The Social Media Road Map, just out from Marketing Sherpa, shows how social media wisdom is a function of social media stage and "maturity". Brands that have been hazed through the initial trial and transition phases, are more likely in the seasoned strategic phase to map their measurement back to accurately defined objectives:

Social media can not be treated like a campaign. It is not an event-specific commodity. Social media, whether earned or owned, feeds off of reciprocal value between the company and their audience, not the advertiser and their customer. Starting with a "gut check" of what your social media objectives are and how you are going to go about them -- is worth the time investment both from an brand ROI, and an audience engagement perspective.
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