Hunting for unicorns in the business world refers to the challenging task of measuring the return on investment (ROI) for social business initiatives. Five key strategies can aid in this pursuit. Firstly, a focus on outcomes, rather than outputs, allows for a tangible measure of success. Secondly, aligning social goals with business objectives ensures that the social initiatives are contributing to the overall success of the business.
Thirdly, it is crucial to understand the customer’s journey. This involves tracking the customer’s interactions with the business on social platforms, and understanding how these interactions lead to sales or other desired outcomes. Fourthly, developing a social business maturity model can help businesses understand where they are in their social business journey, and what they need to do to progress.
Lastly, a focus on storytelling can help businesses convey the value of their social initiatives in a compelling way. This involves using data to tell a story about the impact of the social initiatives, rather than just presenting raw data. These strategies can help businesses understand and communicate the value of their social initiatives, making the task of hunting for unicorns a bit less daunting.
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