A conversation: Making Sense of Social Media
On Friday, April 20th, 2012, McKinsey partners David Edelman and Hugo Sarrazin hosted a live discussion of of McKinsey’s new research on how senior leaders can harness social media to shape consumer decision making.
- Our conversation was based on our latest Quarterly article, Demystifying Social Media and the video interactive, Making Sense of Social Media. The authors of the report, David Edelman @davidedelman and Hugo Sarrazin @HugoSarrazin, led the discussion on Twitter using the hashtag #McKSocial.
Hi all, we're starting our twitter chat now with @HugoSarrazin @davidedelman & @McK_CMSOForum #McKSocial
RT @McKQuarterly: Our live Twitter conversation, Making sense of social media; with @McK_CMSOForum @HugoSarrazin @davidedelman. #McKSocial
Fascinating questions via #McKSocial @McKQuarterly on how to make sense of social media, and tracking the consumer's social journey.- From the Quarterly article:
"Executives certainly know what social media is. After all, if Facebook users constituted a country, it would be the world’s third largest, behind China and India. Executives can even claim to know what makes social media so potent: its ability to amplify word-of-mouth effects. Yet the vast majority of executives have no idea how to harness social media’s power. Companies diligently establish Twitter feeds and branded Facebook pages, but few have a deep understanding of exactly how social media interacts with consumers to expand product and brand recognition, drive sales and profitability, and engender loyalty." How does one measure the impact of social media?
Q1) Companies invest millions of dollars in social media, often with little understanding of how it influences consumer #McKSocial
@McKQuarterly #mcksocial Measuring ROI depends on your goal. If it is service, then you need to look at volumes, costs, and satisfaction- @McKQuarterly #mcksocial the important thing is that social is not monolithic. as the article cites there are many uses, differing goals
@McKQuarterly #mcksocial for question1, some brands can spend a lot without return in order to reach the "tipping point"-customer basis
.@McKQuarterly Do the no of followers, mentions and RTs really translate to tangible benefits or increased brand awareness? #McKSocial- @3become1 @McKQuarterly #mcksocial depends on scale. still often small. can have impact if there's engagement to click and people engage
- What capabilities are needed to monitor what’s being said about your company and respond appropriately?
- @McKQuarterly #mcksocial besides a good tool, like NMIncite, need focused command center team armed with training and some policies -- tbc
- @McKQuarterly #mcksocial Con't ... and they need processes back into the cmpany to triage what they learn and get it to the decision makers
A2 Use research to find out where conversations are happening around your brand/keywords...then engage there first. #McKsocial- @McKQuarterly #mcksocial need keyword monitoring strategy, and then real workflow, with TLA's etc,, as mentioned before
@ScripMikeWard @HugoSarrazin to track trends, use instant newspapers i.e. Paper.li, #flipboard or #twylah #mcksocial- Then how do you identify and disseminate that information efficiently and effectively—and then ensure that it gets used?
- A3 - Ahh... this is the important question. Takes new business processes/workflows. Change is tough. Need leadership/culture #McKsocial
- @craighepburn brand advocates, ambassadors, word spreaders etc... All should be handled differently by companies #McKSocial
@Competia Absolutely - no silver bullet however we have some core principles at #Nokia explained here bit.ly/JcmRNw #McKSocial
Key to #social is shifting from push to pull. Build social gravity with purpose, platforms, and partners. bit.ly/HaEIts #McKSocial
@McKQuarterly adapting to the customers technical capabilities is critical. Not all customers are digital natives #McKSocial
JoshIts hard to live without social media these days...2013-01-03T11:46:43.068Z- werlenkoSocial media rulez2012-10-22T07:06:39.828Z
