Thursday, October 27, 2011

Valuing Social Media In A Competitive Marketplace by Melvin Young - Lewis

Does Your Company Value Social Media?


Recognizing the value of social media in today’s global market is imperative for any corporation, non-profit, university, government agency and small business.  When applied correctly social media is a very effective tool in driving brand awareness and engagement.  So many non-profits are being offered an array of social media tools to support their donor efforts.  However, whether it’s fundraising, engagement, purchase intent or brand awareness, there are things that all organizations and institutions need to consider and institute before launching any social media program.

Respect Social Media As A Valuable Medium

As an executive with experience in both corporations and non-profits, I realize and embrace the fact that most non-profits are just now starting to really grapple with the idea of how to strategically leverage and integrate social media as an integral part of an overarching strategy.  This is not to say that corporations have totally embraced and understand how to leverage, maximize and integrate social media into strategic plans and marketing strategies.  However, non-profits should devote the same amount of time and discipline to their advocacy and volunteer social media efforts as they are in their fundraising programs. Utilizing social media to initiate other forms of engagement such as advocacy allows non-profits to tapped into those who may not be able to give but want to lend their voice on behalf of a cause or devote time (volunteer) to a specific charity.  Social media offers many benefits, but consumer engagement is one of its primary benefits. It is the only advertising medium that allows for a normal two-way conversation and the opportunity for a brand to use its personality to interact with customers. Having said that, brands must listen to customers’ concerns, interests, likes, dislikes and expectations and be willing to change and react to customer concerns.  Social media has been become an invaluable medium.

Define Social Media Objectives

First, any organization and institution needs to define their social media objectives. This is most important because it will help to determine the metrics needed to monitor and measure your success. Likewise your objectives need to be clearly aligned to your audience’s online behaviors or else you run the risk of not connecting with your desired target audience. For example, we can probably assume that most non-profits objectives will involve some aspect of fundraising. However, it is equally important to leverage conversations and interest in charities or programs to drive others forms of engagement (i.e. advocacy or volunteering) via social media. Like brand loyalty, individuals interest in non-profits or charities evolve and their point of entry for participating in causes vary, so it is important to create compelling messages that resonate with and motivate individuals to want to participate (donate, advocate or volunteer) in community outreach programs or charities. As a marketer, you want to be able to move each individual along the life cycle of the brand; we should apply the same methodology to non-profits. An individual may not be able to donate money today but is willing to devote their time to a charity. Once non-profits, corporations and institutions understand this process and has clearly defined their audience, knows their audience social media behaviors (where your audience “hangs out” online) and what type of social media platforms are most effective in reaching their audiences, then they will be in a better position to execute effective go-to market strategies for their organizations.

Leveraging Content To Drive Social Media

One of the greatest challenges for non-profits, corporations and institutions lie in their ability to develop the “right” content strategy (original, aggregate, syndicated or multimedia) that helps to reinforce their mission, attract audiences and drive participatory engagement from audiences and constituents. A well thought out content strategy drives continuous engagement; create relevant conversations and ongoing dialogue with audiences. There are other strategic and financial benefits associated with using original or unique content such as establishing new partnerships and creating new revenue streams for businesses. Content is king and is one of the most valuable assets of any corporation. Whether we like it or not, conversations about our brands or companies are happening with or without our involvement. So why not actively engage in conversations where appropriate to help build social currency for your brand and organization. I constantly remind organizations and small businesses that traditional and social media branding involves the assessment and total integration of all disciplines, communications channels and platforms where appropriate to authentically deliver on your brand promise and to help strengthen your positioning in marketplace. However, before you can solidify your positioning, you must do your research - understand your brand and business. Many non-profits, like small businesses, are operating on limited budgets and resources so for any organization, applying the fundamentals is critical to ensuring an efficient use of time and resources to effectively generate the greatest ROI (return on investment) and ROC (return on conversation). As this medium continues to take center stage for most companies, organizations are likely to transform their business models from one of traditional branding to social brand curation - where collective experiences are built in to a brand's DNA to deliver compelling and credible brand stories.

For corporations, non-profits and educational institutions that have invested adequate resources, conducted research and who understand their audiences, they must leverage social media as a strategic initiative and not merely as a tactic. A poorly executed social media program and not using one of the most powerful mediums can almost be suicidal for a brand or company. Implementing an effective social media strategy requires planning, time, resources, commitment and flexibility.  

Share your success!
What social media programs or tactics have you used to engaged your audience, consumers or communities?  What has worked or was not as successful?  Please comment and share your story below.



Follow Melvin on Twitter @Hollywood1906
Email: MyStrategyHouse@gmail.com

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