Analysis showed that in addition to providing a quicker response, companies enjoy cost savings when it comes to solving problems on social media as opposed to telephone and email support.
The question is, how are you as a company tracking social interactions?
To help businesses tie social media into their customer relationship management (CRM) pipeline, many CRM solutions provide features, add-ons, or modules that deal specifically with a company’s social media presence. With this solution in hand, you can track anything from how often people share a piece of content to how many posts mention your company’s name or product. However, like most other data-collection tools, you can quickly be overwhelmed with the amount of data you have at your disposal. As many of us have learned, sometimes too much data is just as hard to work with as too little data.
To help maximize the benefits of social CRM, you must understand which metrics are the most important so that you can start there. When you’re comfortable reading these reports, you can start fine-tuning and add more.
People love to turn to their social media accounts when they’re displeased with a company. Whether they do so to feel vindication or bring a problem to light, customer complaints have the ability to damage your reputation if you don’t handle them properly.
Social CRM allows you to capture mentions on various social media platforms so that you can follow what people are saying about you. Now, you’re going to want to look at a few things here. Obviously, you want to track the number of complaints. However, you also want to look at:
Content that focuses on solving customer problems, not promoting products entirely, helps establish you as a leader in your space. When other people share that content with their peers across social platforms, it gains more credibility with potential customers.
When you know which content you created is being shared and by whom, you can focus your future efforts on replicating what works best. If infographics are a big hit with you target demographics while white papers don’t get much traction with your intended customer base, then you know better what to focus on.
Other metrics you can look into to measure this response include:
Increasing customer retention rates by a mere 5 percent is said to raise profits from 25 percent to 95 percent. Even at the low end, businesses make their money from loyal customers. It’s also cheaper to retain a customer than it is to acquire a new one, so building customer loyalty is important. As such, it’s a metric you want to track.
In your CRM solution, customer order history is one of the most basic metrics you are going to capture. However, when you add the social component, you expand your reach to see just how loyal your customers are.
By tracking numbers on social mentions, repeat website visits, the volume of followers, and shared content, you can gain an insight into who the street-level evangelists for your company and products are. You can even encourage this behavior through promotions, coupons, and other loyalty rewards, all of which you can track in your social CRM solution.
Businesses need to use social media to survive, but it’s not enough to create a steady stream of posts. If you want to stay competitive, you must track what’s working and what isn’t. You need to know what people are saying about you, and you need to be able to measure it all.