BCA

By John Riley

 By now, the term social media (web 2.0) is well known, but arguably not well understood. Recently, I have had the opportunity to spend some time with several very talented gerus in the field who see social media as an engagement with online communities to share information that builds exposure and sales. Testimony to that definition is the large number of major corporations that have steadily re-jiggered larger shares of their business development budgets into this medium.

 Each instrument that plays a part in this concert has its own unique set of characteristics: Twitter, Facebook, podcast, blogs, Linked In and YouTube are the best known. According to a March 2009 survey sponsored by Social Media Examiner, Twitter is used by 94% of marketers who have been using social media for years, followed closely by blogs.

 Unsurprisingly, age is a factor in adopting and executing a social media campaign. The Social Media Marketing survey revealed that people 60 years of age and above were significantly more likely to be just getting started with social media than other age groups. The people aged 30 to 39 years were the most likely to use it.

 Shaping The Strategy

 When you read, The Social Media Bible,(2009)” a nearly two-inch thick book by Lon Safko and David Brake, you gain an insight into the growing influence of social media. The book’s précis says, “it will show you how to build or transform your business into a social media-enabled enterprise where customers, employees, and prospects connect, collaborate, and champion your products, your services, and your way of doing business.”

 The authors advocate a four pillar strategy as a basis for a successful transformation:

               Communication—many of the tools can measure effectiveness

               Collaboration—use the right mix of tools

               Education—turn expertise into content            

               Entertainment—make the content interesting and compelling

 By the time you are turning the final pages of the book, you will be familiar with social media vocabulary, have a tactical perspective on various tools and their capabilities and have an insight into creating a successful strategy for your business. The book lives up to its billing.

 Savoring The Payoff

 In the Social Media Marketing survey of 800 marketing professionals, 81% said their business gained increased exposure and 61% realized a pick up in web traffic.  Most importantly, 56% said their efforts had resulted in new business partnerships while 48% enjoyed a boost in sales leads. It was also significant that 45% of participants saw a reduction in their marketing expenses.

 As you engage with people, you are building content for your blog and connecting with many different influences you would not otherwise be able to reach. Additionally, companies are able to monitor what is being said about their products, services or company by enabling them to better shape their marketing and sales strategies. Finally, if your social media program really clicks, you create a volunteer sales force that sells your product and accelerates your ROI growth.

Plenty of opportunities remain to capitalize on the benefits of social media. Shaping a thoughtful strategy and using the right tools will reach employees, customers and prospects in a way that encourages and provokes dialogue. Therein lies your opportunity.