7 Common Business Pitfalls that Impact Social Strategy


Leading-areas-of-2012-SMM-Investment-emarketerTactical fatigue getting you down? How about lack of results from your efforts?

While
it's become quite common to think about adding social media to existing
marketing programs, there is an all common trend among those
organizations that decide to add social.

Get on Facebook
and Twitter, start blogs, post videos on YouTube, maybe have a Google+ account and Pinterest boards. Now what?

How about we hit the pause button and look at some areas of impact on your business first?

Maybe
you set out with an objective and quantifiable goals for your marketing
plan and aligned social media to those, then found that it's taking too long to close the gap on your goals.

Or perhaps you've been testing the waters on some
of the social networks, figured out that's all you can do, and moved on,
abandoning those outposts.

7 areas of impact to get back on track

(1.) Changes in the competitive landscape

This
is something that should be part of your overall business strategy, and
perhaps it's been a while since you last considered where your business
is eroding.

Are there new entrants you should be keeping an eye on?
Have they had a better start in social than you're having? What's your
share of conversation? Is the sentiment good, bad, or indifferent?

(2.) Customer attrition rates

Another
common pitfall is losing sight of the customer mix. Many businesses
have been focused for so long on new customer acquisition that they lost
sight of customer attrition rates.

When defections accelerate, you have
a harder time keeping up with new logos enrollment, and that is far
costlier. Social media lends itself to retention efforts.

(3.) Lack of focus

Let's
face it, no business has enough resources to do it all these days, nor
you should attempt to. When you have a dollar to spend, you want to make
that a good investment.

Chasing too many goals or trying to support too
many brands dilutes that investment — and the much anticipated results
from it. If you were to choose one thing to do first, what would that
be?

(4.) Lack of vision

This is very much related and
possibly the cause of lack of focus. You may be so mired in the day to
day operations of the business that you haven't taken the time to think
big in a while.

With changes in competitive landscape and customer mix
possibly looming on the horizon, does it make sense to rethink your role
in the ecosystem?

(5.) Product problem denial

Maybe you've
been pressured to launch in market before the product was completely
baked. That is happening more frequently due to competitive pressure. Or
perhaps your service is in real need for a reality check and an
overhaul.

Many factors impact service: employee turnover, company culture, bad supply chain. Is it time to face the music
and fix the problem?

(6.) Internal goal misalignment

Businesses
can be pretty siloed internally. The sales group may be on a
compensation plan that screams new logos, while the general manager is
worrying about customer retention from poor service and reputation.

The
marketing group is pulled in different directions, and nobody knows
what's going on one floor away.

(7.) Unknown channel issues

Times
have definitely changed. Both a contracting economy and increase in
useful filters in the public domain have accelerated the pressure on
businesses.

On one hand you need to be leaner than you've ever been,
while beating your competitors, on the other, you hardly have any time
to address a product sourcing issue before potentially damaging
information goes viral.

Are you taking into consideration the reputation
and issues of your channel and partners closely enough?

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Optimizing social strategy could lead only to incremental results.

The businesses that take the time to
address potential pitfalls and areas of impact are those that emerge as leaders.

 

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Valeria is an experienced listener. She is also frequent speaker at
conferences and companies on a variety of topics. To book her for a
speaking engagement click here.


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