In today's connected world, not having an active social presence is no longer an option for brands. Most marketers agree that the lucrative returns of promoting their brands/products on social media are big motivators. However, the path to social success begins with a solid brand building strategy. Although consumers' constantly changing tastes and the dynamic nature of social media may make this seem challenging, the returns are worth it.
Thismoment's research shows that the competitive, demanding and rapidly growing digital environment means marketers can take brand engagement to the next level by boosting the 'social quotient' in their brand building strategy.
- Although traditional advertising is not going anywhere, brands are increasingly directing advertising dollars to social advertising to connect more intimately with their target audiences.
- By 2013, 67% of Americans will use social networks (eMarketer); an indication that social media will become an integral and highly persuasive part of people's lives.
- While deals continue to be the top reason why consumers follow brands (44%), other reasons like 'love for a brand' (37%) and keeping up with updates (27%) cannot be ignored (eMarketer). The fact is, consumers attach emotional value to brands.
When it comes to brand building, here's why social media is an important tool:
- Creates Emotional Connections: The interactive nature of social media helps brands establish an emotional connection with consumers, which eventually leads to strong brand-customer relationships. To create brand ambassadors, these trust-based relationships are critical. According to eMarketer, fans display heightened customer loyalty to brands they follow on social sites. Loyal consumers can serve as brand ambassadors, contributing significantly towards building brand image/promoting the brand.
- Reinvents Brand: In 2010, Toyota faced considerable flak after numerous faults were discovered in their cars, leading to legal class actions and 2.3 million recalls. After suffering the blow to their reputation (that thrived on safety and indisputable build quality) Toyota turned to social media to salvage the situation. Using Twitter and Digg, the company contacted consumers, asking them to tweet, blog, and make YouTube videos about their experiences with Toyota. Leveraging social media allowed Toyota to 'humanize' their brand; a move that helped the company get back on their feet. The Toyota case study proves that social media does not just build brands; it also reinvents them during crisis.
- Increases Visibility: Brand building in the digital space is largely dependent on visibility, especially if you want your brand to standout from the competition. Social media is viral, which means people will have access to your brand, improving visibility in the process. If your brand is easily visible on social media and search engines, this increases its credibility and adds value.
- Reduces Dependency on Traditional Channels: Owing to their limited budget, small businesses rated social media as their second most preferred (37%) ad channel (eMarketer). Traditional channels like TV (4.4%) and print (3.9%) were not as preferred due to the high investments involved. Although large businesses use both social and traditional platforms, they no longer have to solely depend on the latter. Another advantage social media has is its immediacy, something other channels cannot offer that easily. This, along with the fact that brands can use social media to test the waters before actually launching full-blown offline and online campaigns, makes social media a 'must-have' aspect of their marketing plans.
How Does this Affect your Marketing Strategy?
While the goal of every marketing strategy, traditional or social, is to see profitable returns, achieving this largely depends on the strength of your brand. Although brands have established themselves as experts in their respective industries, much before social media came into picture, marketing in today's highly connected environment requires these brands to keep up with the changes; by this we mean integrating social media into their marketing strategies. This, however, does not mean ignoring traditional channels. To be successful in today's competitive and demanding digital space, the smart approach would be to ensure that your brand's social strategy is not disconnected from your overall marketing efforts.
- Shama Ahmed
Thismoment
Don't miss the ISSMM - CONVERGE 2012 marketing event for business professionals. At CONVERGE 2012, you'll have two full days to meet, learn from, and network with experts from social media, search marketing and mobile.
