It is a question we hear a lot. We usually say that this question is akin to asking: “What is the ROI of customer service?” Because effectively, they are one and the same, and every business will have a different answer.

“Social media” is our current term for the tools that we use to communicate on the internet. That’s it and that’s all. Yes, there are certain etiquette to follow, and each tool comes with its own learning curve, some even with their own syntax. But if you are looking for a strategy as to how to use those tools, the safest way is to simply create the digital equivalent of your company’s existing customer service policies. It sounds simple, because it is. Social media is, after all, real life. ‘Xcept on the internet. When you talk about yourself too much, people get bored of you. Put your own interests ahead of your customers? A competitor is gonna eat your lunch. Got caught in a lie? Time to make good, right now. The rules are the same, only the tools have changed.

With that aside, we have the great pleasure of being able to tell you that if you want it to, social media can help have a direct effect on your bottom line. Not unlike the way great customer service strategies can help boost profits, a good social media plan can lead to more sales, leads, referrals, testimonials or whatever goal you set for your business. But you have to do it right.

Offer Value First, Get Loyalty in Return

So how do we use social media to make more money? To put in the simplest of terms: we take advantage of the scalability of these to tools to offer a lot of value to a lot of people. We offer so much value, that when we ask for something in return, we get it. And what’s more, we stay connected to our entire community, especially those that want to hear from us on the regular. That builds loyalty, and loyalty leads to evangelism, referrals, and repeat business. And let us not forget that these tools can be used for sales prospecting and follow-up, coupons, monitoring competitors, online contests, and promotions of all kinds. Let us also bear in mind that these days, customers expect to be able to connect with you online. If you are silent, your are conspicuous.

Taking that first step to a more active online presence can be a bit scary, and if mishandled, truly risky as well. But if you have a plan that includes offering value first, you can win at this game we call social media.

Have questions about how we can help? Hit us up in the comments, or contact us.

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This entry was posted on Friday, August 12th, 2011 at 11:10 pm and is filed under ROI, social media. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.