I just wrote a post for Marketing Profs on the importance of understanding the value of your customers, here’s a snippet:
“Companies are still struggling to determine social media ROI. There are some quantifiable metrics that are being used to determine ROI such as keyword rankings, site traffic, conversion rates, sales, etc. However we’re still missing a piece of the puzzle.
The reason why it’s difficult for a lot of companies to calculate their social media ROI actually has nothing to do with social media. It has to do with companies not knowing the value of their customers. If we are going to start looking at social media in terms of quantifiable numbers then we need to start understanding how much our customers are worth, and this means looking at more than just how much a customer spends. A customers value is not equal to how much they spend at your store. It’s far more.”
If you want to check out the whole post, please visit the Marketing Profs site.
If you recall I recently had a few exchanges with the folks over at FedEx Office, which ultimately led me to post this video about how Fedex is listening to the conversations (read the post to see a link to another video about my unpleasant Fedex experience).
So now the quesiton that Fedex should be asking themselves is how much am I worth to them? Here are a few things to consider:
- I was an unhappy customer, around 1,000 people saw my video about my unpleasant Fedex experience within 48 hours
- Now, I’m a happy customer, I made another video and again, around 1,000 people saw the video in 48 hours
- My videos are now going to be a part of their training program, which of course they get for free (a.k.a no cost involved!)
- I will recommend Fedex to other people
- I will continue to be a customer at Fedex
- I will use my experience with Fedex as a social media example
So, how much am I worth to Fedex? If a competitor were to try to steal me away what would Fedex do to keep me?
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