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In my opinion there is no better time, nor ever has there been a greater arena, for harnessing the consumer impulse associated with brand identity, than through the new web, the social web, the viral voice of the consumer in real time.

Research* indicates that embracing both external and internal SMM provides significant benefits.

Benefits associated with employing external-facing social media technologies:

* 68% cite increased customer engagement
* 64% cite increased brand awareness and loyalty
* 58% cite effective market research

Some benefits of embracing internal-facing social-media technologies include:

* 91% cite improved communication and collaboration
* 81% cite an increased ability to effectively locate and engage in-house experts
* 78% cite an improvement in knowledge management
4 Comments     

Comments

from ShaneEubanks 144 days ago #
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Posted on the blog, but I'll put it here as well:

This is another area where the “old school” big brands are showing their age. Most corporations deny access to practically all of the social media websites from within their network, which practically renders social media non-existent. To them, all of the social media sites are time-wasting, money-sucking, places for their employees to get distracted from work. Most…wait, no…ALL of my big brand SMM takes place out-of-the-office and off their network. It’s unfortunate, but why is it that trying to explain the use of various social media sites to top executives often feels like a child begging his parents for a toy?

One major issue with SMM is the measured ROI (or lack of)….it’s simply difficult to relay ROI in terms that are beneficial to key stakeholders. Our video went viral? Oh no! …is there a vaccine? sigh. Then there’s the issue of “bang for the buck.” Is time better spent on a marketing campaign that will be on billboards, magazines, and television…..or should the same amount of time be spent social bookmarking, sharing videos, inter-linking, and slipping anchor text links throughout various forums, blogs, walls, etc. Which do you think an executive would want to put resources on?

With a big brand, there are sooooo many projects that come down the pipeline that make something like SMM seem too small to bother with…therefore, it doesn’t get involved in the entire marketing plan.

Things will change…especially when reputation management comes into play! That’s a whole ‘nother story…


from Gamermk 143 days ago #
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I think this article misses the point to a certain extent. Big Brands are wary simply b/c every single day they get hit with another get rich quick skeem. The next big thing that'll take their company to the next level! Every generation has their scams heralded by compelling statistics and the reality is that Big Brands in their time have been taken by all of them at one point or another. As a result, they have a big defense barrier towards anything new. The search field is still very under-developed and very new. There's many more horror stories than there are success stories.

Big Brands are slow to change for a reason. They stick with what works only move towards what's new once a many people have been burned to iron out the kinks. Not to mention... once they decide they are going to do anything it can easily take a year to just decide on the route to take.

from laurac 143 days ago #
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The biggest hurdle regarding a defence barrier is the need to prove ROI to share and stakeholders. That is also the biggest incentive if research indicates that that ROI is trending above average. A big brand didn't get big by being suckered by multiple get rich quick schemes.  However, the requirement to protect and manage the brand name is enormously important, especially when there are stake and shareholders involved - and that leads to the issues priming the brands reluctance to embrace this particular medium as regards lack of control, legal red tape and brand integrity considerations.

I agree that in many instances it may take a big brand months to decide what they are going to do and how they are going to do it, but that usually comes down again to the need to protect the brand, protect the shareholders, and both of those require the enormous legal teams these brands have. Gaining exposure for the brand via SMM, encouraging evangelists, being transparent, managing reputations by dealing with detractors quickly and diplomatically in their medium of choice is becoming increasingly important. The brands need to weigh the new need of quick response to the traditional need of clearing everything through legal - and preferably come to some sort of compromise.

I'm also not sure I agree that the search field is 'very underdeveloped and very new'. Search has been around for over a decade. Major search engines like Google and Yahoo have been around for 10 and 14 years respectively.

Many brands are highly proactive when it comes to embracing new technologies, it is simply the unique issues associated with SMM that seem to be making any transition towards a more social marketing strategy much more difficult for many bigger brands for the reasons discussed.

from crazycat 143 days ago #
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I'm no pro at SMM like others are. But social media now plays a big part when you're doing business online and not bad if companies which established names for many years will also learn SMM.


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