Economic value= Sum of Short and Long Term Revenue and Cost Savings
The first three metrics all lead up to the fourth metric, economic value, which is ultimately the most important. Showing direct economic value will help you refrain from ever having to plead for investment in social media. The numbers will speak for themselves.
Success could mean someone will . . .
Sign up for your marketing list
Order a catalog
Write reviews for products
Sign up as an affiliate
Create wish lists or registries
Phone your call center
All of these outcomes are referred to and measured as micro (long term value) and macro (immediate value) conversions. The sum of these two conversions ultimately measures economic value!
Just Do It
The Nike+ social media website is an example of a company successfully implementing social media to help users kick start their fitness plans. Nike+ branched out and created several different apps—each app meeting the needs of a specific audience. For example, there is now Nike+ training club, Nike+ running, Nike+ fuel and Nike+ move. These were designed to take different approaches for helping users improve their fitness by tracking progress, staying motivated and training hard. After downloading and exploring Nike+ running, I was able to see how Nike successfully implemented an app to improve their company as well as the fitness of their users.
Nike+ is a well-developed social media/app campaign providing a motivating and positive environment for users to get started on (or continue) improving their fitness and overall health. Nike is just one of many companies that have discovered how to positively use social media to help improve the health of others as well as the success of their company. After looking at these successful programs, I hope you’ll go forward into your summer with more motivation not only for your personal fitness, but also for your marketing strategies.