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Sectors: Internet

Leverage Social Media to Increase Business Performance

Completing a successful capital raising is only the beginning. After assembling an accomplished team to bring your concept to market, collating your Information Memorandum and raising the funds necessary to fulfil the target milestones of your Business Plan, now comes the hard part.

31 May 2010

Some of the questions at the top of your agenda will be:

How do you reach the audience you need to generate the revenue you have outlined?
How do you build brand advocates for your business that repeatedly engage with you?
How do you manage taking the company forward while managing shareholder expectations?

These questions, and others like them, become persistent talking points for management teams looking to deliver above expectation. On closer inspection you realise that these aren’t sales, marketing, branding, operations and compliance issues that need attention but fall under the umbrella of Communication Management.

Taking A 360 Approach To Communications

Communication management is probably low on your long list of business priorities. It should be promoted to one of your key drivers. The way your business projects itself through its messages, images, language, attitude are all branding elements that if presented consistently creates a strong voice for your company. This voice creates an authenticity that is difficult to create through any other form of marketing. Authenticity, or projecting authenticity, is critical to converting prospects to applicants and users to advocates.

By taking this 360 approach you can amplify the strength of your brand and its voice will resonate. By creating this voice you create an identity. The purpose of this is to give the audience a point of connection. With a clear, compelling voice, you need a platform where will it be heard.

Engaging The Hidden Audience

Your next customer is online right now. The problem is you don’t know who they are, where they are or how to reach them.

Awareness and recognition are critical goals for any business serious on exceeding expectation. When you are in start-up mode, the vision is to reach 1% of the market. The reality is how do you connect with just 1 customer?

Friends, fans, supporters vote with their clicking fingers. Facebook, Twitter, YouTube have all emerged as avenues for entertainment but they have helped SMEs reach audiences that have previously remained in the shadows.

Using Social Media As Your Business Communication Hub

The evolution of society and technology together has radically altered the way people obtain and engage with information. The internet has levelled the playing field for media. As an individual (or a business) you can generate content, self-publish, self-promote and connect with your audience.

Microblogging platforms like Twitter, allow you to create a press box for your business that can act as your communications hub. Use this platform to actively promote your wins, stimulate interest, publish news, promote offers and publish your Annual Report. This is like having a full PR service without the full PR expense.

Facebook is ideal for crowdsourcing, locating groups of people who fit your ideal profile of a client. You can market to them, send invitations, seek responses, engage them directly and have the benefit of having private and public feedback channels that enable you to refine your offering.

YouTube is perfect for publishing recorded video conferences, sales presentations, demonstrations, corporate videos or any other compelling media you have at your disposal.

Integrating the 3 platforms together enables you to effectively manage your sales, marketing and PR needs together with your shareholder communication obligations. It also allows your business to protect its brand from any negative publicity. We have effectively used Social Media as part of Crisis Management campaigns to address concerns of the audience and demonstrate the company’s path forward to resolving issues. No other medium allows businesses the flexibility to respond in this way, quickly.

Transparency and Efficiency For Results

Tactical transparency is often used as a proactive communication management methodology. Allow clients, investors, prospects to peek in and understand your business strategy, values and culture. This is vital to building trust and generating positive responses.

Remember though that tactical transparency doesn’t mean airing your dirty linen in public. Have a detailed, tactical approach of how you communicate with key groups to get the most out of this strategy.

We have found that businesses that use Social Media backed by a strategic and tactical plan have over 60% better response rates compared to those who just set-up an online presence and hope for the best. With investor funds at your disposal, use them efficiently and keep them in the loop.

Utilising Social Media will help you manage the entire process.

Dominic Dirupo

Dominic Dirupo is the principal and founder of Alphastation, a Corporate Communications Consultancy helping start-up and expansion businesses break through to the next level. Alphastation has helped clients in 7 countries manage the business communication cycle from Business Planning to Raising Capital to Annual Reporting.

By Dominic Dirupo, Alphastation

www.alphastation.org

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