Social media is evolving. New platforms are emerging requiring companies with thin resources to stretch them even further. Investing in a media that shifts like the sand is a hard sell to corporate boards with fiscal responsibilities. There are so many paths to follow, how does a smart marketer know what to do?
Waiting could be brilliant or disastrous. On November 1, 1994, an unknown company launched a website selling books. It was the beginning of a much bigger vision that included an integrated site selling everything from power tools to book. The startup has grown to become the force its name implies. Amazon is the largest bookseller in North America.
Nine months after the Amazon website launch, Barnes & Noble launched BN.com as a separate division. The separation of the stores and ecommerce didn't last. Eventually, the two merged offering customers an integrated shopping experience. While management was working out the kinks of offline and online offering, Amazon grabbed market share.
The threat of losing market share is scary especially in turbulent economic times. Companies late to adapt ecommerce were hurt by their 'wait and see' approach. Social media is not ecommerce. Expecting it to deliver the same return is unrealistic. Still, ignoring it is foolhardy. The social side of your business enhances the shopping experience improving customer loyalty, increases brand recognition, and reduces operating costs. It rarely drives sales at this time, but that may change as the channel evolves. Until it does, use social to complement traditional marketing and service so your customers will be bound to you.
Creating an effective social presence requires:
Strategy - A plan of action provides focus and direction. Creating one that can quickly adapt to the changing environment is critical.
Objectives - Knowing what you want to achieve is the first step towards success. They need to be specific and measurable.
Community - The best social media presence without a high quality community is like a speaker talking to an empty room. No one will hear or share your message.
Integration - Everything has to work together to get the full benefit of a social strategy. Marketing and customer care unite to insure customer satisfaction.
Analytics - Measurement makes management easier and more effective. Knowing how social affects sales, service, and associated costs allows the correct allocation of resources.
Leadership - There are no paths to follow. You can be the leader or follow your competition.
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