If You're Wondering How A Social Media Strategy Will Help Your Business, The Train Is Already Off The Tracks

Tue, 20 Jul 2010 12:42:28 -0400

Ground zero for the conversational web is the customer, not your business. Get comfortable with the idea that the tail will be wagging the dog for the foreseeable future.

I'm privileged to get to speak with a lot of business and marketing executives about social media strategies and almost with predictable certainty, they skeptically ask ...

"How will social media help my business? Give me the ROI for this new line-item on the budget."

While I can sympathize with an organization's fiscal requirements to understand the return-on-investment for any given initiative, it's also just as important to understand ROI from the customer's perspective. One way to address this often asked question concerning the business benefits of a social media strategy, is to look at from the other side of the table.

"How does social networking and social media help my customer?"

Instead of thinking about your own ROI, imagine calculating the ROI from the customer's perspective. It's clear that the social media cruise liner has left the harbor with many companies standing on the dock wondering if it's worth it to rent a cigarette boat to catch up and assimilate with guests partying on the cruise ship.

Your current and future customers have already calculated the ROI of surfing and foraging for knowledge across the open waters of the web versus alternatives. They have concluded that it's far more profitable (and socially beneficial) to align themselves with networks that streamline the path to knowledge about family, friends, products, entertainment, and services.

I think it's time to stop asking how social media will help your business and transition your views in a manner that will help your organization understand how social media and social networking will help your customer.

Just sayin...

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If You're Wondering How A Social Media Strategy Will Help Your Business, The Train Is Already Off The Tracks