Make Your Social Media Strategy Work

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Rajesh Chandy, Professor of Marketing at London Business School, gives his seven simple strands for making your social media strategy a success. This was first published in Business Strategy Review, Volume 25, Issue 1 - 2014. Subscribe today to receive your quarterly copy delivered to your home or work place. http://bit.ly/BSR-subscribe

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  • Rajesh Chandy of London BusinessSchool gives his seven simple strandsfor making your social media strategywork

    Copyright 2014 London Business School

    Making yoursocial mediastrategy work

  • BUSINESS STRATEGY REVIEW 2

    One

    Invest, as nothing is free. Social media requires astrategic plan, a dedicated budget and the properallocation of time and resources. Building a social bondand engaging with customers is a 24/7, around theclock, commitment. Ensure that you have people onhand who can anticipate, engage, and respond. Forexample, Starwood Hotels and Resorts spends 75 percent of its marketing budget on digital media,according to Steven Taylor, its VP of Marketing forEurope, Africa, and the Middle East. Social media isnow at the very core of our organisation, he says.

  • BUSINESS STRATEGY REVIEW 3

    Two

    Put yourself in the consumersshoes. Ask yourself: why wouldcustomers want to engage withyou? The answer sometimes hasto do with intrinsic rewards fromengaging with you, sometimes ithas to do with monetaryrewards, and sometimes it has todo with the community you havealready created, and the socialrewards it offers.

  • BUSINESS STRATEGY REVIEW 4

    Three

    Target the influencers before themasses. Social media is notabout amassing the greatestnumber of likes and followers; itis about reaching brandinfluencers and key opinionleaders who will promote yourproduct and lead others to buy it.

  • BUSINESS STRATEGY REVIEW 5

    Four Steer but dont control. Socialmarketers can only shepherdconsumer sentiment in theirdirection, not control it.

  • BUSINESS STRATEGY REVIEW 6

    Five

    Strive for transparency. Toeffectively engage customers todevelop new insights and serveas your advocates, you willprobably have to reveal moreabout your plans than youreused to.

  • BUSINESS STRATEGY REVIEW 7

    Six

    Involve your top people. You areunlikely to build anything that issubstantial and sustainablethrough social media initiativesunless those at the top of yourcompanys hierarchy put theirweight behind your initiatives(and do so in a visible manner).

  • BUSINESS STRATEGY REVIEW 8

    Seven

    Stay true to your brand. Dontveer too far from who you areand what you know. Your style ofcommunication should beadapted to suit social media andyour image and tone of voiceshould be consistent across allmedia.

  • BUSINESS STRATEGY REVIEW 9

    This was first published in Business Strategy Review Volume 25 Issue 1 2014

    Visit our website www.london.edu/bsr