Social Media Strategy: A Corporate Necessity

"A social media strategy is the deployment and development of modern strategic plans for social media which incorporates these new ways of communicating where media is not only broadcast but also shared, commented, opined, edited or modified by the public at large." (Wikipedia)

As the role of social media in business continues to grow, it has become imperative to have a strategy with clear objectives. Ensure that your goals are SMART: Specific / Measurable / Attainable / Relevant / Time-bound.

Establishing a framework and gathering historical data to benchmark against will assist your organization to evolve as you learn. The ability to collect the data and assess the change over time (daily, weekly, monthly, annually) will be invaluable to your organization. It is critical to capture and provide reporting across activities, channels and devices to inform future actions based on data.

Focusing on areas like the following will assist to develop your social business program and measurement discipline:

  • Creating and refining the metrics/KPIs for your objectives

  • Listening (where your customers are interacting with you)

  • Socially participating and contributing to inform and transform the customer experience

  • Engaging, influencing and advocating to evolve customer relationships

Statistics

  • 74% of companies view developing an ongoing dialog and engagement with customers to deepen relationships as a top priority in 2015. (Altimeter) 

  • 45% of CMOs are confident “that they know which metrics or business outcomes their key stakeholders care about.” (MarketingCharts)

  • 35% of B2B marketing executives say they can calculate the ROI of their marketing spend most or all of the time. 42% say they can calculate ROI only some of the time, rarely or not at all. (B2B Marketing)

  • 83% of B2B marketers invest in social media to increase brand exposure; 69% to increase web traffic; and 65% to gain market insights. (Social Media Today)

  • “Data analytics are currently most commonly used by B2B marketing leaders to measure and report marketing’s performance (64%), as well as to justify (55%) and allocate (52%) the marketing budget. Analytics are least commonly used to fine-tune the marketing mix (14%).” (MarketingCharts)

Insights

  • Establish and document your social media objectives. 

  • Create metrics and define systems of measurement that will be used to capture the data.

  • Focus on tracking activities and campaign or event analytics with a clear beginning and end.

  • Monitor, report and evolve your social media measurement and approach - this is a journey, not a destination.