How can we measure ROI on Enterprise Social Media?

Excerpt from David Carter's blog on October 19, 2021

I get asked this question all the time.  How can we measure the ROI (return on investment) of an enterprise social media platform.  Sometimes its easy to respond to, it just depends on your reasons for implementing it. I'm not sure I have the answers, but I thought I'd start the discussion here.  If you have any data that supports the items below, by all means share it.

What is the value of a customer service rep? Creating a community to allow your customer to serve as product experts is easy to justify if you have a phone based customer service line.  Each call costs a company around $10, so every potential call that gets answered by the community avoids that cost.

As we step out of the pure customer service function it gets a little harder.  Do you know theses values for your company?

Customer loyalty:
  Unless your customers are subscribers to a service, you probably don't know the lifetime value of your clients.  You can bet people like your cellular phone service have a good idea of each customers value. If an online community builds and maintains customer loyalty

Intellectual capital:  I think its fair to say that most companies that depend on knowledge workers plan on spending about $3,000/year in training.  (I'm taking a swag at the numbers, but lets just agree its a hefty chunk of change) Take a company of 1,000 people and that firm is $3,000,000 dollars to put capital into the brains of your knowledge workers.  What is spent on getting it documented and shared?   How much is lost when someone changes jobs

Employee to customer relationship?  Corporations have spent millions on CRM systems, but do those build relationships, of simply document them? I'm not entirely sure this does not fall under intellectual capital, but any idea of the value?


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