Building on Your Foundation (The Invisible ROI, #3)

The Invisible ROI

In our Invisible ROI series, we’ve discussed the type of return on investment that you receive when you build real relationships with your customers, including the importance of engagement with your brand.

Social Media has become an important part of engaging with customers online.  It gives you another touch point with customers and allows them to interact with your brand directly, giving you immediate relationship building results.

It can be hard to know how to balance what you’re sharing on Social Media so your base is engaged without over-sharing and scaring them away.

Here are a few tips that we have found helpful:

  1. Be of service: What is your area of expertise?  If you’re great at building bee hives and know a lot about bee keeping, that’s what you should be talking about.  Share information that is helpful to your customers and they will remember you for it!

  2. Be friendly: Every post shouldn’t be a call-to-action. People don’t respond to someone constantly pounding on their door and begging them to buy their product. Social Media is no exception.  If you do use a call-to-action, make sure you highlight that you want to be helpful to your customer.

  3. Be responsive: Many customers will engage with your brand directly on Social Media by posting on your page, tweeting at you or mentioning you in a comment – be responsive to them! This holds true whether they are complimenting or complaining – address both in a timely and professional manner.  Remember that this is a public forum; how you present yourself is how the world will see you!

There are a lot of great tools and tips to help make your Social Media experience easier – check out our toolbox for some of our favorites.

Contact us for more information about how a Michigan Radio corporate sponsorship will help you build relationships with our listeners.

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Making the Connection (The Invisible ROI, #2)

The Invisible ROI

To continue our conversation on the invisible ROI, we’ll start by digging a little deeper into ROE2 – return on experience x engagement.

Let’s break this down a bit.

What, exactly, is experience?  Every point of connection that your customer makes with your brand is part of their experience. This includes things like making a purchase, using your website, seeing an advertisement, interacting with your product or service, or receiving additional product support.

Engagement has more to do with the way the customer is relating to your brand: sharing their experience on social media, recommending your product and writing a review are all examples of engagement.

The goal is to receive more engagement with positive experiences than with negative, and you can control that by creating more positive experiences for your customers.

It’s not only important that people buy what you’re selling – it’s also important that they buy it again and that they tell their friends about it.  When they “share” you on social media, become “friends”, tweet about you, connect with your brand, which is exactly the point.

Relationship building should start at the very beginning: the first time your potential customer hears about you.

Michigan Radio can help with that.  We reach more than half a million listeners weekly; listeners that care about public radio and care about supporting businesses that support public radio.  Click here to learn more about how the halo effect works.

The more you engage Michigan Radio listeners, the more positive their relationship is with your brand, the more likely it is that they will use your product or service when they need it and the more likely it is that they will tell their friends.

When our listeners hear your spot on the air, it’s as though they are being introduced to you by a trusted friend.

What better relationship starter is there than that?

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Immeasurable Returns (The Invisible ROI, #1)

The Invisible ROI

Everyone wants to see a measurable return on their investment, whether investing time, energy or capital. But, let’s be frank: some things are immeasurable. You would never consider, for example, applying ROI to your relationship with your spouse, children or closest friends, would you?

It’s also more difficult than you might think to determine the returns on your marketing investments.  Many platforms would have you believe that the higher number of impressions, views or clicks equal a more effective marketing campaign.

This is not necessarily so.

Andy Frawley, CEO of Epsilon, came up with a formula that is a better fit for measuring marketing effectiveness than ROI: ROE2 = return on experience x engagement.  Frawley contends that ROI overlooks some important elements in marketing campaigns, primarily emotion.

How consumers feel about a brand greatly impacts how well a marketing campaign works, and also controls brand loyalty.

As noted by Fred Jacobs of Jacobs Media, “This goes to the heart of why consumers often favor brands even where price points are less competitive, and barriers are higher. But the payback is the brand experience. We pay more and even stand in longer lines at Whole Foods, Starbucks, and Apple Stores. We tend to forgive them when they stub their toe by coming out with a product that is perhaps not up to their standards.  The benefit is in knowing these brands know you.”

Apple fans will stand up for the brand in online forums, will stand in line for the latest product, will stand through failures and mistakes – Apple fans have, essentially, become a branding tool for Apple.

How do you get that same loyalty? You build relationships.

That’s what we’ll be talking about in the Invisible ROI series – stay tuned!

Click on “The Invisible ROI” under categories to see other articles on this topic.