Yesterday, we talked about the importance of being able to discuss real R.O.I. with a decision-maker who just doesn’t get Social Media yet. Instead of trying to “sell” them on the benefits of conversations and developing relationships, I suggested a more pragmatic approach: Basically explaining to them how Social Media can be used to increase sales (what they really care about) by impacting certain factors intimately tied to sales: Net customers growth, and depth-of-product transactions. (If you missed it, check it out.)
Today, let’s talk about another factor: Frequency.
In other words:
Frequency of interactions = Frequency of transactions.
(More of one usually leads to more of the other.)
One final note: For most businesses, reach seems like a more important factor than frequency, but what happens when acquiring more customers isn’t realistic? Or when it isn’t enough? For many established businesses (especially with a closed distribution channel), frequency is a more variable (and thus more viable) factor to impact: If they can’t acquire new customers, the next best thing is to get their existing customers to transact more often.
Food for thought.
So there you go: One more specific factor/objective and set of metrics to take to your favorite Social Media agnostic manager… or keep in your back pocket in case the need ever comes up.