The ROI of Social Media
Zena Weist, Strategy Director, LevelFive
In this episode recorded on location at the Integrated Marketing Summit in Kansas City, I interviewed Zena Weist. Zena is the Strategy Director at LevelFive, an interactive development firm that helps companies solve problems through research, strategy, design and technology. Their flexible methodologies design digital experiences, solve problems and build solutions for businesses.
What is the ROI of Social in Modern Business Today?
As Zena shares in her interview, there is a lot of discussion around social media ROI. She reveals two ways to look at ROI:
- Are you increasing revenue?
- Are you reducing costs?
Zena mentions that the interesting part of social is the reduction of cost. Listen to what your customers and prospects are saying. She shares a social ROI example of what she did when working at H&R Block. Zena also talks about real-time adjustments via social, even for B2B companies.
Listening via Social
Zena goes on to say that organizations need to set up a social infrastructure to respond in real-time. A listening tool must be in place. The customer service and operational teams need to be brought in. There needs to be a group of people that understands social and what it means. A strategy must be in place as well.
Marketing or Customer Service Issue
Zena shares that social falls into all the different silos in an organization, not just marketing and customer service. Everyone in a company needs to get along and work together in a collaborative environment. In social, take the customer view and experience. Focus on customers and prospects or they will go elsewhere.
To sum it up, 2 ways to social ROI in today’s modern business are to 1) create a great customer experience and 2) respond in real-time. Catch the entire interview with Zena Weist in the video above.