Social Media Marketing In Singapore – Looking Beyond Financial ROI
Tuesday, December 22nd, 2009
The Lens Men
About a month ago, I noticed that an optical store here in Singapore called The Lens Men was active on Twitter (@thelensmen) and took the opportunity to ask them about contact lenses and prices. Unlike a few other shops, they were straightforward and transparent and told me that the prices for those particular lenses were set by the manufacturer and thus was the same no matter where I went. They also said they treated customers more like “patients” because eyes are important and should get proper examinations and care.
Based on no other factor other that I would support a local business using digital media in Singapore, I decided to check them out. By the time I had a free evening to head down to their store at Centrepoint it was two weeks later, and even though I didn’t let them know ahead of time I was going down, I was probably treated more carefully than any other optician I’d been to before and it was a good experience.
But let’s get back to the title. What’s the financial ROI here? I bought six boxes of contact lenses for $280. Strictly speaking even if they calculated my value over a year it’d probably hit $840. How many customers like me do they have to reach via social media in Singapore to justify adding “monitor Twitter” as an additional scope of work? Singapore’s too small for such an effort to scale with any noticeable impact.
But how about the non-financial ROI? My net promoter score just went way up, they’ll get a link (and numerous tweets) with this post, engagement with many other people online, more top of mind recall and brand awareness among a subset of digital users, and an authentic, transparent personality to add to their brand equity among other things. This is a great example of a company in Singapore using social media for small business use.
Does that matter? Some managers concerned only about the bottom line will probably say no. Can you put a monetary value to it? Probably not in any objective sense. Should you do it anyway? Probably.
I’ll be the first to admit I don’t have all the answers to ROI when it comes to social media. Tracking KPIs is easy, but it’s not the same as ROI. So do you think it matters to consider the non-financial, less tangible benefits, or do you think looking at cold hard ROI is the answer?
[note: I paid the full consumer price for my lenses and did not receive any form of compensation/discounts for this whatsoever. The Lens Men did not conduct any form of outreach towards this blog post at all]
Tags: brand awareness, financial roi, net promoter score, social media marketing, social media roi, social media singapore
