Must-Read Social Strategy Stuff
In case you had any doubts about the role of social media in business, when McKinsey starts publishing on social media as an element of corporate strategy, it’s a tell-tail sign that Social has arrived. Earlier this month, we discussed that social is not a strategy, but a tactic to leverage your overall business strategy. This McKinsey piece picks up where we left off with a tremendous expose on the role of Social in today’s company (in fact, it leaves us in the dust!).
Whether you are a New Market Entrepreneur or a work-a-day Joe or Jane, if you are looking to gain perspective on the how, where and why Social needs to be a part of your overall business strategy, you need to take a thoughtful look at this McKinsey piece –
As the marketing power of social media grows, it no longer makes sense to treat it as an experiment. Here’s how senior leaders can harness social media to shape consumer decision-making in predictable ways.
What we hope to do here is to demystify social media. 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. Being able to identify exactly how, when, and where social media influences consumers helps executives to craft marketing strategies that take advantage of social media’s unique ability to engage with customers. It should also help leaders develop, launch, and demonstrate the financial impact of social-media campaigns…
The ideas on the other side of the link are so powerful we wont cheat you by attempting to excerpt them. However, to whet your whistle we do want to share two powerful graphics. This first graphic offers a useful framework for the multiple roles in Social can play to help monitor, respond, amplify and lead, while mapping to the customer relationship cycle. Consider this a checklist of sorts to inventory where you are currently and where you might be… (and read the piece!).
Note the prominence the Customer Service section earns in the above graphic. Since one of our portfolio projects is readying to enter this space and we have been blogging a bit about Social Service, its nice to see “McKinsey validation”.
The next graphic actually links to a powerful interactive video that is also a must-see. The video narrates how social facilitates the cycle you see in the illustration below for each functional pillar (monitor, respond, amplify and lead). The 10 or so minutes you spend exploring each section will be well worth it. No matter how sophisticated you might be in this space, it will give you new ideas and insights. Promise!
Hope you take the time to give this piece a look. Let us know what you think!