Research from consulting firm, Bain & Company revealed that organizations that have adopted social media early on have captured real economic business value from their budget investments.
Bain found that that customers who engage with companies via social media channels spend 20% to 40% more money with those companies than other customers and demonstrate a deeper emotional commitment to the companies.
5 steps to successfully engage in social media in order to see value from such efforts:
1. Link Social Media efforts to concrete business objectives.
2. Focus and tailor your efforts to engage your key customers.
3. Build a social media organization to deliver results.
4. Monitor and measure the results, then close the loop.
5. Be flexible and adaptive.
Read more details on each of these steps at socialbusinessnews.