ROI, metrics and measurement are required to be mentioned at least 50 times in any business meeting. What is X worth to me? While I appreciate the question, I also needed to refrain from kicking the speaker of this statement in the shins. Yes, tracking and other tools help direct business decisions, but I don’t want them to get in the way of what ‘should be done’. You know your business and you should know your customer.
I’ve just finished reading David Meerman Scott’s ‘Lose Control of Your Marketing‘ and I loved it! My favorite quote ‘Return on Investment Makes you Boring’. Wow! My kinda man! What he means, or what I took from this, is that you need to think in terms of today and where your customers are. Things that may not be familiar to you and may be tough to measure. Are they reading direct mail, newspapers, watching tv, listening to radio or are they participating in social meda? Do you know?
For example, I started the Twitter account for Southwest Airlines in July 2007. I did not do an ‘ROI’ of participation, because I had the support of my wonderful senior management to try new things. What I found was that there were a lot of travelers, BUSINESS TRAVELERS, that were participating on Twitter. Although our followers numbered around 200 in those early times, what we found were that not only were these business travelers with Twitter accounts, but they blogged as well. Now we were looking at something that spoke much louder than 200 people. This was now entering a much bigger stage which then caught the attention of ‘regular’ media. Southwest Airlines’ Twitter followers now number over 10,000 and growing every day. What would have happened if I were to have stopped because there wasn’t enough ‘ROI’ at 200 followers?
I’m not discrediting measurement. Oddly enough, I’m helping a current customer create reports and success metrics as we speak. What I want to see is people trusting their instincts as well as showing they know their customer. That’s where the fun starts as well as the business.
Where are your customers? If you don’t know, do your front-line employees know? Have you asked your customers? What metrics are you missing by not engaging with them?
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