In the lifecycle of social Internet usage, the trends of adoption seem fairly predictable at first glance: the tech savvy innovators dove in from the start, curious young people who grew up in the midst of major Internet advances came next and then various late adopters followed. What is odd about this is that a significant portion of late adopters, or laggards, are businesses whose clients and customers are in that young early majority group. Furthermore, many companies that will, inevitably, fill the laggard tail of the technology lifecycle bell curve, are continuing to delay, observe and cling to declining forms of connectivity. My question is: why is there not more concern about the opportunity costs associated with a lack of online social network engagement?
Harvard Business Review wrote an article recently called “The Hazard of Having an Accidental Brand.” It discussed the fact that many companies fail to see that there is an enormous correlation between a strong brand and an emotional or personal tie felt by the consumers. The article says, “It’s often news to executives that a strong brand needs to be 100% rational and 100% emotional in its appeal, and that there needn’t be a trade-off between the two.” The attachment to functionality, or the rational approach to establishing a brand, has merit in that a brand will suffer if it does not meet quality standards.
Lines between personal life and business life are blurring more and more each day, however, with the lack-of-boundaries environment promoted by social media interaction. Zipped up corporations are putting forth a face of engagement, people are asking questions in online community hubs, and purchasers are insisting on dialogue before making their decisions. For businesses and marketers, the benefit of strategically approaching customers with the intent to provide a product or service that engenders an emotional, social response is undeniable. Marketers must realize: brand loyalty will be built where your customers are seeking it.
The ROI found in social networks and building brand loyalty in digital venues must be approached differently as well. As with the functional, rational approach, there are hard and fast measurements of ROI derived from strategic Internet marketing, such as leads, traffic, and conversion rates. In such a social atmosphere, there are also valid soft ROI measurements that must be taken into account to gain a clear picture of the extensive reach of online social networks. As iMedia Connection writer, Christopher Petix, described, the value of social media and Internet marketing strategy can be found in conversions as much as in the interactions that ensue. Successful marketing means participation in social media and integration of marketing campaigns, shifting to that 100% rational and 100% emotional approach, and jumping into social media feet first to meet customers on their turf.
