Comments on: Measuring Social Media Value http://blog.jimnovo.com/2009/05/01/measuring-social-media-value/ Moving from a Low Accountability to a High Accountability Business Model Sun, 7 Mar 2010 12:47:21 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: I’m Calling Bull on Twittermania http://blog.jimnovo.com/2009/05/01/measuring-social-media-value/comment-page-1/#comment-68924 I’m Calling Bull on Twittermania Wed, 20 May 2009 19:10:43 +0000 http://blog.jimnovo.com/?p=304#comment-68924 [...] Jim Novo… What worries me quite a bit about the Service side of social is companies have had access to all this information about broken processes or poor product design for decades, and they have largely ignored it.  All they had to do is some analysis of call center data tic lists and they could identify and act on their ‘Top 10 Biggest Customer Issues’.  But they did not.  So there is a much larger organizational issue here, regardless of social media — what is the process we use to identify and act on poor customer experience? [...] [...] Jim Novo… What worries me quite a bit about the Service side of social is companies have had access to all this information about broken processes or poor product design for decades, and they have largely ignored it.  All they had to do is some analysis of call center data tic lists and they could identify and act on their ‘Top 10 Biggest Customer Issues’.  But they did not.  So there is a much larger organizational issue here, regardless of social media — what is the process we use to identify and act on poor customer experience? [...]

]]> By: Ned Kumar http://blog.jimnovo.com/2009/05/01/measuring-social-media-value/comment-page-1/#comment-67542 Ned Kumar Sat, 02 May 2009 16:11:14 +0000 http://blog.jimnovo.com/?p=304#comment-67542 A good post Jim. You make a good point about companies suddenly "waking up" on issues when it has been there in front of their eyes for ages. We should do a psychological study of this effect -- the Socio-Cognitive Impact of Social Media :-). On the LTV front, there is a very clear distinction when you are looking at it from a product/service angle and social media angle. And that is the fact that normally, we can 'estimate' the cycles a customer might come back for your product or service based on certain assumptions and calculations. On the social media front, your product has a short-shelf life and is constantly changing (frequency of 'product' release high). So if you are blogging for example, you might write an excellent blog today and then reel of 10 lousy posts. This would have a direct impact on the LTV of the folks reading your blog. In other words, unlike in the 'world' where you can have one great product and expect it to contribute to the LTV for a while, on the social media front you have to continue to innovate if you want to keep your customer LTV high. Maybe I am kicking a hornet's nest and folks might disagree, but I thought I will share the perspective anyway :-). A good post Jim. You make a good point about companies suddenly “waking up” on issues when it has been there in front of their eyes for ages. We should do a psychological study of this effect — the Socio-Cognitive Impact of Social Media :-).

On the LTV front, there is a very clear distinction when you are looking at it from a product/service angle and social media angle. And that is the fact that normally, we can ‘estimate’ the cycles a customer might come back for your product or service based on certain assumptions and calculations. On the social media front, your product has a short-shelf life and is constantly changing (frequency of ‘product’ release high). So if you are blogging for example, you might write an excellent blog today and then reel of 10 lousy posts. This would have a direct impact on the LTV of the folks reading your blog. In other words, unlike in the ‘world’ where you can have one great product and expect it to contribute to the LTV for a while, on the social media front you have to continue to innovate if you want to keep your customer LTV high.

Maybe I am kicking a hornet’s nest and folks might disagree, but I thought I will share the perspective anyway :-).

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