Showing posts with label Social Media. Show all posts
Showing posts with label Social Media. Show all posts

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

Friday, September 16, 2011

Do Your Research: Understand Your Brand and Business by Melvin Young - Lewis

I am still amazed at how many companies,organizations, small business and non profits do not have or lack individuals with the right skill set to develop comprehensive business and or strategic plans to help further grow and expand their business and brands domestically and globally.  I continue to witness a lack of strategic planning and understanding of HOW TO and WHY STRATEGY is a necessity , not an option.  It is the  #1 most important thing in helping a company and brand articulate it's strategic objectives and business goals. It is time out for piece milling and inserting someone who lacks the skill set and ability to define (1) key business planning elements  and (2) understand how to evaluate and assess key business drivers - both strategic and financial - across all disciplines to ensure that the company is maximizing it's spend and allocating the right mix of dollars against the most effective programs, market segments and growth opportunities.  Today's corporate and marketing executives cannot nor should they be allowed to operate in isolation.  We have to be quick, sharp and able to leverage a range of experiences and learnings to remain competitive and innovative in our approach to not only solving problems, but in building brands and companies.


The increased use of digital, social media and technology has surpassed the intellectual capabilities of most marketers.  Therefore, as a result most brands and companies are not maximizing nor understand how to effectively utilize the application and integration of these channels, communication platforms and resources to support strategic initiatives. There is not a template for developing the best strategy, however, there are some key fundamentals that we must first understand and apply when developing a plan.


Things You Must  Do, Know and Understand:


1.  Conduct a SWOT and Competitive Analysis.


SWOT Analysis to better understand the internal and external challenges and opportunities of your business (brand) - Strengths, Weakness, Opportunities and Threats.


Competitive Analysis will help you (1) understand how your brand or company may be perceived relatively to the competition, (2) provide insights on how to best differentiate your brand, product or company from the competition while (3) helping to establish or enhance your positioning in the industry and marketplace.

2.  Define and understand your target audience - psychographics, not just demographics!  Here is where you want to clearly understand their attitudes and behaviors about your brand, how they approach the category and purchasing behaviors; and, media habits and barriers.


3.  Media landscape:  Understand how your target audience uses and engages with new media, social media and traditional media to develop the most relevant and engaging advertising, media, marketing, communications and promotional plans.  I am sure based on my experience you will uncover, re-affirm and gather some new insights about your audience and key trends in your industry.  For example, understanding consumer touch points involved with social media is critical, however many pretend to know or think they know what's involved, but in reality they do not and most brands and companies end up getting the short end of the stick - - objectives are not defined or aligned to address business needs, therefore goals are not accomplished.  


4. What's your REAL Market Potential?  Conduct an analysis to determine your brand or company's real growth potential. This is most valuable in helping you to develop a projected forecast and in taking a deeper dive into how to maximize your market segments.  


5.  Develop realistic objectives and business goals based on audience needs and desires, market potential and opportunities.


This is just a start to help you think about strategy versus tactics. Once you are able to define your target audience, understand your audience needs and define real market potential and opportunities then you are now in a much better place to start developing an overarching strategy whether it is for a non-profit or for-profit.  This approach has been used in all of my experiences whether CPG, media, entertainment, digital, sports, travel, hospitality, automotive, fashion & beauty and with non profits to name a few.


Having a clear understanding of your Company, Brand and Target Audience is the first step to engaging all the right key stakeholders and partners.  You may also be required to invest in some primary research or conduct secondary research to help you better understand your brand and the competition, perceptions about your brand, key consumer and industry trends and to help you further define the profile of your desired target audience.  Once you are able to clearly define who you are and your target audience,  you can start to apply these findings and insights to developing a business plan, integrated marketing and communications plan, digital or social media strategy, brand strategy and or community outreach initiatives. 


In essence, protect your core base while gaining your fair share of the project market growth.  


Now Get To work! And Make The Most of Your Assets!


We want to hear your thoughts and your ideas, so please join in the conversation and let me know what you think.


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