McKinsey Quarterly is one of the many resources that I use for keeping current with industry research.
They posted a great article, Demystifying social media, that I wanted to share.
They also have a slide presentation that goes through the journey in more detail.
Below are a few key points.
- Executives certainly know what social media is, but have no idea how to harness social media’s power
- It’s pretty difficult to see where and how to influence social media conversations
- ROI and impact of investments in social media are difficult (but not impossible) to track, because there are short and long term impacts
The article does a good job of trying to distill social media down to some key functions:
“We have identified its four primary functions—to monitor, respond, amplify, and lead consumer behavior—and linked them to the journey consumers undertake when making purchasing decisions.”
I firmly believe that social media programs should be integrated into an overall digital marketing approach that includes search (paid & organic), email, paid display, etc. and mapping out touch points across all communication channels is key to establishing marketing resource investments.
“Marketing’s primary goal is to reach consumers at the moments, or touch points, that influence their purchasing behavior.”