<a href="http://beyondbridges.net/wp-content/uploads/2013/03/thefutureofmusic.jpg"><img class="alignleft size-thumbnail wp-image-2530" src="http://beyondbridges.net/wp-content/uploads/2013/03/thefutureofmusic-150x150.jpg" alt="thefutureofmusic" width="150" height="150" /></a>Remember a while back when Radiohead stunned the world and released an entire album - with no price ? Basically they left it to their fans to decide what to pay - pay a premium or 'steal' it - my paraphrasing of what good people will think - not their words.
Turns out they did very well with that approach – but of course the nay sayers suggested that of course Radiohead can afford to do that – they are Radiohead. At the time, I was on a bit more of a rant about the stupid music industry than I am these days. Not because the music industry has become more wise – or even that the problems have gone away – just time I guess. I am not part of the industry – simply a passionate watcher from the peanut gallery that involve himself with the professionals in the creative industry and help wherever I can.
<a href="http://beyondbridges.net/wp-content/uploads/2011/07/Infusionsoft-Email-Marketing-CRM-E-Commerce-Automation.jpg"><img src="http://beyondbridges.net/wp-content/uploads/2011/07/Infusionsoft-Email-Marketing-CRM-E-Commerce-Automation-150x120.jpg" alt="" title="Infusionsoft-Email-Marketing-CRM-E-Commerce-Automation" width="150" height="120" class="alignleft size-thumbnail wp-image-312" /></a>Reducing customer service costs - number 10 - is the one that leapt of the page for me.
Not questioning the data – but I wonder how they managed the customer satisfaction element of the equation. Up by 10% from 5 to 15 – could for example be accounted for by customers FINALLY getting an answer. More date needed, but that’s going to cost nearly $500 from Forrester!
Our final case study might be viewed somewhat negatively by some, as it looks at ROI from social media being directly driven by saving on staff costs. As more brands open up through social media however, they find the communities they nurture often begin to answer each other’s queries with regards to product questions etc.. In the case of InfusionSoft, they used social technologies to better inform their customers and keep them up to date. Whereas they previously would have had one customer service agent to 72 customers, through social media they were able to reduce this to 1 agent per 172 customers. Along with this the satisfaction rating also increased by 10%, which would no doubt lead to more repeat business for the company and more customer referrals. Though this might be a slightly alternative way of viewing ROI, it shows that social technologies can make real business savings, allowing money to be invested elsewhere, or in developing these technologies themselves.