Social media ROI return on investment is a popular topic but what about cost of inaction, COI? What cost to your company NOT to be involved in social media – not to be monitoring, creating content, interacting, responding and measuring impact of people creating stuff online around your brand or organisation?
I’ve been speaking for a couple of years now on “The COI – Cost of Inaction”…it’s always a good fallback when companies won’t accept the ROI – Return on Investment. Even when it’s clear that acquisition of customer costs drop through word of mouth, that support costs drop due to peer to peer support, that customer engage with your brand for longer and more often and brand recall goes through the roof, it’s still “too dangerous”. Here’s a video of me at a Tweetup in Singapore in March 2009 talking about COI.
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