07 May The Path from Social Brand to Social Business
Today’s article from Social Media Today discusses the untapped potential of social media for businesses.
While social media is becoming the norm for businesses, it is being implemented within the new standards and “traditional” frameworks of the new way–specifically, viral creative content campaigns. This surely attracts the customer and keeps them interested but there is so much more that we can do within these frameworks; we can create a deeper connection with our customers that is not possible through any traditional media or even the standard practices currently employed within social media.
The article highlights an important distinction within social media practices, one that revolves around the business’ own plans and goals. There is a difference between building a Social Brand and a Social Business. The Social Brand is essentially the shifting of an existing brand into the social media environment through different marketing strategies, while the Social Business is a complete overhaul of the business’ plans and it’s internal and external environment to better suit the current market direction and trends. They describe the Social Business as a transformation “into a living, breathing entity” that is continuously evolving.
According to the CMO study referenced in the article, the social media budget is projected to rise to only 18% within five years from 10% in 2012, even with the current success shown. Social media should not simply be a section of your business plan but a multidimensional focus. It should be a mixture of marketing, customer service and foresight, providing a level of engagement and true customer satisfaction that no other method can give. Interaction and trust in your brand, creating a new sense of loyalty.
Check out the full article here.