Panel: Avoid social and you risk missing business growth opportunities

Panellists from ANZ, Twitter and LinkedIn discuss why not seeing social media as a new way of working is a bigger risk than any real-time brand reputation issue

Brands and executives that haven’t yet realised social media as a new way of working or seen its potential beyond customer support could be missing out on an opportunity to help their organisations grow.

That was the view shared by panellists discussing the brand risk and reputation issues associated with social media during the Social Business conference at this year’s CeBIT event.

For ANZ Banking Group head of digital and social media, Amanda Gome, social media has changed the game around customer engagement, which in turn is transforming the way organisations need to function.

“Social media is where your customers get information, and that has changed everything,” she said. “It’s been around for an incredibly short time to trigger such as powerful change from how we go from the producer to the consumer, and critical mass - it’s only been 10 years really. I think it’s a once-in-a-humankind shift that’s bigger than the industrial revolution; it’s certainly taken place over a more concentrated period of time. We’re really at the start of it, and just starting to really explore the possibility of it.”

While many people are still talking about social media in terms of channels, Gome described it as a “completely new way of working” impacting every part of a company’s operations.

“The great thing is it impacts things in a really positive way. A lot of change is hard and awful, but when we start people on the social media journey we say to them that they’re actually going to have fun. And they’ll email us back, saying how much it’s transformed their lives in so many ways,” she commented.

ANZ’s own CEO, Michael Smith, has just embraced Twitter as a communication channel and is now encouraging the whole financial services organisation to become more open and transparent with customers through social channels.

To cover any potential brand or reputation risks in its endeavours, Gome said ANZ had set up a comprehensive social policy that gave staff guidelines on how to use social channels for business process and customer engagement, while empowering them to have those conversations.

“The most important thing was training our executive experts,” she said. “We started with a program to tackle female leaders in the business, and trained them to be social media advocates, talking and sharing their expertise with stakeholders. Now we’re extending this to the male staff.”

LinkedIn sales and solutions director, Mike Dick, said too many organisations are still missing the opportunity that exists with social media to help their business grow.

“Recent research from IBM indicated that north of 80 per cent of sales prospects that you want to reach for your organisation should be reached through social media,” he said. “The big risk for organisations is not realising that potential and capitalising on the opportunity presented by social media. That’s the bigger risk in my mind [than brand reputation] – if we don’t advertise and speak to customers where they want to be, then how is your business going to grow?”

While panellists agreed several organisations are still fearful of putting their brand voice out into the social media world, Dick believed hesitancy was also driven by confusion over value and ROI.

“It’s not necessarily a fear of using this channel, but more about how you integrate that into your business,” he claimed.

According to Twitter sales director, Shana Allen, a lack of education on knowing where to start, along with resource limitations, has made jumping into social a daunting prospect for many organisations.

“That education process is a key focus for us with brands, even before we look at revenue and what we can bring in and how we can connect a brand with consumers,” she said. “So we start at a smaller scale, with a content calendar and just doing organic tweets, then gradually helping that brand connect to things outside of that and in the every day, specific campaign moments, and so on.

“For many businesses, the education and resource are the scary parts of social media. But for a lot of users and consumers, if they don’t see a brand responding to them, that brand may miss out. It’s also the opportunity for another brand with a good listening process to step in and offer something... to that consumer.

“Users are getting more used to having one-to-one conversations with brands so it’s a very personal connection.”

Allen added the better the content being delivered via social platforms, the better the person or brand will do on the social platform.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

Data has the power to build or burn brands

A brand can be severely wounded by use or misuse of any of its assets and you could say data has the greatest power of all to inflict damage.

Lucy Acheson

Head of data strategy and customer experience, LIDA

Totto and your inorganic future

At Cannes Lions this year we’ve been treated to many artificial intelligence (AI) insights. It’s one of the major discourses of our time.

Richard Brett

CEO, opr

Personas of one and the rise of ‘always there’ marketing

I’ve got some bad news. The ‘always on’ marketing approach that many companies have only just fully implemented is already out of date.

Nigel Roberts

Founding partner and strategy lead, Yell

Machine learning represents the future for digital marketing. I'm glad that there are strides being made in this direction and that even ...

Claudia Evans

Looker eyes benefits of machine learning to connect with customers

Read more

I read you post full. It's really good .

Yusuf

Salesforce ups the Marketing Cloud ante with Datorama acquisition

Read more

Promotion is difficult. You should be able to do it. Sometimes it turns out bad, and when you turn to professionals, it turns out well - ...

Jordan Samuil

Village Roadshow partners with Lion for pourage rights and promotional partnership

Read more

This is very good news for Australian SMEs as ActiveCampaign is an very powerful marketing automation / email marketing tool that costs a...

Lawrence

SMB marketing automation provider sets up Asia Pac HQ in Sydney

Read more

Completely agree! For the best commercial properties in Mumbai, visit our website - Jagaha!

Gizelle

Salesforce ups the Marketing Cloud ante with Datorama acquisition

Read more

Latest Podcast

More podcasts

Sign in