a quarterly report by - Technopak

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perspective a quar terly repor t by Volume 02 / 2009 | Volume 02 The leaders in social media space -Dell, IBM and J&J, all have met these challenges head on and learnt from their mistakes. These firms treat their customers as contributors and stakeholders in their business and reward, promote and empower them. They are far ahead in the social media maturity spectrum. Key Success Factors As ‘complex’ or ‘fickle’ as the social web may appear, there are, in fact, a handful of basic tenets that separate success from failure. •Listen, understand and engage with consumers. Engaging the right people is what makes businesses tick. •Success cannot be achieved by merely having a presence on a social media site, the key lies in constant engagement of customers. •Involve top management right from the beginning else with no visibility of serious returns in the initial a few weeks or months, the initiative would fall flat. Top management would ensure long term focus and commitment. •Social media can cause a huge stink, be prepared to handle the negative conversation and feedback. Companies should have a reputation management strategy in place. •Success and benefits will not appear overnight. Like Dell, companies need to have a long term focus on social media to reap the real benefits. Plan for a comprehensive presence on the web and evolve with social media over a long term. •Just being present on one or two social media platforms may not be enough. The phenomenon is evolving fast and the sites that are very popular today may not remain so in future. Therefore, captivate consumers by having multiple legs across the wide spectrum of social media channels. •Integrate the social media strategy with the company’s corporate strategy as well as its marketing strategy. Non-aligned strategies are bound to fail sooner or later. •Do not jump on measuring or quantifying the benefits or impact. Social media is a ‘journey’, a means/ vehicle to reach the desired ‘end’. The success should be measured by the ability to reach, identify and convert influencers as well as the effectiveness of the ‘influencer’ to spread the word to the desired consumers. •Social media success is not measured by how broad one’s reach is, but by how deep one’s network is! Conclusion The social media is a new phenomenon that is often compared with the ‘internet revolution’ seeing its growth and scale. It has already touched our lives in many ways – from connecting with friends and colleagues, providing feedback on products and services, participating in events, to even experiencing the joy of farming on ‘Farmville’ while sitting in our homes and offices. A few years down the lane, we would even be buying products and services through social media. The medium is growing very fast and holds huge potential but is still in its nascent stage. Therefore, the time is ripe for companies to embrace the media, capitalize on the opportunity presented and become the ‘revolutionaries’ of tomorrow. Those who engage all the stakeholders from employees to consumers to business partners would be the real winners! Authors Raghav Gupta, President I raghav.gupta@technopak.com Veenu Sharma, Senior Consultant I veenu.sharma@technopak.com Ashima Anand, Consultant I ashima.anand@technopak.com 83 | Social Media : An Emerging Medium for Business Growth
Authors About Technopak We are a management consulting firm with a difference. Founded in 1991 on the principle of “concept” to “commissioning”, we are in the top 5 consulting firms in India by revenues. We are strategic advisors to our clients during the ideation phase, implementation guides through start-up phase, and trusted advisors overall. The industries we serve include Retail, Consumer Products, Fashion (Textiles & Apparel), Healthcare, Hospitality & Tourism, Leisure & Entertainment, Food & Agriculture and Education. Our clients are leading Indian and international businesses, entrepreneurs, investment houses, multilateral development bodies and governments. Our 600+ clients include Aditya Birla Group, Apollo Hospitals, Arvind Limited, Asian Development Bank, Asian Paints, Temasek Holdings, Essar, GMR Group, Godrej Group, Gujarat Government, Hospital Corporation of America, ICICI Limited, Hindustan Unilever Limited, International Finance Corporation, Lenovo International, Mahindra Group, Marks & Spencer, Mother Dairy Foods, Ministries of Food Processing, Textiles & Commerce, Raymond, Reliance Industries, Samsung, Sequoia Capital, Starwood (Sheraton), Tata Group, United Nations Development Program, Walt Disney, Warburg Pincus and many other Indian and international leaders. Services we offer in Management Consulting At Technopak, we foster innovation and creativity which challenge conventional thinking and generate practical and far reaching solutions for our clients. In 2008, we worked with over 130 clients across 180+ projects, in 20 countries besides India, across 5 continents. Our key services are: Business Strategy. Assistance in developing value creating strategies based on consumer insights, competition mapping, international benchmarking and client capabilities. Start-Up Assistance. Leveraging operations and industry expertise to ‘commission the concept’ on turnkey basis. Performance Enhancement. Operations, industry & management of change expertise to enhance the performance and value of client operations and businesses. Capital Advisory. Supporting business strategy and execution with comprehensive capital advisory in our industries of focus. Consumer Insights. Holistic consumer & shopper understanding applied to offer implementable business solutions. 84
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