Just saw this in an excellent social CRM pdf from salesforce.com. Sent to me by my friend Paul Vernon at Oegen. It is from a McKinsey report from December 2010. It shows that companies who use social media achieve the following:
- increased marketing effectivenes & c-sat
- reducing marketing & support costs
- reducing tiome to market of new products
- increased innovation
- increased revenue
It still looks like the cost saving elements are driving the first four benefits on the chart below. I believe that if brands focused on using social media to build engagement and trust more and cost saving less, then they would drive the revenue number as well as reduce the costs. To do this, social media needs to be more integrated with traditional channels as part of an over arching CRM strategy.
What do you think?
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Posted by: zeepender6 | January 21, 2012 at 12:43 PM