Many marketers today are wondering if social media is really an important part of their marketing strategy or simply a waste of time. Listening to many marketers sharing staggering social media growth rates and demographic data, you might start to believe their claims of social media as the holy grail of marketing. However, just as any part of the marketing mix, social media has its benefits and downsides and is by no means an easy road to success. When thinking about integrating this venue into your strategic marketing plan, a few things should be considered as you build your plan.
1. Determine Who Your Target Audience Is And How They Use The Social Media Channel
Many companies fail to analyze how their prospects use the media and simply start setting up Facebook pages, posting to Twitter and collecting LinkedIn contacts in bulk. However, without the solid understanding of what information your prospects need from you and how often, these efforts become outdated, static and non-performing in terms of new business development. You must follow the social media trail of your prospects to understand how to thoughtfully integrate into their conversation. Only then can you become relevant to them and begin to build a reputation as a solid business partner they can trust.
2. Less is More
All too often the dialog in social media forums is little more than online junk mail with firms providing too much useless information on blogs, websites, social media discussions and white papers. Self-proclaimed “Thought Leaders” are filling the internet with highly professional white-papers, videos and research backed by little more than one person’s opinion on the subject. With this proliferation of information, it is critical that as you begin to use these valuable internet tools that you think about only providing what is useful, valuable and relevant to your prospects. One of the best ways to keep your dialog vibrant and relevant is to ask your clients/prospects what they need from you and how often. By doing this you build your program around their needs and priorities.
3. Let your audience do the work.
The single most valuable feature of online social networks is its incredible power to harness brand advocates of your firm to share with their networks. Whether it is passing on an article, letting them in on a special offer, sharing a video or simply recommending you via a connection, social media is the new word of mouth advertising. In order to harness this resource you must first provide something worth sharing. Each industry and each audience defines that differently and it is up to you to understand your prospect’s propensity to share information and what motivates them to start spreading the word about your firm.
4. Don’t Get Caught in the Wave
Be careful of self-proclaimed social media experts. Marketers are great marketers and so there are a wide range of savvy marketing strategies being used to lure businesses into catching the social media wave of success. Although there a lot of great professionals offering solid advice, there is no magic bullet when it comes to social media. The tools change daily, the strategies become obsolete quickly and it is sometimes hard to decipher where to begin. The success rate depends on a wide range of variables and there are no quick answers to immediate success.
Having said that, I have worked with many firms who over time have gained new business success by careful planning, long-term commitment, thoughtful strategy and patience when using social media.
Social media is a conversation. A conversation that has the power to drive and support your brand or spiral your brand to an all time low. If you keep that in mind, then how you approach the venue will be handled with careful consideration as to who you employee to manage that conversation.
6. Select the right tools
Like any project, the right tools can provide you with success, without wasting a great deal of time. Not all social media tools are designed for all industries. Some of the uses for the primary tools include:
- LinkedIn – A business social network that works well to support a business to business strategy. This also works well for companies targeting individuals with similar work, educational or skill backgrounds.
- Facebook – Primarily a social network designed to share personal information. Businesses have entered the venue by using to build a dialog with their prospects/fans.
- Pinterest – Provides a bulletin board approach to networking and can be used to showcase visual information with the audience: Photos, videos and other graphic rich information.
- Slideshare – Provides a forum to share slide presentations with your target audience. It allows businesses to share their knowledge and build their reputation as thought leaders in their field.
- Twitter – Share sound bites of information with followers. Businesses use this tool to provide quick updates, event highlights, and links to more robust information sources for their prospects.
Case Study: Bank Best Practices
The attached article provides you with the details on how Commonwealth Bank uses social media to engage their customers and prospects. Each month, we will identify another case study to share with you, showcasing how other organizations are using the social media venue.
For more information on how you can build a sound strategy to support your online presence, please give us a call at 717-715-7158 or visit us at www.lburkhardt.com
