During the initial days of lockdown, especially in April, May the allocation to social media increased more than 50%, ie., from 13% to 23%, as more and more companies had to resort to social media marketing to reach their customers. It is expected to stay at this level for some time. Companies have also seen an improvement in the company's performance as a result of this investment. Social media has proven to be a powerful tool to adapt and reach out to their quarantined customers.
How do companies optimise their social media strategies and see a positive return on their investment?
More companies are outsourcing their social media activities and cutting down on their in-house resources. To optimise these relationships consider the following steps
Trust. Trust is a critical quality for successfully managing external partner relationships. It paves the way for effective decisions, creative work. Integrity and confidentiality are as important as expertise. Companies look for these qualities in their partners and media companies should signal these qualities along with their technical skills.
This works both ways. Agencies hat sense that they are trusted, work more closely with their customers, have improved communication, motivation and collaboration.
Establish clear communication channels Have regular meetings, else trust can deteriorate. Establish channels early, Video conferencing, chats/ messaging, emails, phone calls and plan the frequency. this will ensure that you sustain a timely and consistent workflow. Decide on how you will deal with exceptions. An emergency content development, fast-tracking strategy modification, addressing a fast-changing market.
Meld internal and external perspectives It's important to remember that you are an expert in your business and the partner you have chosen is an expert in his field. The partner has a depth of experience that can help in identifying opportunities. To improve the understanding of each others strengths, invite your partner to sit in your marketing strategy meetings.
Establish clear objectives and metrics. Have clear objectives for social media activities. The most effective social media activities have clear objectives and measurable performance. Decide on these metrics before you start your social media initiative with your external partner.
it is important to review, revisit on progress on goals and decide on appropriate adjustments, so build this evaluation into your metrics.
Keep one hand on the steering wheel. By handing over the entire social media campaign to the agency, companies may miss out on customer feedback/input. Establish a regular process to access customer sentiment and summary information for the agency. This is especially important in periods of unprecedented market disruption. Be engaged in current activities and be prepared to adapt to changing needs. This will minimise the risk and increase their opportunity to connect with customers.
Select partners that adapt in times of uncertainty Social media management is constantly being challenged by digital disruption. Companies require nimble partners who can quickly shift their resources and strategy as needed. The ideal partner will have both the wisdom to navigate change and courage to take calculated risks.
Stay tuned to social and political issues The agencies are more likely to be more deeply attuned to the social and political trends prevailing at the moment. Listen and learn from them. You must trust your agency to guide you on how and when you should express your companies voice.
Help your business to learn from this partnership
This is one of the many collaborations that the companies have with external partners. Think about what you are learning about managing a healthy partnership in general. What processes and structures work well and what do not? Codify and share it within the company to use it across other collaborations as well.
Many enterprises are flying blind in this dynamic, fast-changing market. Social media agencies can offer great value in understanding the voice of the customer and communicating the company's message to create value. Use it to benefit from it and do not let that value go waste.
How to Get More from Your Social Media Partner
by Christine Moorman and Torren McCarthy HBR July 2020
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