How to Measure the ROI of Offer Social Media Customer Service?

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How to Measure the ROI of Offer Social Media Customer Service?
How to Measure the ROI of Offer Social Media Customer Service?

Sam Ovens grew Consulting Accelerator on the simple premise that life is too short to focus on negative influences. He emphasizes customer success above all else. Indeed, knowing how to identify a niche and then targeting and selling to prospective customers is important. However, focusing on customer success remains the premise of Sam Ovens’ enterprises. This has been proven time and again to make the most fundamental difference in offering social media customer service.

Attributes of Success

Success can be achieve regardless of the business niche that one commits their resources toward. Developing consultations skills are powerful. This is a crucial factor that determines how money is made beyond regular employee-employer paradigms. It makes truth the objective and not a business via managerial maintenance. Most educational systems are designed to teach people into a job. Wealthy individuals have amassed a different sort of mental paradigm. They also have access to the right information that fosters prosperity.

Together, these two attributes enable individuals to perceive how to acquire wealth. They merely need to act. Consider the concept of gaining power from ignoring something. Whether it be television or additional expenses during the holidays, removing something out of the entrepreneurial equation can be extremely powerful. It can even be more powerful than where one focuses attention.

Social Media ROI by the Numbers

There are numerous statistics that measure the ROI of social media customer service. People use social media to communicate their opinions and desires with their favorite brands. It is the most preferred means of exchange with customers and brands. Social media customer service is about a third more desirable than live website chat and almost twice that of email. About 90% of consumers who are social media conscious have already connected with their brands in this way. Additionally, there is an increasing trend of the reverse being true. Consumes want their brands to communicate with them. Over 60% of consumers expect companies to reach out to them through social media customer service. These trends will only continue to grow with the Internet of Things.

People use social media to communicate their opinions and desires with their favorite brands. It is the most preferred means of exchange with customers and brands
People use social media to communicate their opinions and desires with their favorite brands. It is the most preferred means of exchange with customers and brands

How Social Media Investments can be Measured

Forbes Magazine reported on the ROI of offering customer service on social media. Social media can be measured much the same way that email, live chat, and even phone calls have been. It has been found that putting the customer care channel on social media is significantly cheaper than other venues. There is a clearly better ROI when using Cost Per Resolution as a measurement metric. Cost Per Resolution returns a dollar amount. This is as real a measurement as social media entrepreneurs can hope for.

Below are the elements involved in calculating an effective Cost Per Resolution:

  • Hourly and/or daily inquires
  • Average time to resolve an inquiry
  • Hourly expenses of the workforce minus ‘downtime’
  • All fixed expenses involved in maintaining the work environment

Once Cost Per Resolution has been measure for the desired social media channel it can be cross checked. The fact that it is basically a similar calculation for more traditional mediums is a big plus. This enable managers and all involved in providing customer care to focus on what matters. In this way, not only does it provide a measurable means for investment analysis, but is also specific enough to be an asset for streamlining operations. Ignoring the negative aspects of operating successfully in social media is easier when the business environment becomes this clear. The method enables enterprises to quickly master a game plan with seasoned wisdom.