“Demystifying Social Media” – A Useful Framework
- Published on 25/06/2012
- in Category News
This article is a must read for those who want to stay ahead of the pack on the commercial application of social media.
McKinsey notes that most firms are active in social, but few have a clear plan and spend is low. They put this down to a lack of understanding of the commercial applications of social and seek to address this by providing a useful framework for execs to use in determining how and where it can best benefit their firm.
They break social opportunities into four groups – opportunities to monitor, respond to, amplify or lead customer opinion. These opportunities arise throughout the purchase cycle and McKinsey’s model maps them to create a framework. Common marketing tasks like product launches are plotted against it and crisp examples from leading brand marketers provide further tangibility.
In one example, Ford used social to “Lead” customer behaviour 18 months prior to the US launch of Fiesta by engaging European “influencers” in the creation of video content for social channels.
It’s a useful framework that should spur fresh thinking in customer oriented businesses.