There has been a debate among economics how much and when and where Social Media contributes to the revenue stream of an enterprise – some have the opinion that such thing as creating a peer-to-peer conversations and other exchange of information and knowledge do not generate revenue to the enterprise. Others have seen the value of Social Media and how it on a daily basis create a revenue stream to the enterprise – when it is used properly and with the right content which enlighten the consumers knowledge and creates their interest for a service or product.
Getting revenue out of Social Media is not a short-term investment, which will give you a quick ROI. Most of getting Social is a matter of creating a relationship with your costumer. So getting revenue out of Social Media is a long-term investment in your brand. I have seen that social media makes a difference in how you can and will earn your revenue. There are several enterprises, which have increased revenue due to active dialog with costumers by being social. Enterprises integrating their social profile insights with existing insights about costumers and prospects will gain increased revenue, as the integration will become a source of competitive differentiator in most aspects of the business. One aspect all enterprise managements would ask for is how you measure your revenue stream from being social?
My answer will be measure;
· Costumer engagement
· Costumer likes and dislikes
· Costumer clicks
· Costumer comments
Then study what content works, and what does not work, and remember the golden rule; “The more engage you are with your costumer the greater possibility for increased revenue for your enterprise”. The more top-of-mind you are with your costumer, the more lasting and deeper your interactions with your costumer will be, this will contribute to your brand support and increase sale and revenue generating.
Social Media is not the answer to all problems of your enterprise revenue generating. Social media
Is a matter of strategic business investment – treat it with the same rigor, dedication, and governance you treat your other strategic investments. When you go into social media, you must remember that it will affect most aspects of your enterprise – revenue will be one but other marketing areas, costumer service, product development and innovation will be, influenced by going into Social Media.
