It’s taken a little while, but it seems that most Web professionals have finally come to recognize the power and potential of Facebook and Twitter. The next and most important part of the social revolution now becomes determining exactly what all those fans and tweets actually do for a business’ bottom line.
ForeSee Results, a provider online customer satisfaction measurement and management, says its new Social Media Value Calculation tool can do just that. ForeSee’s formula is designed to help businesses understand how much revenue is being influenced by social media versus traditional advertising, marketing e-mails, brand awareness and other channels. The tool merges the two pieces of data — what drove a customer to a site, store or call center, and what they did or did not spend as a result — to actually determine a company’s social media ROI.
For a brand website, financial institution, nonprofit organization, B-to-B or other non-retailer for whom there is no purchase, ForeSee ties what drove the visit to another valuable, business-specific outcome such as opening a new account, signing up for a newsletter or requesting more information. By using the Social Media Value Calculation, businesses can better calculate which channels will yield the most customer traffic, loyalty, purchases — and revenue.