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What your online communities can do for you

Venture Beat recently looked at a popular question in social media - how can you measure and track the efforts of online social media. They came up with a few answers that were very unique and showed not just profit the online community can make, but what the online community can do to save you money.

- Market research - Online communities are a great group of targeted customers who you can use to do market research, saving the normal market research spend

- Advertising costs/revenue - You can find out if new marketing campaigns are going to work before buying any media space by testing them on your community group

- Customer revenue - You can measure the spending of your online community members versus non-online community members

- Customer Retention - Those members of the community tend to have a greater sense of loyalty and stay with your brand, buying your products longer

Jenny Pereira

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1 comment:

Dag said...

You might want to take a look at http://dagholmboe.wordpress.com for additional numbers about online communities. The work is based Charlene Li and Jeremiah Owyang of Forrester Research did in 2007 work that Bill Johnston of Forum One has done.

They cut away all fluff and went down to the nuts and bolts of social media and online communities to better understand if social media and online communities are worth the effort.