How to Measure Social Media’s Impact on Customer Retention

social media how toDo you know if social media is helping you retain your existing customers? In this article I’ll discuss 7 key metrics to measure social media’s impact on keeping customers.

The cost-effectiveness of social media has vaulted it to the top of the list of tools used to improve customer retention. But how do you measure whether social media is affecting your ability to keep customers?

To examine this, let’s look at a case study of a company that has excelled at connecting with customers in social media spaces.

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How Seth Godin Leveraged New Media To Create a Book Firestorm

social media interviewsI recently interviewed the world’s leading marketing expert Seth Godin, author of 11 books (many of them focused on marketing). Some of his more notable books include Permission Marketing, Purple Cow, and Tribes. His most recent bestseller is called Linchpin: Are You Indispensable?

During this interview, you’ll learn how Seth employed new media to promote his latest book and his thoughts on marketing and social media.  Note: Be sure to listen to the complete interview at the bottom of this article.

Mike: What exactly is a “linchpin” and how do I know if I’m one?

Seth: A linchpin is the person we can’t live without—the indispensable person who does work that matters, the person who is trying to stand out as opposed to fit in, the one who’s not easily replaceable, the low-paid cog in the giant industrial machine but, in fact, the person whom we seek out.

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How IBM Uses Social Media to Spur Employee Innovation

social media case studies“Be yourself.”  It’s one of the rules of social media. If you’re blogging, tweeting or Facebooking for business, be real—or you won’t be followed.

Yet, how do you pull off “authentic” while maintaining the company brand message?

It’s tough enough for a small business. What if you’re #2 on Business Week‘s best global brands list, with nearly 400,000 employees across 170 countries?

At IBM, it’s about losing control.

“We don’t have a corporate blog or a corporate Twitter ID because we want the ‘IBMers’ in aggregate to be the corporate blog and the corporate Twitter ID,” says Adam Christensen, social media communications at IBM Corporation.

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How to Connect Globally With Social Media

Do you know how to use social media to target a global audience?  After all, social media provides a low-cost solution to engage your prospects, customers and partners located in different regions of the world.

As Scott Monty, head of social media for Ford Motor Company, says, “U.S. brands looking to leverage social networks internationally know that while their messages need to stay consistent regardless of the region, the language, cultural reference points, platform and tactics, all need to be tailored for each market.”

He continues, “Whether it is customer service, IT, HR or product development, there are a number of uses for social media. And when you add to that all of our constituents—customers, employees, shareholders, dealers, retirees—it becomes a very complex assignment.”

Here’s a look at a few of the difficulties and how you can overcome them…

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