Social media has become the topic of the day. Lots of conversation about use of Facebook, Twitter, MySpace, YouTube and more.
Seems like everyone is trying to figure out what to do, with high expectations among many companies using social media. But the first question is: is it even right for your business?
I created a matrix that might help some brands in thinking about social media, including whether to use it all.
This matrix has two axes:
The horizontal axis we’ll call “frequency.” This is how often the consumer interacts with your brand - typically, how often they shop at your brand (but in the case of something like banking, “shopping” may be the wrong way to describe it). Some brands are shopped frequently; perhaps you go to Starbucks every day. Some infrequently; think mattresses.
The vertical axis we’ll call “engagement.” Engagement is the emotional affinity with your brand; being a member of the “club” of people that view themselves as aligned with your brand. Many of these are brands that sell their own branded items: Nike, Coldwater Creek, Crate & Barrel, Apple. Low engagement retail brands are likely those selling “commodities,” like gas stations or auto parts.
These axes give us four quadrants which may be a guide for how to think about your brand’s use of social media. Take a minute to think about your brand from an engagement and frequency standpoint. Where might your brand be on these axes?
Once you’ve located your brand on this map, here are some views that might help in your thinking about what to do with social, and other interactive media:
High frequency/high engagement brands: examples are Starbucks and Whole Foods.
What to do: this quadrant is the sweet-spot for social media: a real opportunity to engage customers as friends, confidants, lovers. And to encourage them to engage with each other as fans of your brand. To help this along, you may need someone from your organization interacting in the social space all day, answering questions, offering insights, dishing news. But with this engaged group, it may be worth your while.
Low frequency/high engagement brands: examples are Chico’s and Swatch.
What to do: Amplify the “brand badge” in social media. It’s likely these brands already have a strong affinity market - you can buy a blouse or a watch at lots of places but shoppers of these stores are drawn because they see themselves as members of the club that is these brands. They are fans. Fans use Facebook. Swatch rewards its 68,000 Facebook fans with musings about and access to creativity (its brand badge?). Chico’s uses its stylist Sher Canada.
High frequency/low engagement brands: examples are 7-Eleven, gas stations and other “convenience” type outlets.
What do to: Use borrowed interest to create higher engagement. Face it, people are largely going to your brand because it’s “there.” If another brand were “there” instead they’d shop that brand. Social media is a challenge, but things like frequency contests or “Twitter-only sales” could create some interest. 7-Eleven is working this hard after abandoning Facebook a few months back. A CEO on CBS’s Undercover Boss is just the borrowed interest they needed.
Low frequency/low engagement brands: examples are mattress and furniture stores, remodeling outlets.
What to do: Focus on awareness and search presence. That’s right: don’t focus on social media. It’s a giant uphill battle. You’d be better served making sure that your brand is readily found when your category is searched. That means strong SEO and SEM efforts. Maybe with a skew to geo-location (see my blog on that). Maybe some traditional advertising and Yellow Pages.
Caesar when he was in a great rush could travel 50 miles a day, sometimes a little more, and George Washington almost 18 centuries later rarely did as well. It wasn’t until the high pressure steam engine emerged in the early 1800s that living conditions for the average person really began to change, starting with travel. And that change accelerated with all the new things that followed including electricity, the telegraph, flight, industrialization, radio, television, new medicines and the computer, to name a few. But that took place over a period of about 150 years.
What’s really mind boggling is trying to conjecture what activity in the year 2050 might be described as that was so five minutes ago. If you are ever sitting alone in a bar staring at your drink, this is a good subject to ponder.
brand detritus mounting daily in US strip-malls and gallerias? Only time will tell. But history dictates that, as with any major change, some will benefit and some will perish. And the resulting field will be more consolidated, focused and wise than before.
