ocial media is all about marketing, right? Wrong. Marketing has been advancing the role of social media in business quite actively for some time, and are likely to have evolved social media use and experimentation ahead of the other lines of business. However, best practice often reveals that the most successful marketing programs offer a blended approach of traditional and social media driven programs. To strike the right balance in a social strategy informed by marketing, consider the following questions as part of the due diligence process:
social media marketing
Listen up! Put down that smartphone, stand up, raise your right hand and repeat after me: 1) I promise to…
I am proud to introduce the results of the 2nd annual New Symbiosis of Professional Networks research study by The Society for New Communications Research (SNCR); a benchmark on the impact of social media on enterprise decision-making.
The study is a result of collaboration between my co-researcher Don Bulmer and me as part of our fellowship with SNCR. We have also benefited greatly from the analysis of my colleague at SAP and senior fellow at SNCR, Peter Auditore.
In the first study we focused on professionals’ use of social media—and it all comes back to the strength of the relationship. Human relationships and peer-to-peer decision-making are inherently interrelated. Professional networks facilitate vast interactions, connections, and networks of people by enabling collaboration anywhere and at any time.
“It’s the antenna, stupid!”
Well, sure it is. But Apple’s (AAPL) handling of this product problem in the new world of social media and social commerce is worth considering in detail. Here’s the key statistic:
During seven trading days, from the Friday (July 9th) prior to Consumer Reports’ confirmation of the antenna problem and the “Not Recommended” review (Monday July 12) through Monday, July 19th, AAPL stock dropped around $15 per share. With a little over 900M shares outstanding, this means AAPL lost $12 BILLION in market capitalization — a 5% decline. For comparison, the DJII and NASDAQ indexes for same period were essentially flat.
Determining who is in charge of social media can be a daunting task. Even when social leadership is channeled through the executive suite, it does not stop at the executive level. Often the question becomes “who owns social media?” within the organization.
For many new initiatives, he who first touches the new “thing” becomes its ultimate owner. The department which leads the first or most visible social media project establishes the initial beachhead of control over its eventual programmatic development. But does this accident of innovation deliver the best results for the organization?
Policies are dull. No one wants to create them, no one likes to read them and certainly, few desire the job of enforcing them. But they can play an important role in outlining the rules of engagement around a particular set of online behaviors and have a strong role to play in the face of new situations where there are no standards. This is especially true with the wild west world of social media in business.