I attended a networking event this morning on the topic 'Social Media: Is it worth the Hype?' As I was listening to the discussion around what's the ROI in Social Media, it occurred to me that this discussion was very familiar. 10-15 years ago, this was the exact discussion business executives were having about CRM. At that time, no one knew how to cost-justify CRM. It just kind of felt like something you knew you should be doing. Sound familiar? Fast forward 10 years and CRM has matured to the point where we can better quantify its value and measure increased sales to existing customers, better lead conversion rates, shorter sales cycles, etc. But it took a little faith to get there. The great news on social media is you don't have to invest $10k, $50k or $100k- we have killer apps available for FREE to take advantage of! But that doesn't mean no effort is required. Make sure you have a consistent message and your content is about the customer and not about you. In 10 years, I'm sure we'll be talking about quantifying brand, monetizing social relationships and plenty of other ways that social media was a no-brainer.
Microsoft Dynamics CRM Blog