In my previous blog post, ‘Value and ROI from Social Media: What can Health-Sciences learn from Retail?’, I discussed how visionary retail and consumer products companies were at the forefront of deploying social media (and mobility where relevant) to engage with their customers in new and exciting ways. These companies are leveraging social media (and mobility for greater reach) to “differentiate the consumer shopping and buying experience” and building loyalty thru dialog, listening and engagement with the consumer in whole new ways as was elucidated in ‘7 Stage Social Media (and mobility) Value and ROI Life cycle Model’ (figure 1 above). (more…)
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In my previous blogpost, ‘Will Social Media find meaningful usage in a Healthcare context’, I have elucidated how social media is being adopted and leveraged in a Healthcare context and the new business and engagement models being rendered viable by social media, as well as best practices thereof.
However, the million dollar question that companies and organizations today find themselves challenged with is, “What is the value and return on investment (ROI) from Social Media initiatives to justify continued and incremental investments”? This blogpost will persevere to address this question using a ‘7 Stage Social Media (and mobility) Value and ROI Life cycle Model’ (figure 1 and table 1 below) proposed by this author, enumerating best practices in retail and consumer products. (more…)