My 2c worth – it is both . . . and neither.
For a start, Social Media is not a media at all – certainly not in the traditional mass sense. Sure, the 500 million (and counting) people on Facebook are a large audience but they are not there to simply watch and listen, they are there to participate. They constitute a very large number of interrelated communities where like minded people congregate to talk about and share – well, just about anything.
Broadcast or Chat?
Do you want to talk to the population or speak with a defined community? ie are you looking to broadcast or have a conversation?
If you are a large company like Telstra and wish to position your brand with the whole of Australia then there is certainly a place for this but Social Media sites are not that place. Consider that Telstra has 4363 Facebook friends (last I checked) – less than 0.02% of Australia’s population. Even if we assume that just half of the population are in Telstra’s target market this is still a very small result for the investment.
However, if you have a defined audience with a common interest that relates to what you have to offer then Social Media may provide an opportunity to join or start a conversation.
We Haven’t Sold a Small Car Since 1997. Want to Buy One?
In launching the Fiesta in the US market (the first compact car launch since they withdrew from this segment 13 years ago), Ford could have produced a great television commercial. Instead, they gave 100 consumers in their demographic a free car for 6 months. In return the consumers had to complete monthly “missions” and communicate about them in their Social Media communities.
Ford received 6.5 million YouTube views to the 700 videos produced, 3.4 million impressions on the “Fiesta Movement” on Twitter and 670 000 hits on the photos taken by the 100 participants. These are big numbers but so what? More important than “hits” is that Ford was able to initiate a conversation with a new audience. 50,000 consumers (97% of whom had never owned a Ford) requested information about the Fiesta and Ford sold 10, 000 units in the first 6 days of sales.
Ford identified the niche that it wanted to communicate with. They facilitated a conversation and then allowed them to speak with each other, sharing their own experiences and making up their own minds.
Ford provided the context but let its audience develop their own content. This is the key to Social Media success – marketers can be part of the conversation but cannot control it (or do so at their own peril).
What Is Your Social Media Strategy?
If you are starting with this question then you run the risk of falling into the “shiny new toy” camp. Before you work out your Social Media strategy you first need to work out if you need one at all. Consider these questions first:
What are your business and marketing objectives?
What are your business and marketing strategies for meeting (or exceeding) these objectives?
Does Social Media fit with this?
Who is your target audience and are they part of social media communities? If so, are they open to your brand joining their conversation?
Only then can you begin to develop a strategy for engagement.
To Conclude
In short, Social Media provides a great opportunity for brands to engage with defined audiences but you must be prepared to commit to a conversation, not simply a message broadcast.
Be clear on your objectives and broader strategies and only then should you consider if Social Media is appropriate.
Remember, Social Media is neither a panacea nor a fad, simply a potential tool in a marketer’s arsenal.
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