Saturday, November 26, 2011

Tapping the Social Media for Value Creation

If we compare two successful campaigns in social media one is practiced with traditional marketing communication and other is practiced with traditional as well as with social media. The traditional marketing strategies usually don't provide you with the economies of scale in terms of penetration and value.However, tapping the social media strategy in today's world is crucial for your business success.

Charlene and Josh Bernoff came up with the model to build up social media strategy and it is called as POST

P:- People:- This is the key element to your whole strategy.You have to find out what kind of people are engaged with your products and how are they going to engage with your product on the social media. What percentage of your product users are creators, critics and joiners.Which social technology tool will match with the customer profiles

O:- Objectives :-  Now moving towards the objectives.What is the objective of entire social networking strategy- to promote sales, to create awareness,  product development and marketing initiatives.There are five key objectives one can pursue in a social media :- Listening, Talking, Energizing, Supporting and Embracing.

S:- Strategy:- How you want your relationship with customers change? Do you want them to become more engaged ? Do you want to increase net promoter score or you want to build the brand.

T:- Technology :- Which technology would be more effective for your strategy:- Facebook, Wikipedia, Twitter etc or you are planning to build a new technology to carry out your message.

As a business unit, you should be absolutely clear about what kind of problems that you want to overcome  by implementing a complete viable social media strategy. Each social media is good at doing one thing when compared to other.For instance:-

1.Viral Videos are best for creating noise - the awareness problem. The only problem wid the viral videos is that you need a brilliant idea to tantalize the right connection with the target segment. e.g. Comcast Video

2.Social Network:- This medium is best for word of mouth problems.It is definite a tool for increasing the v
value of net promotor score and word of mouth is critical for fashion, movies and cars.

3. Blogs:- Blogs are the medium for sorting out complexity in the communication process.For instance,Hp which sells two many products need some communication process such as blog for reducing the complexity in the product selling, installation and implementation.HP has its blog for different products from different executives.

4.Community:- Community is a good way if your target customers share an emotional connect with each other.In this respect, it is recommended to form a closed knit among the participating members.

One thing that social media has taught the companies is  that people are ready and love to help each other out - Dell, Yahoo and this factor should be taken into consideration before deciding any social media startegy( Customer Profiles or their behavior on social media or technographic profiles)

Example of Social Media Balanced Score Card
 Humility and Creativity coexist - Whatever business you're in :)

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