Wednesday, November 7, 2012

Choosing the right social media strategy for your business

Choosing the right social media strategy for your business

Designing a good social media strategy has become a critical component of every CMO’s off-site strategy. There are various social media platforms available that could be leveraged by businesses to meet their (marketing) needs. However, it is important to note that all the time, money and energy spent on social media don’t always produce expected results. First, there needs to be a ‘strategy for your strategy’ in place before even the first penny is invested on social media. This is necessary because the plethora of options available generally guide businesses in the wrong direction. 

Each business needs to first analyze their goal (or objective) of using social media. A basic understanding of the industry trend in implementing social media strategies would be helpful. After the goal is fixed, the stakeholders need to be identified. This lets the business understand the risks and rewards involved and what impact this strategy would have on its stakeholders. Now, choose the right channel for implementation. Finally, allocating resources and evaluating performance on a regular basis.

Though the process sounds simple and easy to implement, not all businesses have succeeded. Each step of the analysis needs to be done in a very detailed manner. For example, if a company plans to leverage Facebook’s paid and earned impressions in order to market its product, it first has to evaluate which of the two would have a greater impact. A new entrant might have to spend a good amount of money to create paid impressions as that is a better way of gaining the initial base of customers. A consumer goods company might have to focus on earned impressions as social endorsement plays a great role in spreading the word.  

Mastering these minute details of a social media strategy might work wonders. It is for the business to choose between the ‘best’ and ‘most suitable’ social media platform.

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