The Value of Social Media and How To Evaluate
Social Media adds value in the form of interaction with “fans” who also tend to be existing customers. In recent years consumers have grown increasingly wary of vendors and our “fans” are our best resource to bridging that gap in trust.
Our “fans” also renew at a very high rate therefore the more “fans” we convert, the better our renewals will be. Some simple principles like being honest and interesting and adding value to people’s lives can go a long way in the social realm.
It is important to learn who the influential leaders are in social media that relate to your product/service and build a relationship with them. For instance if you are in the software developer business, you will want to find who the influential leaders are in social media that discuss topics that relate to software reviews and connect with them. Offer suggestions, help, advice, answer questions that might arise that are in your area of expertise and be consistent and authentic.
In return you will be building trust for you, your brand and a loyal following of “fans”. “Fans” who through word of mouth are your best referrers and potential customers. The more “fans” you convert, the better your business will be, and therefore the more you are able to grow your revenues year over year.
Some of the metrics that help evaluate the value of social media include:
- increase in “fans” which in turn means increase in influence and brand reach
- increase in new customers as a result of brand awareness and word of mouth through “fans”
- increase in customer renewals as a result of increase in “fans” which in turn means increase in revenue.
How are you using the value social media creates to grow your business and what results are you seeing?