Friday, February 22, 2013

Is There a Formula for Social Media Success?

Source: Luma Partners, Terry Kawaja
Some think there is a formula for social media success. They assume if they mimic the activity of a major brand, success is just moments away. Like with many other things, people seek the simple answer that will provide the huge boost they are looking for.
Can they make a viral video, develop the next "Greatest Ever" tablet, post flawless status updates several times a week and write exceptional blog content. And then there are those who believe that if their company joins a social network they will build trust and credibility with their customers, leading to better relationships. It will just happen by virtue of their participation in that particular social network.

Few ask the important questions:

"What does all this look like to my customers?" Few ask their customers if the relationship with their brand is a good one. Few take the time to find out where their customers are and what it is they want from this "social relationship" with a brand. Additionally, businesses are still forgetting how important it is to define success. What does success look like? How will success be tracked and reported on? Business owners continue to just dive into the social media world because they think it is the right thing to do. After all, the business next door has a Facebook page.
My position: There is no formula for social media success. Every strategy is different and must be based on the audience you seek to reach, their expectations, your expectations and the well-defined goals and metrics you've established for your business. Most importantly of all, you MUST have a strategy, as well as some goals and metrics. You must know what you want to accomplish before diving in. You must also know what you're going to track and when you're going to track it. Develop your social media strategy and you'll have your formula for success!
What is your formula for social media marketing success?


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