"Strategy is more important than ever - so that a company's social media strategy is more than a collection of tactics."
From the executive point of view, chief marketing officers and the like comment on 2012 social media strategy at the Chief Marketing & Sales Officer Forum summit It's good to be reminded of organizational systems.
I’m surprised how often a company’s social media strategy is really just a collection of tactics. - Google’s Margo Georgiadis
Excerpts by McKinsey contributor, Marc Singer.
1. Strategy is more important than ever
From Google’s Margo Georgiadis: I’m surprised how often a company’s social media strategy is really just a collection of tactics.
The alluring possibilities of social and digital media can easily distract our focus from what really matters to our companies—and to our customers. All of us need to bring in the new while staying focused on our enduring customer strategies.
2. To engage customers and influence brand perception, marketers need to build trust
Companies are no longer the sole arbiters of their brand; customers have an important, and in some cases decisive, voice. But marketers still have enormous influence around how customers understand and interact with their brand. ...a lot of that value is dependent on trust between brands and their customers, which has been taking a beating in the last few years.
Many companies still fail to measure accurately or consistently [as their] metrics programs aren’t tied to strategies built around target customers.
3. Companies need to “instrument” their organizations around target customer segments
Stanford’s Aakers talked about how leading companies haven’t stopped measuring ROI, but they’ve expanded their notion of what the return might be including a more personal form of ROI better suited for a social age:
- R&D savings,
- employee hiring savings,
- employee morale and passion,
- and so forth.
Ford’s Farley makes the connection between “brand favorability”—the customer’s overall perception of a brand relative to competing brands—and pricing power. Farley has found that brand favorability is deeply driven by what Ford does in social media. Many companies still fail to measure accurately or consistently as their metrics programs aren’t tied to strategies built around target customers.
Read the full article here.
Photo credit: Flickr CC by John-Morgan