WPP recently wrote an article (below) talking about the transformative power of social media for marketing and how marketers have such a limited understanding of this opportunity (big thank you to Edyta for bringing this to my attention).
Whilst CMOs are estimated that in the next 5 years, nearly 25% of budgets will be allocated to social media spend, exactly how that spend will attribute value is still misunderstood.
The article suggests 7 key reasons as to why social media transformation is so powerful:
- Social is immensely data rich
- Social allows connection with consumers across the entire customer journey
- Social commerce has arrived
- Social decreases dependency on the first-party data
- Social accelerates performance transformation
- Social fits new organisational models
- Social fosters collaboration between partners and suppliers
All our perfectly valid reasons for driving social media transformation but there's one glaringly obvious (to me) reason missing.
Social provides a conversation platform which employees can be part of
This for me is the single and most valuable reason to activate a holistic approach to social media within an organisation.
Yes, social fits new models. Yes, it's data rich. Yes, it can drive commerce.
But lets not forget the fundamental reason/purpose/benefit that social media provides to us all.
It is a conversation.
Who better to be having those conversations than the people who understand your brand the most.
Employee voices are trusted, credible and authentic. Enabling them to be part of the conversation, providing more ears on the social networks and helping you to scale your reach to new audiences.
However, activation needs to be done programmatically and empathetically. We shouldn't be asking our employees to become megaphones for our brand but more about that here.
Yesterday, together with Onalytica, I spoke to Christina Dove from Mercer about lots of things including the connection between employee brand purpose and culture. Fascinating insights from someone who leads this program for Mercer.
We believe that social media can serve as jet fuel for marketing transformation, accelerating the speed through which we can deliver value. Chief Marketing Officers (CMOs) have already started to see the value of social in marketing and business, with social media spend expected to double in the next five years, reaching almost 25% of marketing budgets.1 In the post-COVID era, this growth is likely to be even faster.2