Driving Your Brand through Social Media

Notes from a panel discussion at iStrategy 2010 featuring Chris Wei, CEO of Great Eastern Holdings Grp, Haresh Khoobchandani of Microsoft, and James Miner of ESPN.

Warning: Tons of useful insights ahead:

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1. It all starts with a strategy

• Not a social media strategy – “there is no such thing”; that’s why brands and agencies struggle to figure it out
• Instead look at it from a macro point of view – develop a brand strategy that solves business challenges, and social media as a tool for personal and professional communication.
• Social media is becoming a key component of a strong brand strategy, but should not be the strategy itself.
• A digital strategy: a plan to create and manage brand value using digital experiences to influence customer behavior.
• Mediocrity will kill you – have a strong opinion.

2. Seek value

• Buzz shouldn’t be a measure of a brand’s success. An example: ElfYourself.com – had a fantastic execution, was very engaging, but at the end of the day, consumers had no idea what OfficeMax offered.
• Many brands tend to celebrate buzz value of their campaigns and being rewarded by peers and the media; instead they should look to how successful they are in getting their brand message across
• Value creation should be the main driver of a campaign
• How to create value:
  • Earn economic profit
  • Have some degree of influence over choice (the role of a brand in the purchasing decision process)
  • Brand strength (brand salience as compared to competitors)
• 10 components of brand strengths:

1. Clarity
2. Commitment
3. Protection
4. Responsiveness
5. Authenticity
6. Relevance
7. Differentiation
8. Consistency
9. Presence
10. Understanding

• Maximum value is generated by:
  • Understanding the role of your brand
  • Understanding the relative power of each touchpoint
  • Optimizing spend across the whole experience