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HBS case study: Social Media 2011;
Reflection:
What is social media? Social media is where consumers communicate with each other across various platforms as diverse as discussion forums, blogs, wikis, social networks, and video-,photo-, and news-sharing sites. The rapid growth in social media is beginning to have a significant impact on consumer’s purchase behavior. In spite of the rapid growth in social media and its significant impact on consumer behavior, the marketing spend in this area remains relatively low. Reluctance of executives to allocate significant resources to social media stems from their lack of understanding of how social media works and how they can harness its power for their brands.
Why some brands are reluctant to use social media?
Cost and time; knowledge risk; incentive structure, loss of control;
A simple and pragmatic framework for managers to leverage social media.
Immerse -Define – reflect-Engage—Evaluate
Step 1: immense in define phrase;
Personal learning; organizational learning;
Step 2: reflect
There are three things to consider while reflecting on this issue:
Lack of control over your brand;
Symptom of a deeper problem;
A sandbox where consumer can play;
Step 3: Define
Market research;
Brand building;
Driving Purchasing;
Step 4 engage
Step 5 evaluate
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