Social Media: Don't Miss The Boat

Industry doesn't benefit from social media  . . . does it?

The appetite for social media shown by industry sectors has been incredibly mixed over the past few years.

After attending numerous conferences we have heard all sorts of responses to the benefits, or lack of, when it comes to social media. Everything from "social media is a waste of time" and "I don't have a clue where to start," to "I can't believe the response we are getting."

Incidentally, the number of Twitter users has grown to over 500 million since it was launched in 2006. Over the past five years, the number of Facebook users has gone from 58 million to one billion.

But one thing is for sure: we can't argue with the facts.

Back in October 2011, international shipping giant Maersk Line decided to launch its social media strategy. This wasn't something that Maersk Line decided in a day. It followed a lot of research, countless discussions and feedback from its customers. And then came the strategic social media plan.

While social media, especially Twitter, may appear to many to be a case of throwing any information up there and hoping it sticks, it requires as much thought and research as any other aspect of the business to make it work. And make it work Maersk Line did. Less than two years later and @MaerskLine has over 62,000 followers.

Admittedly, Maersk Line had the resources to invest in this part of the business, employing a head of social media; but the value is already rather obvious. OK, so measuring the ROI of social media is still in the works, but the free publicity that surrounded Maersk Line's social media campaign was worth far more than countless pages of advertising - and that's not including the buzz that surrounded Maersk Line winning the European Digital Communication Award for Social Media Campaign of the Year.

If further evidence is needed of the value that social media can play for some companies, then it is worth taking a look at the new report by the Vivaldi Partners Group entitled Social Media Impact Study 2013.

Social Currency

The report measured the impact of what it describes as "social currency" and looked at which brands are using social media effectively to target consumers. It found that "building social currency is probably the most important investment companies can make to create value for themselves." Quite a bold statement for sure. However, it went on to say that social media helps people to engage and connect with your brand. Key ways to make you stand out from the competition and build trust, no?

In fact, just look at Carnival Cruise Lines and how they have embraced Twitter. At a time when cruise companies are coming under fire from the public for their environmental impact, Carnival has managed to build a community of over 83,000 followers. It was also previously voted by the news website Mashable as one of the Best Twitter Brands. Not bad considering Mashable itself is one of the top media companies on Twitter with 3.3 million followers. Think of the potential reach!

While social media and Twitter in particular are proving to be popular for many industry organizations, there is (as always) a note of caution. As the Vivaldi report states, social media requires real commitment.

There is no success in a half-hearted effort. And with many companies suffering from limited resources and time, this is something that needs to be taken seriously. There is no point starting something you can't finish. This is where outsourcing comes in. But that, my friends, is a topic for a different day.