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Yesterday, we discussed how social media can help turn chaos into order. Today, we'll share how you can continue to maximize social media ROI.

 

Monitoring tools: a marketer’s best friend

 

  • Capture key customer input for process improvement. Social media and online communities provide a vast new arena for connecting with customers, and listening tools let you mine this resource for valuable information and feedback—which you can then use to streamline value chain processes. Socially savvy companies do exactly that, plugging in social media data to improve their performance in areas like customer service, demand management, product design, operations planning, inventory management, and more. And the results are nothing to sneeze at. For example, businesses that use dedicated social media monitoring are realizing:

 

    • Greater customer satisfaction, with users achieving an 84.4 percent rate vs. 82.9 percent for non-users
    • Faster order fulfillment, with users realizing 94.4 percent on-time fulfillment compared to 91.6 percent for non-users
    • Higher average order value, with users showing a .6 percent advantage over non-users
    • Better customer retention, with users at a rate 6.4 percent higher than non-users
    • Enhanced gross margin return on inventory investment (GMROII), with users realizing 11.7 percent and non-users 8.6 percent
    • Lower online cart abandonment, with users experiencing a 6.8 percent lower rate than non-users[iv]

 

Numbers like these paint a clear picture of how social media monitoring can help you understand, integrate, and deliver what customers really want—boosting not only your brand image, but your top and bottom lines as well.

 

 

 

 

[iv] Aberdeen Group, March 2013

Source: “Understanding the Real Impact of Social Media Monitoring on the Value Chain,” Analyst Insight, Aberdeen Group, March 2013