The fictitious example of a company that I will be using for this assignment is the “Teach a Kid How to Swim” summer camp. The reports from the summer camp show that the number of camp goers as increased, and with this, the number of children attending the camp for free has also increased. There are no real numbers, so measuring exact soft ROI and hard ROI could be a challenge. Simply put, soft ROIs measure none financial figures and facts, such as customer opinion, feedback, and return. Hard ROIs strictly measure the dollar value gain of a company or brand. There is a thick line between the two, but they are both equally important.
Soft ROIs are important for a company to be concerned about, and monitoring, because they will ‘hold the answers to how their customers are feeling about their service or product. In the case of the Teach a Kid to Swim” summer camp, they are important to gage how well the summer camp is being publicized by word of mouth, and to estimate the number of students wishing to attend for the next summer season. The best tool a company could use to gage what is listed above would be social media websites. These tools can track past customer comments and “likes”, and monitor when the summer camp is talked about on other networking sites, making it simple for a company to make necessary changes if need be, and understand its customer base. Online surveys, email response’s, and registrations are also things that could be better managed using social media sites.
Hard ROIs are invaluable when keeping track of financial output vs. financial gain. Especially in this case, where there are select students that are able to attend the summer camp for free because of financial issues. The amount of monetary returns will be vital in this case to ensure that the company is still able to offer that service to needy families in the future.
I believe that a useful tool for the summer camp would be a “Past Participant Blog” where former students and/or their families could talk about the experience they had with the summer camp. Something that could also be featured would be a rating site and system. A strong patronage would be established, and both of these outlets would present an accurate display of the camps soft and hard ROIs.