Social Media and the Enterprise – Part 2
A few weeks ago I moderated a panel of social media experts from some of the most recognizable names on the Fortune 500 list. The purpose of the conversation was to explore where social media lives within the enterprise and dig into the successes and challenges each organization faced and what they expected to see happen in the coming years.
Having lived through some of the interactive industry’s highs and lows over the past decade, it was interesting to see the latest wave of innovation start to reach into the corporate environment.
The event was highlighted by a very candid conversation about the state of social media. That’s probably because none of the panelist brought their corporate counsel with to edit their statements. As the sole agency representative on the panel, it was very helpful for me to be able to ask the questions that I always want to ask of our clients.
- Who is driving social media initiatives at major companies in the region
- How were different companies approaching social media from a management perspective
- What successful case studies and stories about social media services have emerged
- How various large organizations respond to issues and challenges regarding social media
I actually started off with a list of about 100 questions covering about a dozen topics. I narrowed down the list to about 20 and crossed my fingers that we would make our way through at least the first half-dozen.
While most companies remain risk-adverse in the social media space, the members the panel represented progressive companies that have actively engaged in the arena — either through planned social media campaigns or by accidental success (and failures). The common thread among them all was the basic element of “trying something new.” Most, if not all, of the panelists said that they were just guessing and that through a series of small miracles they were able to convince their executive leadership that social media could be a successful tool to engage and communicate with their customers and clients.
Although the case studies were interesting to the audience, the questions that flooded my email box were questions about ROI and the measurement of ROI in the context of a social media campaign.
The panel (myself included) all had a hard time answering the question. Rightfully so. Nobody, that I know of, has really figured it out. We know that there is value in social media, but what is it? We know there is value of people sending links to friends, sharing stories, having conversations, and becoming engaged with our brands. But how do you measure that on a spreadsheet? How does an analyst create a pie chart to show the success of these new campaigns?
I don’t have the answer. In fact, if I did, I would probably keep it a secret for a long time. The second we decide on a methodology to measure and report social media, my fear is that we will kill the very essence that it brings to our marketing mix. Any formula for success will most certainly change as people become aware that they are part of the equation.
In traditional media, you could send out a direct mail piece and count the number of responses. In digital media, you could run a banner ad campaign, count click-thru rates, conversion numbers and bottom-line purchases. In social media those things are not immediately measurable. At least not in the traditional sense. That’s because social media is not simply an extension of tradition media (as direct/banners seemed to be), but rather a new aspect of marketing that has yet to be defined.
The truth is that companies no longer control their marketing messages (at least not entirely). Today, messages can be crafted and put out into the marketplace for consumption, but that does not mean they will survive in their entirety. If the message is true and speaking with an authentic voice it will most likely survive. If the audience feels the message is contrived or speaking “at them,” rather than “with them,” the message will be rejected. In the case of rejection, the best scenario is that the message is simply ignored. The more common occurrence is that consumers react to the messages in a negative manner. Armed with the tools available on the Internet, they are able to spread that conversation to a broad audience — many times with negative consequences and PR.
Where does that leave us?
We’re ushering it a revolutionary time in marketing. We’re starring down the barrel of a game-changing moment. The rules have been re-written and the landscape is about to change. The democratic and transparent nature of the Internet has created a situation that we can not fully control. At best we can hope to adapt and welcome the change, rather than fight it.
In terms of measuring ROI? It might be best to reconsider your accounting methods and start to think of social media in term of product development and public relations. Can social media be used to drive revenue and product awareness? Certainly. But we’re not ready for that yet. We should be happy to be in a time of great experimentation. Those that are willing to take great risks will certainly be rewarded for their efforts.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment