How to Create Profitable Social Strategies

Authored this article published on CMO.com today: http://bit.ly/8K3B5W

Just like people, no two organizations are exactly alike. Every enterprise has its own unique personality. When it comes to social strategy, there is no universal formula for driving ROI. Enterprise social media is not a one-size-fits-all proposition. The most successful social media initiatives occur when the strategy is aligned with the DNA of the brand itself. We don’t ask a wallflower to be the life of the party, nor do we expect a social butterfly to thrive without wings. No matter which of the following four personality types describes your brand, here’s how to start driving value from your social strategies.

1. Social Butterfly

You like to be where the action is, darting from one trendy application to the next. On the cutting edge, you were probably an early adopter of blogs and Twitter. Outwardly, you’ve created an impressive following and have led your organization through uncharted territories. But when the conversation turns to ROI, your attention is quickly diverted to a new tactic.

 — The Risks: Every marketer understands the thrill of winning customer attention. But what comes next? One million fans are only important if you can effectively leverage those connections toward your goals as a business. Consumer networks come and go. Banking enterprise strategy on shaky ground, or scratching the surface of what should be deeper, does not promote sustainable value and results. Without focused commitment, you may disappoint your networks while failing to receive future executive support.

 The Opportunity: Activity is taking place on consumer networks, and it is essential to be where the interaction is happening. Consider ways to bridge your social interests with your enterprise. Open Authentication, for example, can inspire your fans to leverage existing credentials they have from Facebook or Twitter to join your community. And you’ll gain momentum if you keep those fans engaged from one campaign to the next.

Anchoring social media initiatives in an enterprise wide strategy will help you strengthen and deepen your connections. As trendy consumer networks disappear, your brand presence will remain. This engagement can benefit all aspects of your enterprise—sales, customer service…even product development.

2. Thrill-Seeker

Known for your crazy antics, those around you never know what to expect next. You’re the life of the party! You take risks, stir things up, and keep your name top-of-mind—at any cost. But you’re not in it for the long haul. When the excitement dwindles, you’re already off in pursuit of your next adventure.

The Risks: You’re behind some of those social media initiatives that have the industry talking: social takeovers, controversial ad campaigns, contrarian blog posts, and viral videos. But when all is said and done, what have you ultimately accomplished?

Hiring and firing agencies, employee turnover, customer churn, and damage control all weigh heavily on the bottom line. One-off campaigns can be fun, but unless they are part of
a bigger strategy, they cannot help build the momentum that is needed to drive sustainable ROI.

The Opportunity: You have what every marketer wants: the attention of a crowd. And you have followers waiting with bated breath for your next move. Extending your allure, capitalizing on the attention, and offering your networks something of more substance will further elevate your success.

Sure, you have no trouble filling an auditorium. But when you can provide ongoing value, meaningful relationships, and reciprocity—in addition to a good time—you’ll not only fill the auditorium…you’ll keep your audience members in their seats!

3. Wallflower

You embrace social media passively, remaining at the periphery of the action. You’re on a “listen mission,” monitoring discussions around your brand through various social
networks. You have yet to realize the full potential of social media.

 The Risks: Instead of fueling conversations, you’re merely eavesdropping on them. Consumers don’t hear a lot about you, nor do they hear from you. While
you’re playing it safe, your competitors are playing to win.

Without proactively developing relationships with consumers, you risk losing them—and the resulting revenue—to your competitors. It is proved that engaged customers not only spend more, but they can become your greatest advocates. If you aren’t engaging your customers, then who is?

 The Opportunity: Social media doesn’t change your business goals, just how you achieve them. Whatever your objectives—increased productivity, improved retention, reduced costs, or more sales—social media can effectively fuel them all, but not without your taking a proactive role by influencing the conversations around you.

Going social does not require a corporate180. At Neighborhood America, connecting our workforce through internal networks launched us into social strategies. Within 12 months, we experienced financial returns of $10,000 per employee. As we gained confidence, we expanded our reach beyond our walls.

4. Strong, Silent Type

You watch. You learn. Then you do it better. You are successful, but not boastful, letting your accomplishments speak for themselves. You welcome calculated risks that are approached strategically. You’ve witnessed social media transform your business, and seek to continue applying these strategies throughout your enterprise.

The Risks: Whether you’re using Twitter for customer service or an online community for crowdsourcing ideas, social media is at the core of many of your
operations. But bringing it all together has proved overwhelming, if not impossible.

You run the risk of spreading too thin, unable to dedicate the resources needed to manage both content and data. You are ahead of the curve and need to proceed with caution.
Choosing the wrong provider(s) will only magnify this risk—avoid partnering with a vendor that will pull you back.

 The Opportunities: As more social initiatives are deployed, they must be consistently managed across the entire organization. Consolidation is critical to data aggregation and cross-functional teamwork.

The opportunity to launch a comprehensive social go-to-market strategy brings the ability to capitalize on the following:

  • Power of consumer networks
  • Flexibility of an SaaS-branded platform
  • Value of the data created
  • Increased value of existing systems when integrated with social (i.e., Social + CRM)

 Aim for the ability to push and pull content from varying consumer networks using your own community solutions, and leverage them as one complete, integrated platform.

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