Marketers are under increased pressure to demonstrate a return on their activities. This enhanced scrutiny often leads to budgets being invested in near term, high impact tactics.
When executed correctly, social media marketing is a valid way for companies to augment or even replace their traditional outbound and advertising approaches. SMM involves less costly inbound activities that create interactions and foster trust with customers. Through SMM, companies are able to authentically and directly interact on the customer's terms during their normal course of action.
Growth hacking concentrates on creating a viral loop naturally built into the on-boarding process (@AndrewChen). New customers typically hear about the product or service through their network and by using the product or service, share it with their connections. This loop of awareness, use, and sharing can result in exponential growth for the company.
Starting your social media strategy with a focus on objectives is a sound way to begin the journey and ground your social business. Ensure that your goals are SMART:
Marketing technology is rapidly becoming a term of industry. This past week, I attended the 2nd annual MarTech conference: "A conference for the growing community of senior-level, hybrid professionals who are both marketing-savvy and tech-savvy: marketing technologists, creative technologists, growth hackers, data scientists, and digital strategists."
Firms generally fall into one of two camps as it relates to their social business hiring:
- The firm leverages an existing employee who raised her or his hand to own the social business program and/or has demonstrated a strong interest in and aptitude for social media, or
- The organization hires a social media leader to drive the social business program.
Engaging with Millennials is a common rally cry of the marketing world as of late. There is good reason to take note of this group and learn what makes them unique. As a market segment, Millennials have the potential to force organizations to change the way they interact with their customers or be left behind.