Creating a Mutual Value Exchange

J.D. Power and Associates evaluated brand performance through their social media marketing efforts and found that very few companies are doing both marketing (e.g., distributing a coupon or offer through a social channel) and service (e.g., answering questions about a product or service or solving a problem) well.

The study’s findings show that marketers’ social efforts do make a difference, and their imbalanced approaches aren’t helping.

  • 87% of highly satisfied customers said online interactions with a company positively impacted their likelihood to purchase.
  • 10% of unsatisfied customers said social communications negatively impacted their likelihood to purchase.
  • 67% of consumers have used social media sites for service, and 33% have used the sites for social marketing.

The study found that the combination of quality content and responsive customer service is key to high satisfaction levels, but marketers are emphasizing one or the other instead of taking a balanced approach.

It’s Not a This or That Approach

The best way to get value out of social is to deliver value to your community. Social media marketing is about driving results for the business, but it requires marketers to make the experiences they create about what customers need as well. It’s about us and them.

It’s about us. Social media offers marketers new channels to distribute messages, share brand content and create online word of mouth about brand initiatives.

It’s about them. What goes around comes around in the social space, and marketers’ number one goal should be to serve by providing support and solving problems for customers. When you open the social media gates, people are going to expect assistance and support. Don’t ignore their requests for help to just push brand messages.

The goal is to create a mutual value exchange. There’s nothing wrong with pushing your own marketing agenda. After all, that’s why you’re there in the first place, but part of that means fulfilling your customers’ agenda. They’ll reward you for it.