Ruth Bastedo is Director, Business Development at Social Media Group. Follow @rutbas
I come across a lot of business owners and marketers who are wondering how to tackle social media. I spoke last week to a group of women business owners at the Go for The Greens Business Development Conference at Walt Disney World last week, and next week I’m talking to a group of SME’s at The Financial Executives International Conference, “Leading Economic Growth” next week in Toronto. What I hear, is that while most companies instinctively know that they need to address social media in some way, it is still hard to know where to start.
In the immediate term, social media may or may not have an important impact on your business. It’s when you start looking at long term trends, and at the deep impact that social media is having on our fundamental communications infrastructure, that you start realizing that love it or hate it, you cannot ignore potential depth of social media on the way your clients and customers are going to live in the future, and interact with your business.
This is the place to start. Take the time to figure out how social media could potentially impact your clients and customers, as they connect and interact with your brand, products and services. How can you leverage this social interaction to move your business objectives forward?
We call this process “Discovery”. During our Discovery sessions with clients, we go through a number of exercises to look at this problem from a variety of perspectives- but one of the exercises I love the most, is called an “environmental scan”, where we go look at how the future could impact the client’s business, from a variety of different perspectives (demographic, technological, regulatory etc.). Discovery has become a key part of our planning process.
A 2012 comScore report, “Canada Digital Future in Focus” states “Social is quickly moving from a supporting role to a key pillar in monetizing digital.” It sounds like a platitude, until you start looking at the numbers.
According to the research in the report, Canadians on the whole spend an average 45 hours of time online a month, and lead the world in online engagement. Time spent on social networking has now surpassed the time spent on any other category of activity online. If you look at younger demographics, the 18-24 age range, you can see the strongest surge of time spent on social media quarter over quarter. Viewers under 35 also account for 57% of all videos viewed online. Smart phone penetration has reached 45 percent of the Canadian market. If you’re not familiar with the report, I urge you to download it, and take a quick browse through.
The pace of change is wild. As a business owner or marketer, where do you start?
At the moment, according to a recent US based survey on “Social Software and Big Data Analytics in Business” by Mzinga, Teradata Aster, and The Center for Complexity in Business on how companies are using social media, 64% of companies are using it for marketing/brand experience, 47% for customer experience/service/support, 39% for employee collaboration and 27% for sales.
Those areas are likely baseline areas to get right first, and to use as a starting point to develop meaningful measures of success, that map to your business, and to your strategic business objectives.
In the same survey, 77% of companies said that they currently DO NOT measure the ROI of their social media programs, and 49% say they are not using social media to its full potential.
We are all only at the very beginning of all this. Engage in the “Joy of Discovery”, to make a sensible and manageable start to tackling long term planning, and determe what measures of success are going to be right for the future of your business. It’s a challenge for all organizations to determine what level of investment in social media is appropriate, but the question is no longer a “should I”, but is moving to a “how should I”.
