ROI = Return on investment. Now, what do you invest in?
LinkedIn – it’s basically free
Twitter – It’s free
YouTube – It’s free
Facebook Fan Page – It’s free
Blog on Blogger – It’s free
So the technical infrastructure is free.
1) Finding out what is on top of your customers mind:
Let your sales people read your clients ‘time line’ in the morning for 30 minutes. It’s the same amount of time they spend grinding through email spam. It’s free.
2) Socializing with your customers:
That’s what you hired your sales force for. No extra cost, it’s free.
3) Listening what your customers want:
You spend thousands on market research to find out in surveys what your customers want and let your product managers guess what they should build next. Now you get that information unfiltered for free. You actually save the survey.
4) Many other things you want to do to create a better customer experience, build advocacy…
You get the idea. There is all that cool stuff you can do with your existing team – if only you and your team cares. The only investment – think through it and align your team to the new reality.
So what is the mathematical ROI on zero investment? Right – so why do you even care than.
OK – you may spend a few thousand $ on a solid social media education or $25,000 for me to come in and coach the exec team to do the above. But ROI on Social media is the wrong starting point – don’t invest anything. Instead realign your organization so it matches the requirements of today’s market. If in a phase two you get fancy and creative you may ask for an ROI for what you invest but don’t start there – you will not see any ROI that way.