Social Media ROI Series Part 3: Learning

Social Media ROI - Learning

Social Media ROI Series Part 3: Learning

As technology finds its way into the hearts of businesses, revolutionizing the way we do business, only the fittest brands will survive. Why not be among the fittest?

Those operating businesses, always feel their lungs crushing whenever there is a new player in the market. This is years after the pioneers thought that they had the only keys to the kingdom. Suddenly they realize people are willing to make their own keys and thus doors. Making it clear that the kingdom does not belong to them: and it never did in the first place. More can be said about competition: suffice it to say, it is alive and well.

How do you become fit? You listen. You research. You simply find all information available that will go towards improving the quality of services and products your business offers. It is at the precipice of succumbing to competition that social media comes in.

By supporting your social media team and efforts, you have created a 24/7 focus group which is rich in information. I will go a step further to say, information you will find useful.

Usually when businesses want to find out new information about the newly launched soap for instance, a team armed with questionnaires, surveys and any other research method is deployed to the field. After months of tedious work, long when the product is almost being phased out, results come in. Only to find a swift young blood with superior products at affordable prices. Rather one that meets the needs of his target market. But how, you ask. Social media.

Having a robust social media presence will help you gather this information within a day of dedicated listening. As Peter says, ‘What you’ll find is that what customers reveal when they talk to each other is even more authentic and useful than what they tell you directly.’ Paid focus groups. ‘The opinions they express there are apt to be more honest and less self-conscious than what they would have contributed in the structured, paid environment of traditional focus groups.’ He adds.

Therefore, how is this a return on investment (ROI) you wonder? Well, because you are getting quality useful information within the shortest time possible and at a lesser cost. Compared to the many months you would have spent tasking the marketing team and paying dearly for every piece of information you get in both human resource, time and money.

Here are Edward Stening thoughts on the value of social as a market research channel. “[Our social marketers] know what customers like, they know what they don’t like, what pisses them off, and they know how to get a reaction from them. They know what brand messages will or won’t excite them, what time of year to talk with them,” Stening said. “It used to be random; we’d send out a mailing, do a print ad and a TV ad, and we’d get research nine months after the fact. Now our marketers can get on our social pages and can learn more about their customers from a half an hour of looking through our engagement than what they would have learned from a market research document. We’ve tried to use this as a keyhole into the world of the customer.”

This cements the idea that those on the social media bandwagon stand to reap the rewards of social as a market research channel. By having, a 24/7 focus group, thus ready information, waiting for you to gather and analyse it you increase the chances of your business to compete. However, the key is to listen. Through listening, you learn about these insights, which then form the building blocks for any decision you make aimed at improving the products and or services rendered.

“It is important to leverage social media as a listening post. In one form, it is an extension of customer care, and in another form, it is giving you product feedback and suggestions. If you are engaged with customers, having a dialogue and an ongoing community, you will learn who the posters and the leaders are, and you can start to influence them. You can create calls to action and drive behaviour,” said Winell.

Now what information are you seeking? Go to your social media sites and go through the comments your audience has been posting. Listen. You will find the answers you are looking for. Good luck!

In case you missed my part 1 and 2 series, you can read them here.