Exceptional Magazine : 2011 Exceptional Magazine
Exceptional 2011 More information Ernst & Young's Customer 2.0 report explores this topic in more detail. Visit ey.com to download your c o py. Fo r details of Ernst & Young's digital media strategy services contact David Merceron at firstname.lastname@example.org or Tel: +61 2 9248 4449. Commentary website ratemyteacher.com is a privately owned site where students can post comments about their teachers and lecturers. Instead of ignoring this website or attempting to close it down, the Government's best strategy would be to create a similar site that it owns and manages, demonstrating an equally transparent approach. However, the reality is that many large companies are risk averse or inexperienced in this space, so by the time they are ready to act on a social media strategy it is often too late. Developing a proactive social media strategy Your social media strategy should be all about conversation, relationships and two-way dialogue inside the spaces that your clients and prospects currently use, including your own website. Three key areas to consider as part of your strategy are: 1. Product development Social media can help with product development by mining customer insight for new product ideas. Kraft discovered a new market for Vegemite in Japan by analysing blog traffc, while Starbucks and Dell are both highly successful at innovating from the crowd. Fo r example, Dell's customers clearly expressed a view --- contrary to corporate opinion --- that they didn't want extra software on Dell machines. 2. Brand building The Old Spice viral video campaign was the most successful online marketing campaign for 2010, with 40 million viewings within one week. Since the campaign launched, Old Spice body wash sales increased by 107%.1 With online campaigns such as this, it is much easier than traditional marketing to monitor the impact of your campaigns and to target specifc audiences. For example, ANZ created a website targeted at the younger generation, enabling their customers to design the look of their own credit card, Social media --- making it work for you Today's social media reality Nearly two in fve online Australians are now interacting with companies via social networking sites. Australia leads the world in social media engagement, with the highest global average for time spent using social media: over seven hours per month per user. 2.3 million Australians now have their own blogs. 84% of Australians use the internet to share knowledge and information. Facebook® has a staggering 500 million members. Twitter's audience levels grew by more than 400% in 2009. Source: Nielsen Social Media Report, January 2010 then email their friends to spread the word. 3. Staff recruitment and retention Jeff Weiner, CEO of professional networking website LinkedIn, says the network's goal is to continue to grow its membership, facilitate the sharing of professional knowledge and invest in the right tools, to ensure jobseekers can fnd the best jobs and recruiters can fnd the best candidates. LinkedIn adds a million users every 9 to 10 days and has a membership of over 70 million in 200 countries and territories.2 "The work we're doing within the world of hiring solutions is unique," says Weiner. "We're enabling talent to connect with opportunity on a massive scale." But you don't have to be a networking site to use social media in your recruitment and internal communications strategy in order to help inform and retain staff. Technology giant Apple is among many businesses using Facebook and Twitter to recruit staff. Word of mouth can be a powerful recruitment tool, with candidates more likely to listen to their online peers than to company spin. A moving feast With technology constantly improving and new social media channels being launched more often, one thing is certain: change is inevitable. An agile response to these changes will ensure your business is best able to capitalise on the opportunities social media has to offer. 1. "Old Spice Campaign smells like a sales success too" , www.brandweek.com, accessed 20 December 2010. 2. Interview with LinkedIn CEO Jeff Weiner, UK Exceptional magazine, Ernst & Young 2010.
2012 Exceptional Magazine