How important Social Media platforms are? Or is this just a passing fad?
They are big. They are here to stay. Not a passing fad by any chance. Social Media enables people to do, what they naturally like to do, e.g. staying in touch, making new friends, belonging to groups, getting validation, etc. When something helps you do, what you anyway want to do, its here to stay!
Is there an ROI from the medium? How would one define it?
ROI for sure, if we are talking of “Risk of Inaction”! Then again, what is the ROI of the telephone? Of the accountant? Social media is part of the business ecosystem, and it recovers money at end of the day, via various contributions or alternately cost savings, that it enables. In some cases, it can drive transactions as well, and those are the cases, where ROI is faster.
What challenges does people/brands/organizations will face in accepting this medium?
The biggest challenge is one that is faced by all new breakthroughs in technology related space. Waiting for others to do it first. Waiting for case studies to happen. Waiting for later. Waiting for references. In short.. waiting!
Then, when it gets to the point where competition or a senior in the company drives one to the space, then there are mistakes made. Because decisions are made hurriedly. This will then see, knee-jerks that don’t work.
Obsession with the way things used to happen, is another challenge. Benchmarking with different types of traditional media is a challenge, when these are not comparable.
2 comments:
I read about your blog on the topic "The Industry Talk". I gained knowledge about social media platforms and its not a fad, it stays in the market always. Then coming to ROI it is always there and doesnt even comes slow but returns are always fast in that social media platforms. After that comes the challenges faced by the people/brands/organizations and there is a lag between who will implement first. And at last time if you implement at last time there will be jerks. Thank you for ur nice post.
Karthik Indrajit.K
II yr MBA
DMS-SOM
Pondicherry University
Thanks Karthik ! Just to add on - Social media is organic. It takes time. And because of that, it can be difficult to prove success to a leadership that’s looking for hard numbers, a hard return, quickly.
Having a strategy, complete with goals and associated metrics, behind your social media program is essential. Further, tying that strategy into your overall communication, engagement and institutional initiatives is critical to the internal relevance of your program. If someone at your institution asks "How's our social media program working?" we need to not only have the tools at hand to provide an informed answer, we should have the analysis to back it up and a plan to repeat the parts that have been successful.
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