How To Measure The ROI Of Your Community Website
October 21 2009 by Jason Peck ~ 1 CommentThis is Part 1 of a 9-part series on what to measure and how to determine ROI of your community website.
As you know, many businesses are now using social media to transform their business. Social media has the ability to impact sales, product development, customer service, employee recruiting and just about every aspect of business.
Big brands like Zappos, Ford, Dell, JetBlue, and Best Buy have led the way integrating social media into their business. Other companies like Naked Pizza, Radian6, eyeslipsface, and Moonfruit have all seen real benefits and increased sales from being involved in social media.
Many of these brands have established a presence on existing sites and platforms like Twitter, Facebook and MySpace. But in some cases, it does make sense to have your own community website for your most loyal customers so you can offer them exclusive content, discounts, promotions, buyers clubs, access to company execs, and an area for them to give you feedback on ideas.
Brands like Bank of America, the New York Times and Dell have set up their own online communities to further enable their audiences to engage with people at their company and with other brand enthusiasts. These communities enable companies to:
- Identify brand advocates
- Save money on customer service
- Get feedback on new ideas
- Build trust
- Acquire high-quality leads (Your best customers are your current customers. Your next best customers are their families and friends).
But how can you measure results from these communities? What should you be measuring (financial and non-financial indicators) to make sure you’re on the right track? And how can you tell what the ROI of your community is?
Stay tuned over the next few weeks for our 9-part series on how to measure the ROI of your branded community website or online buyers club.
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