No matter how you look at it, the growth of social media cannot be ignored. It took radio 38 years to reach 50 million users, television took 13 years, the Internet took 4, and the iPod only 3 years. What about social media? Facebook added 100 million users in less then 9 months and China’s QZone has over 300 million users! These staggering numbers prompt many clients to say ”we need a Facebook strategy” or a Twitter strategy or whatever, but the key is to focus on a social media strategy. Moreover, remember while social media is an important component of advertising, it should not be the primary focus (only 5% of total online advertising spend is in social media) rather a supporting and enabling tool. In the end, the world and computers are digital, but consumers are analog; If you choose to use social media, it is essential to emotionally connect with the consumer.
Consumer uses for social media are generally grouped in 4 categories: information, product referrals, socializing, and entertainment. As a company you need solid understanding of not only what value you bring to these categories, but also how can you efficiently integrate them for maximum effect. That said, there is no end to how social media can be used to promote your brands, from offering fast, interactive customer services like the Best Buy “Twelp Force,” to offering exclusive promotions like United Airline’s “Twares,” to building an engaging brand experience like Threadless. Even small companies like the Liquor Depot in Alberta are using Twitter to offer exclusive promotions. First year social media budgets have trended as low as $2,000 (excluding manpower) meaning anyone can get involved at any time, it simply requires a commitment to dive in.
When the decision is made to venture into social media, think about what it is that you are trying to drive, what is your objective? What are you trying to communicate? Then be prepared to listen and interact with the answers, remember to think of social media as not something you can buy, but rather something you can earn and own. There are numerous sources claiming to have the keys to a successful social media strategy, and all are different in some way, but the following four elements remain constant:
1. Look, Listen, Lounge, & Learn: It is amazing how much you can learn about consumer interests, intentions, and problems by listening to what they say on social media sites (and it’s not even that hard!)
2. Join the Conversation: Response breeds authenticity in the eyes of the consumer. Find relevant communities and contribute (read as: add value) regularly.
3. Target the Coveted Influentials: Start with the conversation starters and they will reach the conversation spreaders.
4. Curate Passion: Place the passionate community at the centre and become a curator of that passion.
Right now platforms like Twitter and Facebook are social media’s next big thing, but only 11% of Internet users are active “tweeters” and only 20% of online ad spend is on Facebook and MySpace. What direction do you take? The answer is easy, get involved where your passionate consumers are involved (listen to learn where that is; see above). Twitter may just be a current fad, but online social interaction is not, it is a fundamental shift in the way we, as a society, communicate; And it matters. A recent study found that 25% of search results of the worlds top 20 brands are links to user-generated content and 34% of bloggers actively comment on their experiences. As a result it is essential to determine who these people are and how they can be positively engaged. We tend to think of social media as a massive global medium, but we forget there are many smaller, localized networks, such as Calgary 2.0 (calgary20.com) that are often driven by the very people our clients want to reach. A successful manager or planner will be able to determine which networks contain relevant consumers (remember the importance of data) and understand how people in those networks can be reached. With 40% of marketers already using social networking sites, it is easy to see the benefits; increased relationship building, increased brand love and loyalty, and increased trust (through transparency).
A reoccurring issue agencies face in social media is justifying the ad spend to the client. While everyone wants to be involved, they still demand to see a positive ROI. That is the current problem with social media, it is often hard to prove any ROI, let alone a positive one, as there is no established, definitive method or metric to evaluate the successes or failures of a social media venture. While you can track “click-throughs” on a banner ad, social influence is much more difficult to measure. As a result, successful companies will be those who view social media as a long-term strategy tool to gain insights and uncover unmet needs rather than for short-term ROI. If you must measure the return on a social media project, set your own objectives (followers, engagement, etc.) and tie goals to them.
No comments:
Post a Comment