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.

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.

1. Social business is about making money

Welcome to the first installment of the Pathlight Solution's Business of Social Business series. 

There is sooooo much talk about metrics and KPIs to support social business design.

And metrics = good.  Business needs to be measured and monitored.  And KPIs = good so individual and group contributions can be identified so folks can be rewarded.

However, don’t be fooled by articles or professionals professing that business is really about people and culture and not money.  Or about how you should focus your business solely on creating value for your customers and then the numbers will take care of themselves.

Those are ivory tower sentiments -- and of little help to executives.

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.