Make Your Social Media Strategy Work
Post on 14-Sep-2014
DESCRIPTIONRajesh 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
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
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.
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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.
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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.
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Four Steer but dont control. Socialmarketers can only shepherdconsumer sentiment in theirdirection, not control it.
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Strive for transparency. Toeffectively engage customers todevelop new insights and serveas your advocates, you willprobably have to reveal moreabout your plans than youreused to.
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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).
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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.
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This was first published in Business Strategy Review Volume 25 Issue 1 2014
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