2 Informative Reads: Social Media ROI - Competition & Innovation

Each morning I set aside 45 minutes to an hour of uninterrupted time to dive into a set of general news and business publications, technology trade e-newsletters and Web sites, and 30 or so technology, public relations and social media blogs.

Context is everything in communications.  The ability to comprehend and articulate the "why" behind a timely news development or industry trend separates the merely tactical practitioner from the strategic thinker.

Here are two articles from today's reading that I found to be interesting and informative:

Does Social Media Have a Return on Investment in Fast Company.  Be sure to check out the reader comments to this article as I share there critical view.

Microsoft Takes Action to Ward Off Competition in the New York Times.  A good reminder that consumers win when there is credible competition.  It stimulates innovation, superior product development and pricing.

A Clear ROI from theTravel Channel's "T House"

I am often asked by prospective clients about the best practices related to the adoption of social media.

How do we effectively use Twitter? What should we doing on Facebook? Should our CEO blog?

My response is typically the same: step one is to define a set of goals and success benchmarks that align with the organization's priorities.

I realize this counsel is rather "Marketing 101." Yet, the early adopter stage of social media has led many organizations to employ a bag of tactics approach as a means of testing social's effectiveness.

Ironically, this strictly tactical implementation methodology tends to stunt its effectiveness and ROI.

This isn't the case over at the Travel Channel. This week, Patrick Lafferty -- the media company's one-time Chief Marketing Officer -- visited Strategic Communications Group (Strategic) as part of our professional development series.

While Lafferty shared examples of how the Travel Channel has tapped social networks for buzz, to promote its brand and cultivate relationships with viewers, I was awestruck by a more pedestrian (yet high value) application of social media.

As you might suspect, entertainment houses and broadcasters like the Travel Channel invest considerable time and budget in the development and production of content. It's the foundation of their advertising-driven economic model.

A resource consuming step in the content development process is the testing and evaluation of programming prior to broadcast. For this reason, the Travel Channel has been historically select in when and how it recruited focus groups to test content.

Could social media be employed to extend the impact and influence of content testing, while reducing overall costs?

You betcha.

Lafferty outlined an innovative social program called "The T House" in which the Travel Channel recruited 400 passionate viewers to join an exclusive online community.

With the prestige of participation as their only compensation, these viewers provide ongoing feedback, advice and suggestions that help shape the development of new programming at the Travel Channel.

The T House hasn't completely replaced traditional focus groups and other testing programs. However, it has allowed the Travel Channel to improve programming through viewer feedback at more points in the development process, while slicing costs.

Now that's social media with a mission and ROI!

The Jump from Online Connection to Meaningful Relationship

During one pre-teen summer my parents insisted I maintain a group of pen pals. While it was a good exercise to develop writing skills, my interest in these far-off connections fizzled quickly. There just wasn’t any personal bond.

Even when there is emotion involved, relationships defined by a geographic separation typically meet the same fate. Consider all of those long-distance romances that eventually run tepid.

Does this need for in-person interaction also apply to contacts established in social networks?

You betcha! In fact, it is an absolute must if your goal is to derive professional value from the relationships initiated in online communities. There is only so much trust and transparency that can be forged through tweets, Facebook updates or LinkedIn messages.

This past April I wrote a blog post entitled “Three Phases of Social Media Maturation” based on Strategic Communications Group’s (Strategic) experiences implementing social media marketing programs for clients like Microsoft, BearingPoint, Monster, British Telecom (BT), TANDBERG, GovDelivery, among others. It’s during phase three – what I referred to as “The Last Mile” – which more intimate interaction with social media needs to occur.

Here are a few tactics we are employing to make that happen:

1. Corporate sponsored meet-ups: they are an effective way to bring together a myriad of contacts who share similar professional backgrounds and experiences to talk business. We organize and host, thereby positioning Strategic’s client as the community bind.

Better yet, time a meet-up in conjunction with an industry conference or event.

2. Thought leadership Webinars or teleconferences: organized to discuss a particular topic and often featuring one or more speakers, this is an effective way to establish credentials while creating a more meaningful bond.

For instance, a recent Webinar produced by Strategic in partnership with the Software Information and Industry Association (SIIA) has led to a number of exciting business discussions.

3. Good, old-fashioned sales calls: that’s right…there is nothing more powerful than the human voice and its ability to convey meaning and insight. Pick up the phone and call those social network connections. The result will be an important step towards fostering an actual relationship.