I came across another great infographic this week, this time from focus.com, comparing the cost and benefit of using social media. We are all looking for ways to successfully integrate social media into our professional lives, and/or convince those in our organizations who control budgets to invest in the medium. Figures like these will add a bit more potency to our arguments when we are after a commitment of human and financial resources. Here are a few things I liked/noticed about this infographic:
1. It disputed some common myths. Social media isn’t free. This is the obvious one, but it bears repeating. It also challenges the idea that “if you join a social network, people will interact with you”. In reality, it’s not the fact that you have setup a Facebook page for your business that counts; your success will ultimately depend on the type and quality of your content, along with your user benefit.
2. The puzzling gap between customer engagement and customer service. One would think if customer engagement ranks #1, customer service would be close behind. In fact, customer service is the absolute last place finisher. Customer service is one of the greatest strengths of social media, I wonder why it ranked so low in this survey.
3. The value of a friend. Finally, the numbers that really talk are the ones around the dollar value of a Facebook friend or a Twitter follower. Consistent on both platforms is the fact that customers who interact with a company in the social space are likely to spend more money on that brand. The gap is so significant that some brands post a 100%-300% jump in sales when you compare the amount spent by Facebook friends and non-friends.
Here it is, let me know what you think: