.
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Therran,
There are actually quite a few case studies of companies who have demonstrated actual increase in sales due to their digital communication exposure. The numbers of executives willing to take a look at alternative measures are increasing by the day.
Lori,
Good thoughts. Social networks weren’t created as a new marketing platform. Relationship building became easier online but as you stated still takes time to nurture.
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