Chris Bucholtz reviews ValueRight

Chris Bucholtz, editor-in-chief of Forecasting Clouds, wrote a review of ValueRight, a social business valuation tool developed by Pathlight Solutions, our sister firm.

Chris wrote,

[ValueRight is] an application that takes a stab at applying the numbers involved in Social CRM – both the expenses and the revenues – to draw a clear picture of the impact Social CRM has.

…

[The] presence of such an application is great news for the Social CRM space; marketing suffered for years without the ability to associate costs and revenues with their efforts. Social CRM is an even trickier nut to crack.

Read the full review here.

 

You can also follow Chris on Twitter at @bucholz.

ValueRight product family expands

Woo hoo! We’re pleased as punched to announce we expanded the ValueRight product family.

Our Pathlight Solutions’ social valuation tools now come in two flavors – ValueRight Social CRM and ValueRight Social Media.

 

ValueRight benefits

No matter which edition you select, ValueRight will determine the true dollars and sense valuation (and ROI) for your social initiatives.  Use one of the tools and you’ll provide the information executives most want to know, including:

  • Cash flow of gains and costs.
  • Net present value of gains, costs, and net results across multiple discount rates (also known as cost of capital).
  • Return on Investment.
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7 SCRM insights that will change the world – From #SCRMSummit

This week the #SCRM community practiced what it preached when Paul Greenberg pulled together a room full of the top thought leaders in SCRM.  Many thanks to Paul for being the magnet that pulled us all together and many personal thanks for including me in the event.

Where to start…First, much to my surprise we had almost full attendance despite the snow and travel challenges.  I was a local and almost got scared from braving the roads but knew I needed to be there given the number of stellar attendees.  And I’m pretty darned sure that’s what motivated the other attendees to brave the travel tribulations too.

What I loved about the group was the open discussion, and sometimes debate, within the conference room and in the evenings’ various social gatherings.  We don’t always agree with each other but everyone handles the debates with professional courtesy and a willingness to evolve their thoughts.  That’s how we all grow.

Here are 7 takeaways that hit the loudest.

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5. Social business dollars and sense

Are you trying to get your management team's buy in for your social business initiatives?  Are they asking how your company makes money with social business or at least lowers cost for customer support?

If you want your social business initiative to stand out, then you have to talk dollars and sense.

Now the “sense” part relates to strategy and benefits – and we discussed these in articles 2 and 3 of the eSeries.

The dollars part though, that relates to Valuation.  And yeah, for a lot of folks economics isn't the fun, sexy part of social initiatives -- but it is necessary to get to Go (and Go means the start of success which is fun and sexy).

In today's article, I'm demystifying Valuation. I'll take out the guess work so it's easy to get your arms around it.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

4. Blast Away Social Media ROI Myths

Are you confused about social media and its ROI? You’re not alone.

One big reason for the confusion is because social business, of which social media is a part, abounds with ROI (a.k.a. valuation) myths.

Today’s article focuses on getting real about social media. Get ready to blast away those show-stopping myths so you can start building a holistic and reasonable business case for your social initiative.

Once you do, you'll be a giant step closer to gaining your management's buy-in and impressing them one more time.

This is the 4th installment of the Business of Social Business.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

3. Building blocks in a social business strategy

In a recent article in the Business of Social Business eSeries, I wrote about the 4 Pillars of Social Business Strategy.  Today’s article builds on that strategic foundation by looking at functional considerations for your social business.

Although a social business model can touch all aspects of your operations, and for the better, the top 3 arenas to consider are:

  • Marketing – engaging prospects and customers to extend sales.
  • Service – supporting existing customers and partners.
  • Team collaboration – with combinations of internal and external audiences.

Let’s look at each in more detail because each will impose variations to your social strategy.  This is the 3rd installment of the Business of Social Business eSeries.

 

(Note: Up next in the next installment, we’ll blast through social media valuation myths.  ‘Cause if you want your social business strategy to be successful, you have to get real.)

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

2. 4 Pillars of a Social Business Strategy

Social business refers to a way of doing business that focuses on what Paul Greenberg calls the Creative Economy with its focus on engagement.  Being a CRM guy, Paul focuses on customer engagement but I’m confident he’d be okay with my expansion to include engagement with customers, partners, and employees.

As Paul explains, such a strategy is…

Designed to engage the customer (plus partners and employees) in collaborative conversations in order to provide mutually beneficial value in a trusted and transparent business environment.

(Comment in italics is my addition).

Strip it down and a social business model is about going back to the future and has sites located worldwide.

First, any social business strategy you devise should be an outgrowth of your overall corporate strategy.  Even if resources require you to implement the tactical aspects of your social strategy in phases, think holistically in defining the guiding strategy.  Do this and you’ll avoid generating a siloed effect in isolated departments.

Second social business is about much more than posting on Facebook, Twitter, or other social networks.  It’s about a business model and a mindset of how you do business and outreach through social channels is just one of the results.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

Talking Around the Town -- January 15, 2010

Never let it be said I lack things to say! :-) Here's where I've stopped in and shared opinions in the last week...

The ROI of CRM (and Social CRM) -- This week's best!

Mike Boysen wrote a dandy article consolidating thoughts from a variety of folks, including me.  I also added more thoughts in the comments.

ROI Hype: Finance for Fools?

Andrew Rudin discusses what is needed to evaluate the value of a corporate initiative -- and he gets it.  I shared some related thoughts.

Hey Social Media – It’s not all about You! 

I like the way Alasdair Munn think and this article is one of the reasons.  He sees the big picture.

HOW TO: Measure Social Media ROI

Despite the title, Christina Warren's article focuses mostly on metric tools rather than how to, you know, actually determine social media valuation.  I made comments salient to valuation.  

If you want to know an actual methodology to determine the value of social business initiatives (including social media) , then check out my webinar How To Determine Social Media and SCRM Value and ROI.

Social Media ROI for Small Businesses

Christina wrote an abbreviated version of her above Mashable article.  My comment here was a mirror of the one I posted in the article above.