In any business, the key to success is to maintain and grow your profitability. In essence, cash flow is key and money is the “Blood” of your business. Therefore, I would like to remind all of my Blog Readers that in any business initiative, be sure to keep your eye on what really counts: how it will affect the cash flow and “money” situation. Keep this in mind whenever you launch a major undertaking such as a Social Media initiative. Many Social Media consultants are using “buzz” as the key element of success such as the number of Twitter messages or followers, blog entries or mentions on other Websites, etc. rather than “Tried and True” measures such as Return on Investment. One may have a large following on Social Media Websites, but if much of the feedback is negative, that represents a tremendous problem for your Social Media efforts.
In addition, there have been some cases where companies have purchased software systems for example for CRM, Marketing Automation, Email Messaging or Social Media, etc. and yet the software initiative failed due to the fact that the company’s employees did not want to use the system, leading a complete loss of the company’s money spent on the initiative.
I would recommend that any company starting a major initiative, monitor exact numbers concerning this initiative such as number of persons using a software system, process, Return on Investment, the number of new customers gained from this initiative, etc. Be sure to shift the focus away from promises and potential towards what really matters: RESULTS!