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Make Your Social Media Strategy Work

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Rajesh Chandy, Professor of Marketing at London Business School, gives his seven simple strands for making your social media strategy a success. …

Rajesh Chandy, Professor of Marketing at London Business School, gives his seven simple strands for making your social media strategy a success.

This was first published in Business Strategy Review, Volume 25, Issue 1 - 2014. Subscribe today to receive your quarterly copy delivered to your home or work place. http://bit.ly/BSR-subscribe

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  • 1. Rajesh Chandy of London Business School gives his seven simple strands for making your social media strategy work © Copyright 2014 London Business School Making your social media strategy work
  • 2. BUSINESS STRATEGY REVIEW 2 One Invest, as nothing is free. Social media requires a strategic plan, a dedicated budget and the proper allocation of time and resources. Building a social bond and engaging with customers is a 24/7, around the clock, commitment. Ensure that you have people on hand who can anticipate, engage, and respond. For example, Starwood Hotels and Resorts spends 75 per cent of its marketing budget on digital media, according to Steven Taylor, its VP of Marketing for Europe, Africa, and the Middle East. “Social media is now at the very core of our organisation,” he says.
  • 3. BUSINESS STRATEGY REVIEW 3 Two Put yourself in the consumer’s shoes. Ask yourself: why would customers want to engage with you? The answer sometimes has to do with intrinsic rewards from engaging with you, sometimes it has to do with monetary rewards, and sometimes it has to do with the community you have already created, and the social rewards it offers.
  • 4. BUSINESS STRATEGY REVIEW 4 Three Target the influencers before the masses. Social media is not about amassing the greatest number of likes and followers; it is about reaching brand influencers and key opinion leaders who will promote your product and lead others to buy it.
  • 5. BUSINESS STRATEGY REVIEW 5 Four Steer but don’t control. Social marketers can only shepherd consumer sentiment in their direction, not control it.
  • 6. BUSINESS STRATEGY REVIEW 6 Five Strive for transparency. To effectively engage customers to develop new insights and serve as your advocates, you will probably have to reveal more about your plans than you’re used to.
  • 7. BUSINESS STRATEGY REVIEW 7 Six Involve your top people. You are unlikely to build anything that is substantial and sustainable through social media initiatives unless those at the top of your company’s hierarchy put their weight behind your initiatives (and do so in a visible manner).
  • 8. BUSINESS STRATEGY REVIEW 8 Seven Stay true to your brand. Don’t veer too far from who you are and what you know. Your style of communication should be adapted to suit social media and your image and tone of voice should be consistent across all media.
  • 9. BUSINESS STRATEGY REVIEW 9 This was first published in Business Strategy Review Volume 25 Issue 1 2014 Visit our website www.london.edu/bsr

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