Three examples of social media opportunity cost
An article that gets heaps of positive comments. A photo that gets shared everywhere. A competition that receives thousands of entries. We all love the exciting, fun opportunities that social media presents.
However, when taking a look at the wider influence of social media on an organisation, there’s a growing opportunity cost for those who choose investment in something instead of good social media governance.
Three examples that spring to mind…
– The expense of different teams using different social media management tools (the cost of licences, account admin, duplicate training).
– Negative employee morale (or even disciplinary action) resulting from uncertainty around what’s acceptable/ not acceptable when referencing their workplace on their own social media pages.
– Failing to retain customers when a simple, personal social media communication could have been a great “service rescue”.
I think it’s a very powerful take on the eternal “what’s the ROI of social media” question, and arguably easier to measure than sales uplift. And that’s just three examples – there are plenty more.