Recently, social media has exploded from a playful phenomenon to a business imperative. Used effectively, these communication tools help companies gain a competitive advantage by understanding what customers want and how to improve their customer experience.
To make wise social media investment decisions for your organization, consider the following strategic questions:
- Strategic alignment: How does your social media strategy leverage and extend your overall corporate strategy?
- Distinctiveness: How will it take advantage of your unique competitive advantage?
- Strategic impact: Does it change the sales/marketing strategy? R&D strategy? HR/recruiting strategy?
- Long-term plan: Where does this plan eventually lead? What does Phase Three look like?
- Responsiveness: How much of the initiative is defensive vs. proactive?
- Progressiveness: How does the strategy take advantage of mobile?
- Experience: How long have you – and other senior executives – personally used social media?
In addition to these questions, consider what your competitors are doing, which social media platforms your target markets use and what you want them to do.
How does your company currently measure ROI for marketing, including social media?
Lisa Goller helps businesses tell their story. As a Toronto-based Strategic Freelance Writer & Editor, she helps executives and entrepreneurs stand out, look good and save time. Learn more at lisagoller.com
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Sources:
Craig, Randall. “Leadership Briefing: 47 Tough Social Media Questions.” Communicator. March/April 2014.
Schawbel, Dan. “Larry Weber: Why Social Media is Important for Start-Ups.” Forbes.com. May, 21, 2014.
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