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Thank you, Richard. So true. I have found even the best sentiment technologies to be no more than 50% accurate. They just cannot judge nuances in the human language, particularly sarcasm. For example, how is a computer supposed to know that this is positive: "I was having the most terrible, awful, horrible, no-good day dealing with that bitter, rotten, acidic person -- until I had my Starbucks coffee."
I've found that people rely too much on these tools. They're powerful. But, nothing matches the human brain (at least not yet!).
Thanks for commenting, Richard!
You've got that right! Our agency has worked with dozens of clients from small businesses to multi-national corporations like HP, and exceedingly few have any kind of a grasp on CLV.
While it's important to know, perhaps the broader, more important point is that CLV can be increased by orders-of-magnitude via social media.
Engage with your customers. Care about them. Listen to them. Provide "wow customer service," and those customers will roll up like a juggernaut and form a marketing army for you, sending their CLV off the charts!
Thanks for taking your time to comment, Chris!
Outstanding feedback. Thank you. And you are absolutely spot-on when you say: "I also understand that this is meant to trigger conversation, and that is good."
The fact is we are all breaking historic ground here. Social media is the fastest-growing form of communication in history. It is the #1 online activity - and I believe it is the future of marketing and customer service/engagement.
It's so new, however, that we're trying to figure out how to caluclate ROI. I see this as an exciting opportunity!
That said, let's work together on it.
Hello Kevin: I am sorry you feel that way. Social media is so new - and wrapping our arms around how to calculate tangible and intangible ROI is imperfect. We're all breaking new ground - and it's quite exciting!
So, let's work together to come to a gold standard of measuring Social Media ROI. I'm all ears - and I am taking feedback into account and making modifications based on it.
It's very much a collaborate effort, which I enthusiastically embrace!
Thank you again, Kevin.
Incidentally, the 59,601 likes are for Social Media Today, the website, not my article - which currently has about 600 social shares.
Hello Jenny! Thank you for the kind words - and the very valuable feedback. CLV generally uses 20 years as a benchmark, but you are quite right, for smaller organizations, it may not be realistic to have a customer for 20 years (although one might want to strive for that! ;-)
I am going to edit the article to make it 10 years. I think that is more realistic particularly for the readers here - and I truly appreciate the feedback!