More than $1 billion was spent by companies on social media in 2010. By 2011, the importance of social media for consumer branding companies became undeniably obvious. More and more companies worldwide have increased their social media activity with hope to improve their business. This has proved to be beneficial for those companies that implemented best practices in brand management.
Social media is for every business institution that needs branding. It can be a manufacturing company, fashion industries, music industries, Photography Industry (Kodak), technology oriented businesses and healthcare facilities etc. Social media networks to pay special attention to for business purposes are Twitter, Facebook, LinkedIn, Flicker, Blogs and YouTube. Some best practices recommended for brand management on social media networks include:
Track Keywords: There are companies that monitor and list keywords people frequently type in social media channels. They use a platform that is integrated with the Google Analytics. This allows users to track target keywords and grow their social media campaigns by tracking their revenue stream.
Listen, Engage and Act: It is important to listen to what people have to say about your product or services. If possible use platforms or applications that can allow you to take snapshots of comments as a best practice. Track the number of times those keywords have been used, to help you decide whether action is needed.
Discuss with people on social media networks by engaging them in a conversation. Find out what they want and need. In order to succeed in engaging customers, you must have sufficient insight into the niche. Make sure you don’t lose ground when you are engaged in a discussion with people on social media. Additionally, practice some caution with your choice of words on social media. You can easily lose your reputation with a single slipup.
Finally, take an action. If you are convinced that the masses share the same opinion, make adjustments in your brand or services to oblige customers. You will be surprised at the increase in revenue. It is recommended best practice to spend at least 5 minutes per day to manage your social media website.
Keep Enemies Closer: On social media, wise business people don’t just monitor their customers. They also keep a keen eye on their competitors for best practices. Whenever customer behavior changes, the competitor is the most probable cause. Business is a fast moving world; in order to lead you have to be apt and swift in action. It’s a simple rule; those who slack and are not up-to-date cannot survive. Through social media, business people spy on their competitors to know what they are planning and make the first move.
Avoid Pitfalls: Some pitfalls to avoid include:
With these best practices, you can reap the fruits of success through effective brand management on social media.