I often find one of my biggest challenges is to simplify the many concepts, tools and buzzwords that are used within the fields of entertainment, creative services, social, digital and new media. Now that I also work with larger brands and companies, I must also explain the measurable benefits of the tools and techniques that are used in integrated social marketing.
I loved this article by Mckinsey about Demystifying Social Media for Executives and it’s no wonder they are at the top of their industry. If you’re ready for the journey, click through to read some heavy duty insights into social media (it is a long read, but I’m glad that someone out there is writing long form content). If you’re short on time or attention, here are some of highlights and takeaways, which I hope will encourage you to read the whole article, that is full of relevant examples:
“As the marketing power of social media grows, it no longer makes sense to treat it as an experiment … senior leaders can harness social media to shape consumer decision making in predictable ways.”
“… what makes social media so potent: its ability to amplify word-of-mouth effects.”
“Companies diligently establish Twitter feeds and branded Facebook pages, but few have a deep understanding of exactly how social media interacts with consumers to expand product and brand recognition, drive sales and profitability, and engender loyalty.”
“It’s no secret that consumers increasingly go online to discuss products and brands, seek advice, and offer guidance. Yet it’s often difficult to see where and how to influence these conversations…”
“…there’s no single measure of social media’s financial impact, and many companies find that it’s difficult to justify devoting significant resources—financial or human—to an activity whose precise effect remains unclear.”
“Being able to identify exactly how, when, and where social media influences consumers helps executives to craft marketing strategies that take advantage of social media’s unique ability to engage with customers.”
“It’s (social media) much more than simply another form of paid marketing, and it demands more too: a clear framework to help CEOs and other top executives evaluate investments in it, a plan for building support infrastructure, and performance-management systems to help leaders smartly scale their social presence.”
“Social media is extending the disruptive impact of the digital era across a broad range of functions. Meanwhile, the perceived lack of metrics, the fear, and the limited sense of what’s possible are eroding. Executives can identify the functions, touch points, and goals of social-media activities, as well as craft approaches to measure their impact and manage their risks. The time is ripe for executive-suite discussions on how to lead and to learn from people within your company, marketers outside it, and, most of all, your customers.”