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 should companies define success on social media?
For many, success is a post that attracts lots of likes and comments or a campaign that goes viral. But while this approach can be impactful from a marketing perspective, recent research from Medallia and Best Western shows that social media is good for more than just increasing brand awareness. When done right, social media engagement can go much farther, contributing strongly and directly to a business’s financial success.
The research found that when Best Western properties responded to more than 50 percent of the social reviews about them, they increased their occupancy rates twice as much as all less-responsive properties — and outperformed the industry average of 4.3 percent growth as well. The research also found a relationship between social responsiveness and gaining competitive advantage online. The more reviews a property responded to, the higher its social media scores were relative to its competitors — with the most responsive properties seeing scores an average of six percent higher.
Of course being responsive to online feedback is just one facet of good social engagement. Equally important are the person responsible for replies, the information they share, and the tone they take, among other factors. Getting all of this right on a consistent basis requires organizational support, the right tools and a lot of training, especially when you’re trying to do so across a large, complex business.
We’ve just released a whitepaper which explores ways for companies to accomplish this. It covers additional research on the business impact of social media engagement, investigates the societal factors influencing how today’s consumers use social media, and delves into specific best practices companies can use to start seeing the type of results Best Western has.
You can download it using the form to the right!