Social Web and Business: Effects of Social Engagement on Financial Performance

Quite an interesting study which suggests that Social Web engagement
can have positive impact on revenues.


Engagement via social media IS important ó and we CAN
quantify it.

Many different social media channels exist, each with a slightly
different value proposition. Rather than try to understand just the
individual value of each channel, the ENGAGEMENTdb looks across
main channels and categorizes not only breadth but also depth of
brand engagement in social media.

Whatís in it for me?

The ENGAGEMENTdb quantitatively demonstrates a statistically
significant correlation between social media engagement and the two
most meaningful financial performance metrics Ė revenue and profit.
Money talks, and itís declaring that it pays to engage meaningfully in
social media.

Emphasize quality, not just quantity.

The ENGAGEMENTdb Report shows that engagement is more than just
setting up a blog and letting viewers post comments; itís more than
just having a Facebook profile and having others write on your wall.
Rather, itís keeping your blog content fresh and replying to comments;
itís building your friends network and updating your profile status.
Donít just check the box; engage with your customer audience.

To scale engagement, make social media part of everyoneís job.

The best practice interviews have a common theme ó social media is no
longer the responsibility of a few people in the organization. Instead,
itís important for everyone across the organization to engage with
customers in the channels that make sense ó a few minutes each day
spent by every employee adds up to a wealth of customer touch points.

Doing it all may not be for you ó but you must do something.

The optimal social media marketing strategy will depend on a variety
of factors, including your industry. If your most valuable customers do
not depend on or trust social media as a communication medium, or
if your organization is resistant to engagement in some channels, you
will have to start smaller and slower. But start you must, or risk falling
far behind other brands, not only in your industry, but across your
customersí general online experience.

Find your sweet spot.

Engagement canít be skin-deep, nor is it a campaign that can be turned
on and off. True engagement means full engagement in the channels
where you choose to invest. Thus, choose carefully and advocate
strongly to acquire the resources and support you will need to succeed.
If you are resource-constrained, it is better to be consistent and
participate in fewer channels than to spread yourself too thin.

Received on Tuesday, 21 July 2009 00:09:37 UTC