Rich and Co.

Businesses Adapting Social Media

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Topline —

  • Social media is past the point of being “the next shiny object” for an increasing number of companies that are using it for customer care and to develop new products
  • “That sweet spot in social media is in the integration of social media into the aspects of product development, customer support, engagement–the integration of customer targeting with really great content, linked with really great analytics,” she said.  

Dell CMO: Social Media No Longer ‘The Next Shiny Object’ (excerpts)

  • Social media at the core of 20% of companies’ marketing functions, while another 50% said it is a serious part, but not yet a core function.
  • Only 2% of marketers are still taking a wait-and-see approach on social media.
  • “The transition we are going into is not temporary. The migration of customer conversations to the social media channels is a permanent shift, and it’s already affecting how companies deal with both happy and disgruntled customers.  That is a fundamental challenge.”

From the perspective of the buyer:

  • 99% of U.S. consumers and 86% of business people now use social media to help them make business decisions
  • 88% of companies polled are monitoring online conversations about their brands,
  • 80% are using online media to respond to customer feedback
  • 76% distributing that feedback internally.
  • 64% said they are incorporating customer ideas picked up online into process or product improvements and
  • 31% are offering customers incentives for their online engagement.

How other companies are meeting the challenge varies depending on their industries’ priorities.  For example,

  • utility and banking services companies, where customer-service issues carry a high priority, are putting social at the core of their customer service response functions
  • the biggest challenge at leisure and entertainment companies is building an emotional connection with consumers, so social media is now up-front in their branding efforts to build that connection.
  • And high-tech companies, which are mainly concerned with building sales, are focusing social media efforts on lead follow-up and demand generation, he noted.

“It’s not always about getting impressions.  “Social is not just about outbound [communication].  It is now being made an intrinsic and indelible part of the inbound decision-making about how to build stuff that better serves customers better.”

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Written by Rich and Co.

July 15, 2011 at 5:41 pm

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