Yinka Olaito is happy,excited and passionate Communication specialist, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa)
Returns on Investment is a buzz word in marketing. Coming to social media, many brands really stayed away for a long time just because they could not understand the economic value of Social media to the business. Today, many are wiser and can now appreciate the value of Social media to business’ objective.
In measuring returns on investment though, many experts had said it is better to promote returns on influence over returns on Investment. Whatever route we chose to follow will be dependent on the corporate objective. We will leave this line of thought for now. Our focus today is on returns on ignorance.
Ignorance of the law is not an excuse is a popular maxim. Many brands have continued to demonstrate a high level of ignorance on Social Media platforms. Some have gotten away with them but few have had their fingers burnt. In this piece, we will examine ways to avoid colossal returns on ignorance from Social media.
Crowd sourcing: One good advantage of Social media is its crowd sourcing advantage. It offers opportunity for positive contribution. People like to be asked for help. Pretending to be self-sufficient all the times is foolishness. What you need may be in the hands of someone very close. Do not be too proud. Few may insult you(majority of these lack normal courtesy) for asking but never mind. Ask anyway. It is one of the highest levels of ignorance when one does not learn to ask for feedback and stakeholders’ opinion. This is especially so on platforms that have Millions of users. Many brands have spent Millions on unnecessary surveys just because they will not ask.
Fan recognition: Those who forget to recognize loyal brand’s advocate or influencers may be doing a lot of damage to their brands without knowing. You do not need to dash out money to do this. A mention, certificate of recognition and few product/service giveaways should be considered. Many brands have lost great influencers because they had taken them for granted.
Inability to create real time conversation: A brand that cannot tell engaging story as well as create a real life conversation will usually pay dividend. If you do not have in-house hands, it is better to hire one. This will help a great deal.
Starting out with a mission to conquer the world: Think big but start small is a wise advice every beginner needs to obey when it comes to Social media activities. Have a long term goal of conquering the world but first conquer your environment with location based marketing. When you become a champion in your locality, it does not take long term before your name will become a global household name. While the internet offers a global view, start with a mind to become a strong name in your city and country. There is no rule that says you cannot currently run a local and global view but wisdom demands you become a household name in your environment first. Those who start out with a global mind ends up being swallowed up by the social media sharks.
No policy or guide: If you have no policy in place, there is high tendency you will pay high dividend along the line. Soon you will create trouble for the brand because your efforts will be like a ship without a captain.
Lack of understanding of community rules: Many brands have paid heavily for ignorance of certain platforms rules. We have seen situations where some brands join a group or platform and the first contribution they are making is a product advert. Community members may be enduring you without knowing. When they revolt, you will pay heavily.
Unnecessary exposure: Many have damaged their corporate strategies because they are sharing certain internal information just to show they have something worthwhile going on for them. When you expose your strategies to the competitors, they may hijack it and make a mess of the whole process.
Not maintaining the balance: Balance is an issue many do not understand. Life without a balance is worthless. There is a thin line between bragging and worthy promotion and conversation building. This also can cost the brand. Is there anything I missed? Share your experience.