Return on relationship is the value — both perceived and real — that will accrue over time through connection, loyalty, recommendations, and sharing. – Ted Rubin, Mashable
ROI (Return on Investment) is the main factor determining whether a marketing initiative has worked, if the campaign has reached positive results, and if a product has jumped off the shelves. Big businesses have capitalized on social media and online channels; they are reaping the benefits of stabilizing, formatting, reinforcing, and evolving business-to-consumer partnerships. Research shows that online social networking can help boost confidence, facilitate new friendships, re-establish old connections and even strengthen relationships with people outside the social networking sphere.
Here are some online relationship building strategies and facts that Social Fulcrum thinks all business owners should take to heart:
- Make all user and follower submitted feedback public. By addressing problems, concerns, complaints and criticism, you are gaining the respect of your patrons. They will spend more money with you if you fix their issue.
- Be real. You will create “Brand Advocates”: people who are so delighted by your product/service/brand, that they can’t wait to tell their friends, and their whole social networks about their personal experience with you/your employees. Friends trust friends who are advocates. They will purchase a recommended product and, if that experience is everything they hoped for, a new advocate is born and the cycle continues.
- People share content for specific reasons, most of which have to do with how it makes them feel about themselves. By commenting on the information your followers post, you are showing them that you care how they feel (thus they’ll see your business as caring).
- There is no formula to execute a successful social media campaign: you must try it all. Marketing is the study of experimenting with business tools- and each attempt at product launches, event planning, cross-marketing, business-to-business networking, and seasonal sale all need different types of marketing techniques.
- Connect & Develop Relationships With Influencers in Social Media. People with large social networks will promote your product, and unlike Brand Advocates, they have much wider pools (example: celebrities, media outlets, etc). There is a reason that brands pray for the Oprah Affect!
- Information Gathering. By collating data on individuals that are following your business, you are able to tailor your product, service and selection to their desires. You are customizing your business through the direct market research, and dialogue, you are having with your buyers.