Not surprisingly, “Mavens,” (those brands engaged in seven or more social media channels with an above-average engagement score), enjoyed double-digit revenue and margin growth (as a category) in spite of the current economy compared to “Walflowers” (those engaged in six or fewer channels and had a below-average engagement score) who had negative financial performance on those same metrics.
Additional insights from the report include:
- Being there is important: having a presence on social networks and micro-blogging outlets is important. The report goes on to say “social media reach alone may have a positive impact” as the more touchpoints used can cause a “ripple effect”, by increasing or “boosting” brand recognition and driving sales volume.”
- Depth is critical: In some respects focusing on depth over breadth may be an effective strategy as depth gives brands the opportunity to understand customer needs and to react quickly – “which in turn generates pricing power” and drives success.
- Scalability is key: Make the customer and a commitment to social media a part of the culture. “A few minutes each day spent by every employee adds up to a wealth of customer touchpoints.”
- Doing nothing is not an option – but doing it all may not be appropriate: Building a social media strategy depends on many factors including who your target is (remember Forrester’s POST methodology), your industry, etc. However, being where your customers are and a part of their online experience is critical.
- Find your sweet spot: Understand what resonates with your customers and engage with them in the channels they use and prefer. If resources are an issue – start small, lobby for more assets and engage fully.
The report goes on to highlight some very compelling case studies including profiles on Starbucks (ranked #1), Dell (#2), SAP (#9), Toyota (#21) and also includes a complementary website that allows brands to engage further and even complete their own brand’s profile. Another great report from Charlene! However, with the focus being so heavily placed on measurement these days it would be great to better understand the “engagement attributes” used to rank these brands (but I guess that is the secret sauce). Furthermore, I would have liked to see how much of a lift these brands experienced on a series of other metrics. Specifically, in a world where people are turning to other people for a things they need rather than the brands themselves, it would have been great to see if these brands experienced any lift in metrics like satisfaction, likelihood to recommend, likelihood to purchase.
To download the report click here.
‘Til Next Time
