I was just working through a social media strategy session and realized that many companies still don’t quite realize the value of social media and that it’s not just about running a good (or bad) social media campaign. It’s about understanding the strategy for your social media, including short and long term results.
Competitive social media strategy
Looking at social media isn’t about Twitter, blogs or Facebook. It’s about how your actions compare to the competition and how you can deliver your share of conversation. Just as it’s about market share in the physical world, it’s about share of conversation in the social media world.
Share of Conversation
Share of voice sounds like a great outcomes metric, but voice implies a one-way conversation, not to mention the fact that it is already used to measure the value of traditional media in a competitive market. Social media is about engagement and a two-way conversation. There is value being transferred from the brand and value being provided by the consumer. There is a conversation taking place and it needs to be the goal of social media activities to determine an effective strategy to improve the share of conversation. Once that has been done, the social media strategy can start to determine how to increase share, beat the competition and do it in a way to drive brand value and market share in the physical world.
I’d love to hear from you to see if this makes sense. Just let me know.
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