To Monetize Social Media, Humanize It by AMY JO MARTIN (HBR)
How do you do that? You start by avoiding these three common misconceptions… (Full Article)
“Investing in social media can’t save me money.” Wrong. In fact, costs savings are the low-hanging fruit for monetizing social media. It’s remarkably easy, with minimal investment, to decrease your spend on research, customer service and advertising.
“I have to build a huge following to monetize social media, and I can’t do that.” Wrong. Social media is not a popularity contest. Followers don’t equal influence. Don’t make this a volume game. Compete on how much value you can offer and how much trust you can build (more to come; I will share metrics on this in a future post). Focusing on delivering value when, where and how your audience wants to receive it is a far better strategy than focusing on growing the number of followers you have.
“I can just re-use my traditional marketing in social media channels.” Wrong. Traditional branding focuses on logos. Social media branding must be focused on people. Humanize your brandis the golden rule of social media, because humans connect with humans, not logos. Traditional marketing has always approached branding as a way to control the message. Certainly the executives who are asked to share themselves and their personalities through social media struggle becoming comfortable with this (except maybe Shaq). But it’s crucial for a brand to provide access to its personalities in some capacity because logos have zero ability to socialize.