4 Investment Musts for Social Media Success

As I talk to many new and potential clients I am constantly reminded that most companies do not know what it takes to be successful using social media. I think we are finally at the point where most believe they need to incorporate social into their business, but it feels likes the early 90s once again. In the 90s, most companies (and investors) knew that they needed to get on the Internet bandwagon but had little idea how to make it work for their business. Jump forward to 2014. Most companies know that they need to leverage digital and mobile technologies to increase their social capabilities with their target audience, but few know exactly how to invest.

Do we still think social media is free?

Social Media Investments

As I thought about the content for this article this week, I came across a headline “Marketers Lack Social Budgets, But Investments Growing In 2014.”

According to a Forrester study, “Some 28% of marketers surveyed by Forrester admit not allocating a budget to social in 2013, and an additional 55% allocated a mere 1% to 10% of their total budget, followed by 28% who invest zero, and 11% who allocate between 11% to 20%.” Empirical data supporting my experiences.

Before I get to the 4 musts, let me just say leaving any of them out destroys the possibility for success. Look at each of them as a single base hit in baseball. If you do three of them (or have three singles) and not the produce the fourth, you leave three runners on base and do not score. All four investments produce a winning run – don’t fall short.

1) People – Probably the most important aspect of a successful social effort at a company is having the right social leader and supporting cast. With regards to a social leader, companies must invest in an experienced hybrid digital and traditional marketer. Far too many organizations put leadership in the hands of a young digital millennial that has no experience driving business objectives, or in an experienced marketer that has not kept up with emerging new media. As I wrote a while back, “When Looking for Your Company’s Social Media Marketing Leader, Consider …” a dual skill set and experience is a must. Once the leader is in place, you then determine other support staff required to meet needs and synergy.

2) Content – Brands must invest in the production of great content. Content should include articles, photos, and videos. If you want your brand to stand out and be shared, stellar content is your must valuable asset. Brands need to think like publishers and producers. Great content pulls your audience to your brand’s digital assets. As I have stated before, “Content Marketing – Social Marketing – You Can’t Have One Without the Other.”

3) Tools – One of the biggest challenges is scaling social. Social requires human intervention. While we look for human interaction, it is presumptuous to think that companies can engage with every member of their target audience. Marketing automation should not be used for social engagement, but I am bullish on using technology to assist in social execution. There are an abundance of great social tools to help companies with their social programs. I suggest staying on top of new technologies, as the social tool space is making great advances. But for starters, you need to invest in three types of social tools – a) social publishing which helps you plan content calendars, manages content distribution on your social channels, and provides analytics with regards to post click through, reach, engagement, and shares; b) social monitoring and listening tool that allow you to monitor brand and category mentions; and c) influencer tool that allows you to determine top influencers in your brand space to prioritize for engagement.

4) Integration – Social cannot be in a silo. Every marketing effort and every business initiative needs to have a social component. As you develop business initiatives, the social leader needs to be involved to determine how each element can be socialized to promote brand value and motivate sharing and advocacy. Social needs to go across all business strategies.

I have outlined the four investment musts for social media success. Now the question for you … are you ready to invest in all needed social elements to drive winning results or are you just dabbling in social because you feel everyone else is? Success demands commitment and investment.

Make It Happen,
Social Steve

About these ads

1 Comment

Filed under content marketing, leadership, marketing, social business, social marketing, social media, social media influence, social media marketing, Social Steve, socialmedia, SocialSteve

One response to “4 Investment Musts for Social Media Success

  1. Jim Matorin

    Great closing line. I am going to add a fifth area of investment or at least a sub point to #1 – people. Maybe the social leader gets it and is experienced. But that leader did not get there overnight. That leader got there via experimentation (trial & area). Companies are not going to have the time for the supporting cast to catch-up. The supporting cast will need to be trained – takes time and money.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s