Businesses rethink customer value as social media rise

Staff writer
16 Jun 2011
00:00

The rise of social media has required companies to reevaluate the way they determine customer value, which in turn can reshape customer engagement strategies, according to a new report from the Economist Intelligence Unit.

Measures of customer value that focus solely on transaction activity capture only a fraction of an individual's behavior and potential value.

The report also identifies a clear need for technology to help organizations maximize social media efforts.

Organizations are now starting to think about the value of influence and collaboration – particularly given the growth of social media -- instead of focusing on revenue or profit associated with an individual's or household's transactions.

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