Social selling is something that most people assume is happening. In other words, if you engage with people on social media, they’ll eventually buy your product. But engagement doesn’t guarantee a purchase. Far from it.
For example, I love the Life Is Good brand. I love their t-shirts and positive, inspirational outlook. I guess you could say I’m a brand champion for Life Is Good. You would think I have a closet full of their stuff. But I don’t.
The fact is, I’ve purchased one Life Is Good hat. But that doesn’t mean I have no value to Life Is Good. I may not be a purchaser, but I’m an influencer. When someone asks for t-shirts, I tell them to go to Life Is Good. I share their posts all the time.
That’s where social media really has an impact.
ROI doesn’t just come from the people who like your page or comment on a post. Real revenue comes from the people they connect with… and their connections… and on and on and on. Those second and third tier connections and beyond are the ones who deliver ROI.
But how do you capture that information? And how do you measure success?
These are questions that most brands haven’t figured out. In fact, research from Simply Measured found that measuring ROI is still the biggest challenge faced by social media professionals, cited by 61 percent of respondents.
That would explain why a separate study, the CRM Industry User Research Report from Capterra, found that the most desired features in a CRM (customer relationship management) system are social media monitoring and the ability to capture prospect information from social media profiles.
Although some social media data is private and can’t be accessed, these capabilities do exist in a social CRM.
A traditional CRM allows you to enter static information. If you receive an email, that gets captured. If you have a phone call, that gets captured. If someone requests a quote, that gets captured.
Suppose you share a blog post on Facebook. A traditional CRM will tell you that the post got a certain number of likes, comments and shares. That data can be helpful, but it doesn’t connect the dots between engagement and sales.
A social CRM digs deeper into what’s going on in your social media space. It tells you what activity occurred because of those likes, comments and shares. It gets into those deeper tiers of connections, automatically captures their information, and adds them to your CRM so you can see what your conversion rates and ROI really are.
A social CRM can also be configured to look for keywords and phrases related to your company and what you do, and then pull in the user as a lead. When they engage and are converted, you’re able to quantify those second and third tier relationships and measure the true value of your first tier influencers.
When information is captured, your CRM will assign the user a lead score based on indicators determined by you. People who like your content get a certain score. If they share your content with a friend, they get a certain score. If they go to your website and download an e-book, they get a certain score.
When properly configured, scores will then trigger an alert to complete a task. For example, if various activities cause a user’s score to rise from a “B” lead to an “A” lead, you’ll know to follow up with that person by phone or email.
Of course, you can’t just flip a switch and make this happen. You need a plan. You need to understand what you want to achieve through social media, how to configure a social CRM so it does what you want it to do, and what business goals you want to achieve.
But if you want to finally get a handle on social media ROI, implementing a social CRM is a critical part of the process. If you’d like to learn more, let’s talk.
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