Forrester Wave Report
Leslie Stretch, Medallia CEO, and Borge Hald, Medallia Founder, Reflect on Being Named A Leader by Forrester in The Forrester Wave™ Customer Feedback Management Platforms, Q4 2018 Elena:...
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How much impact can social media activity have on a company’s financial performance?
If you asked this question to most business leaders — or even social media experts — their answer would probably boil down either to “not sure” or “not much.” Large companies tend to see social media primarily as a tool for sharing marketing messages and raising brand awareness — and while this approach can help start conversations with current and potential customers, those conversations rarely lead to any tangible business results.
But according to new findings from Medallia’s research team, this doesn’t have to be the case.
The research examined over 4,400 Best Western hotel properties worldwide and focus on the relationship between a property’s social engagement and the amount of business it attracted. What they reveal is that, the more a property responded to social media reviews about them, the more its occupancy rate grew during the next year. In fact, the properties with the highest response rates grew their occupancy at over twice the rate of properties who didn’t respond at all.
Social engagement didn’t just increase occupancy rate growth. The research also found that properties that responded to the most social reviews saw the greatest annual increases in their Net Promoter Score® (NPS) — while the least-engaged properties saw their NPS decrease.
So how was Best Western able to defy conventional wisdom and use social media engagement to drive such significant business results?
On April 22, Michael Morton, Best Western’s Vice President of Member Services, will join us to share just that. In a live webinar, Michael and his colleague Becky Foster will discuss strategies for getting the most out of social media — as well as the impact these strategies have had at Best Western’s front line.
Register for the live webinar using the form to the right!