Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Social Blog Carnival: Getting the 411 on Social ROI
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > CRM > Social Blog Carnival: Getting the 411 on Social ROI
CRMMarketingSocial Data

Social Blog Carnival: Getting the 411 on Social ROI

BrentLeary
BrentLeary
6 Min Read
SHARE

As part of the One on One conversation series I do over at SmallBizTrends.com, I recently talked with Cory Hartlen, a product marketing manager with Radian6.  During our discussion Cory mentioned quite a number of things that hit on the topic of social media ROI.

As part of the One on One conversation series I do over at SmallBizTrends.com, I recently talked with Cory Hartlen, a product marketing manager with Radian6.  During our discussion Cory mentioned quite a number of things that hit on the topic of social media ROI.

One story that really caught my attention was around how some of their clients were using listening tools from an HR perspective. By listening for mentions of people that have graduated with their MBA, or are looking forward to graduating with their MBA, a few of their clients had success in finding potential candidates for their junior executive training programs. So instead of having to rely on more traditional avenues for recruitment from headhunters, they were able to use social listening to help reduce some of those costs.

More Read

7 Steps to a Smooth CRM Implementation
AI In Marketing: Is It Worth the Hype?
Old School: Companies That Still Just Don’t Get It
Social processes: if you add social software to BPM, do you get Enterprise 2.0’s killer app?
Somewhere Philip K. Dick is Smiling…

From a more traditional angle, Cory said Radian6 themselves listen to social conversations so when people reach out to their social networks and ask for advice, they can lend a hand and share a link to our review of monitoring systems. Then those conversations are very measurable because they can figure out how many leads they are getting from the social space over a given time period and get those input into their system.  Then they actually see how many of those leads they are able to close on over a given time period to get their ROI from a program like that.

One last point Cory made is that he believes when it comes to social media ROI it all comes down to goals and strategy. And this seems to be backed up by the results of CRM Essentials/SMB Group Social Business Study performed last year. 

Our survey of 750 executives at small and mid-size companies found that companies who characterized their approach to social media as strategic seemed to find more success with it than those who felt their organizations were more informal with its use.  In fact, people working at strategically social companies were twelve times more likely to predict an increase of twenty percent in 2011 revenues over the previous year, compared to more informal social media users. And employees who said their companies did not use social media were twice as likely to expect a decrease in 2011 revenues compared to strategic users.

Below are a few differences in approach to social between strategic vs. informal users:

  • Strategic users 2.5X more likely to have Sales involved than Informal users
  • Strategic users 2.5X more likely to have HR involved than Informal users
  • Strategic users almost 3X more likely to use social media for product development than Informal users
  • Strategic users 2X more likely to use social media for research than Informal users
  • Strategic users 2X more likely to use social media for internal collaboration than Informal users
  • Strategic users 2X more likely to have integrated CRM with social than Informal users
  • Social media was 2X more likely to be selected as top activity for improving customer service by Strategic users than Informal users

And along with the differences in how strategic organizations leveraged social media throughout the organization, they also kept track of KPIs differently:

  • Strategic users 5X more likely to measure customer retention metrics than Informal users
  • 3X more likely to measure sales conversion rate from online community
  • 2.5X more likely to measure number of followers on social networks
  • 2X more likely to measure net promoter score
  • 3X more likely to measure share of conversation
  • 1.8X more likely to measure new ideas generated

When asked about the ROI of social media, Cory says you could very easily ask what the ROI of his telephone is.  Without a goal and a measurable strategy, you pretty much are left in the dark. But if you decide to make three more sales this month, then you know you need to make X number of phone calls to be able to close that number of sales.  So now you have a goal and a strategy which can be measured to prove how successful you were. 

He thinks that social media is no different, and the numbers seem to back this up.

This post is part of the Social ROI Blog Carnival at Think Customers: the 1to1 Media blog. Visit the blog carnival post “Calculating the ROI of Social Media” to check out the full lists of posts from numerous well-known social media thought leaders.

 

TAGGED:Customer Listeningsocial media roi
Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

What is the Future of Social Media Analysis?

3 Min Read

The Social Media Evolution is an incredible opportunity: but needs business management’s understanding of why and how!

13 Min Read

Social Media Monitoring – Analyzing the Unexpected Results of Social Conversations

5 Min Read
leveraging social data for ROI
AnalyticsBig DataExclusiveSocial DataSocial mediaSocial Media Analytics

Measuring Social Media ROI: Leveraging Data To Boost Results

19 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?