What has Social Media Done for Your Business Lately? – Part 1
A recent study by Harvard Business Review Analytic Services has revealed some telling facts that set some pretty big expectations for social media. This year will be when we see businesses really use the power of social media in ways that only a few have figured out. There has been a huge increase in businesses that are using social media, according to the study 79% of the organizations surveyed said they are either already using social media channels or are in preparations to launch initiatives in social media. However many of those companies are struggling in various aspects that is proving difficult to affect the bottom line.
Many businesses seem to be in an experimental phase as they learn to adjust old marketing models to figure out how to capitalize on the millions of interactions and mentions. For example, only one quarter of those using social media knew where their most valuable customers are talking about them. The survey also reveals that 61% said this to be true of their company, “Our organization has a significant learning curve to overcome before we can utilize social media”.
From data in this study we can see that these three aspects will determine the effectiveness of a social media campaign:
- Going from a one-way conversation to a two-way communication marketing model.
- Making sense of the noise.
- Measuring success.
In the following post we will discuss in further detail these 3 aspects and what steps to follow so that we can take full advantage of this new force in the world of business.