Chatting with Paul Greenberg about social media ROI

Yesterday, I had a great chat with Paul Greenberg, Mr. Godfather of CRM and all-around nice guy, while demo’g ValueRight Social Media.

Our convo took a number of twists and turns, spanning from valuation methods that take a more traditional approach to social media like ValueRight.  We also segued into the need for new metrics that will better reflect the full value of social media.  The sort of metrics centered on Customer Lifetime Value (think V. Kumar).

Absolutely!

We both agreed, though, even innovative new metrics will still conversion into

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Talking Around the Town -- December 20, 2009

Here there and everywhere. Bloggy places I've recently been.

 

More Crazy Talk, Social Media, No Measurable Value But You Have To Have It?

John Moore responding to a statement made by an independent analyst who should know better. Oh boy did I have comments.

 

The Three Realities of SCRM Right Now

Esteban Kolsky gives an excellent round up of 2009 and forecasts into 2010.  Added my $0.02.

 

My wish for 2010: Consolidating Strategies

Wim Rampen weighs in with his Christmas wish list.  Esteban's post, referenced above, inspired Wim's.  My thoughts are mixed.

Why Value differs from Benefits & the impact on social media

If you want to understand how to perform valuations of corporate initiatives, including social media, then you need to understand the difference between value and benefits.

Benefits are what you get from a corporate initiative but Value is the money you receive from increased revenues or cost savings.

Benefits are intangibles and some will directly derive from specific feature functionality.  Others will be sourced by emotions.

In contrast, Value is tangible -- and it's currency.

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ValueRight Social Media solves challenge of determining social media ROI

Through Pathlight Solutions, our new firm, we just released ValueRight Social Media, a social media and SCRM valuation and ROI toolkit.

We’re excited to be able to bring this tool to the market place because it will allow people to perform a rigorous valuation of social media and SCRM initiatives – without having to be a financial wizard.  The tool performs all the heavy lifting of the valuation math and guides users through the valuation process.

The results generated by ValueRight are just what the executive suite wants to see to evaluate a social media initiative:

  • Cash flow analysis of your social media program,
  • Net present value of cash flows,
  • ROI.
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Yes Virginia, You Do Need to Determine a Social Media ROI

I just finished an interesting article by Steve Woodruff who asked the question “ROI in Social Media – Where Does it Belong?”  He launched his article by writing:

“What’s the ROI of Social Media?” I hear that question all the time, and it drives me crazy.

Huh. I’m driven crazy by the opposite question…Why wouldn’t you expect to provide social media valuation to your executive team (just as you would for any other corporate initiative)?

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