By Anna Boucaut
Value is not a new business concept, but its broad nature means that when it comes to social, businesses are forgetting its importance.
Although difficult to measure, value can both be the economic value, or the intangible (customer-added value) that cannot be measured. The customer-added value can sometimes be difficult to measure, which is where social media can be helpful when looking at this concept and giving it real world meaning.
The intangible element of value can be measured through brand recognition and consumer feedback. These measures are analysed and interpreted through the statistics and reporting now available to us on social platforms; this can be great feedback to the value and connection that consumers feel to your brand.
Social Media Today recently outlined the four different levels where value can be created:
- Creating value through perceived credibility – ensuring that when it comes to promises, they are being kept.
- Creating value through vision – communicating growth. Instilling confidence in the future of the brand will create greater connection.
- Creating value through investment of capital – put your money where your strategy is, this is the ultimate way to build customer goodwill.
- Creating value through people – your employees are your best assets, investing in them will make a big difference in your brand valuation.
As mentioned, the concept of value is not new to businesses but it is one of the most misunderstood elements and has the potential for detrimental results to your business success. It is crucial that you seek out to create value at all levels, establish your brand presence and win on social.