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Social ROI: Connecting Community to Commitment

by Randall Craig on October 10, 2014

Filed in: Blog, CRM, Make It Happen Tipsheet, Marketing, Social Media, Strategy

Tagged as: , , ,

Do you have a creeping feeling that you will never get an adequate return on your Social Media investment?  If so, you’re probably right. To improve Social ROI requires three key ingredients: the first reduces costs, and the second and third improve return.

  1. Improve program efficiency: Swap out experimentation and opportunism with goals, persona-based editorial calendars, monitoring, measurement, and time accountability. Strategy and structure help reduce the size of the investment.
  2.  Marketing automation: This is the family of initiatives that convert an unidentified community member into an identified prospect.   Example Marketing Automation initiatives:

    The critical requirement for Marketing Automation is that each interaction adds value in the eyes of the prospect. The goal is not about selling, it is about building trust.

  3. CRM (Customer Relationship Management): Once trust is built, the prospect will either self-identify a need (“Can you help us with…”) or will be asked about a need (“Had you considered…”). CRM tracks a specific opportunity through each sales stage, until they ultimately transact.  Even not-for-profits and associations have sales stages: one track for prospective members, and another for prospective sponsors.

Unfortunately, many organizations mistake the installation of technology with the thinking that is required to get Marketing Automation and CRM actually working by themselves. Or the thinking that is required to wire Social Media, Marketing Automation, and CRM together.

This week’s action plan: Lower costs and higher returns equals improved Social ROI.  This week, explore the connection beyond SM: what is your first step beyond the development of community? And is there something missing from your strategy?

Marketing Insight: One of the most powerful marketing tools is knowledge. Connecting the data behind the web, Social Media, Marketing Automation and CRM provides a 360 degree view of a particular prospect as their relationship grows. And looking at the data across all prospects provides critical insights that can be used to improve the overall marketing process.

Note: The Make It Happen Tipsheet is also available by email. Go to www.RandallCraig.com to register.

Randall Craig

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About 

Randall has been advising on Web and Social Strategy since 1994 when he put the Toronto Star online, the Globe and Mail's GlobeInvestor/Globefund, several financial institutions, and about 100+ other major organizations. He is the author of seven books, including the recently released "Everything Guide to Starting an Online Business", and speaks across North America on Social Media and Web Strategy. More at randallcraig.com and 108ideaspace.com.

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