7 things to think about before jumping in

In the last post, we discussed how social media is gaining traction and becoming a tool in every marketer’s armor. Here are a few things you should consider before jumping in

bungee_jumping

  1. NEED: Social Media must be integrated with your overall marketing strategy. Think about a) Why do you think you need to implement social media? b) How do you see social media helping you to achieve your marketing or business objectives?
  2. BUY IN: Social Media is not a campaign, it is a long term strategy. The only way to succeed is to engage in the conversation in an ongoing manner. With that, it is critical to have the buy in from the CMO and CFO to keep up with the investments in resources, time and money till you start seeing positive ROI.
  3. BANDWIDTH & RESOURCES: The strength of Social Media is in the LIE model, i.e. the ability to listen, influence and engage. Do you have the time and people to LIE?
  4. CULTURE: What is your corporate culture? Is your company bold enough to support social engagements and willing to talk transparently, authentically & honestly to people online?
  5. COST: The good news is that there are tools available for the LISTEN part of LIE. Marketers can make use of tools like TweetDeck, Radian6, Techrigy, Visible Technologies, BuzzGain, and Crimson Hexagon to name a few to listen to the conversations about their brand, employees, competition and industry. But you need to consider the ROI on the cost of these tools and your resources.
  6. TOOLS: Once you have established the above 5 factors, you need to see what Social Media tools to use to align with your goals and objectives.Align Tools with Objectives
  7. METRICS: If you cannot measure something, you cannot improve it. Given the increasing importance of Social Media, it is important that marketers agree on a set of metrics aligned with their goals and objectives. Amber Naslund of Radian6 offers some great ideas on the type of metrics we can use for Social Media:
  • Exuberance: the monthly count of positive posts, comments and testimonials
  • Bucket Volume: comparison of monthly count of complaints and referrals
  • Activation: the monthly total of new sources that have shared your positive content
  • Conversation: the total monthly share of conversations vs. competition
  • Engagement: the amount of repeat commenting and lengths of those comments
  • Repetition: average number of times a particular source/user retweeets or comments on your content
  • Bonding: the percentage of your followers who comment or retweet your content

What factors are you thinking of when implementing a social media strategy? Please chime in

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About Nitin Gupta

This blog compiles my thoughts and views on the innovations, tools and trends in digital marketing. I have spent more than a decade in financial services, last few studying retail banking and payments industry trends. Particularly interested in the convergence of digital, data, technology and financial services. Email: guptanitinonline@gmail.com Twitter: NitinGuptasays LinkedIn: http://www.linkedin.com/in/guptanitinonline
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7 comments
Nadine
Nadine

Hi, Super post, Need to mark it on Digg Thank you Nadine

Mark W Schaefer
Mark W Schaefer

Nitin, I have tweeted out your last couple of posts but discovered that when you use the "twitter" function on this blog it attributes @addtoany instead of you! I did some searching and found your twitter handle and will correct in the future as you are on a ROLL with your thoughtful and informative posts. Keep up the great work my friend.

guptanitin
guptanitin

Mark, I am sorry you had to go through so much trouble. I am still experimenting with the plugins on Wordpress. Based on your feedback, I went ahead and changed the plugin. And, thanks so much for the word of encouragement. Nitin

Pat
Pat

Hi Nitin, Pat from AddToAny. Sorry about the attribution mix-up with this post. In the next release you'll be able to customize the plugin to use your own Twitter handle for attribution. Get in touch (email pat at addtoany) and I'll walk you through it. As always, your readers will be directly routed to Twitter without the widget prompting for their username / password (which many forgo on other plugins). Again, sorry for the fuss. Cheers, Pat

guptanitin
guptanitin

Pat, Wish you the very best as you develop Addtoany. Thanks for sharing the link to backtype: very useful took.

Pat
Pat

We truly love WordPress, and the plugin has been my baby of the last 2-3 years. I've been striving for perfection before version 1.0 hits. Re: tracking tool, absolutely. The one I used to find this thread is http://www.backtype.com/ - love it.

guptanitin
guptanitin

Pat, Your post exemplifies customer service. I am delighted and positively surprised to see your response. I never expected anyone to be tracking the plugin downloads and the subsequent commentary. Did you use any tracking tools to listen in on the conversation on "addtoany"?

Trackbacks

  1. [...] What If Your CEO Is Right To Be Afraid Of Social Media? (Part One) 17 08 2009 UPDATE 9/3/2009: Good related post: “7 Things To Think About Before Jumping In” [...]