How to Calculate the ROI of Social Customer Care
Businesses today are more customer-driven than ever. With the ubiquity of the internet, social media, and mobile devices, it is easier for customers to research products and services and get opinions from friends and peers. Customers no longer just look for products, they seek excellent customer experiences. Organizations and brands that are able to evolve from selling products to creating and delivering value-added experiences will build long-term relationships with customers and be better positioned for success.
Customer service executives and managers have an opportunity to lead the customer experience (CX) revolution. They are responsible for caring for customers and delivering experiences that result in customers deciding whether to stay loyal to a company or move to a competitor. That decision affects the bottom line by either increasing or decreasing costs and revenue.
Social media represent a new dynamic in CX where the company and its products, services, reputation and treatment of customers become highly visible to millions of people. Comments, reviews, ratings, and customer dissatisfaction are permanently “inked” in the online world for millions of people to view—forever. However, social media also provide new channels to allow companies to provide service to customers in new ways and to heighten customer satisfaction.
This report provides an overview of how businesses can use social media to their benefit as well as how to calculate the return on investment (ROI) of social customer care. This report includes a framework for measuring ROI, discusses common metrics, and shows how to use some of those metrics in ROI calculations.
