Almost two-thirds of 2,100 companies recently examined in a new report by Harvard Business Review Analytic Services were already using social media or had plans to soon begin. Only a very small percentage of those social media-using companies, however, thought that they were using the medium as an effective marketing tool for their business.

There were a number of practices that the “effective users” of social media in business had in common that the others did not share. They are:

• Taking social media seriously – Many of the companies looked upon social media as an important part of their overall marketing strategy rather than simply a passing fad.
• Taking measurements – Even those companies that still viewed their efforts as “experimental” measured their participation as well as conversations initiated by other social network users.
• Leveraging more channels – There is much more to social networking than just having a Facebook presence. The most effective companies used more than four channels to engage their social networks, including blogging, participating in discussion forums and review sites, and sharing multimedia such as video and podcasts.
• Strategic planning – Nearly two-thirds of the “effective” crowd had taken the time to develop and implement a strategy for their social media efforts.
• Monitoring social channels – Social media can be a rich source of data that businesses can mine to keep track of trends, product ideas, and customer feedback. Those who are effective do.
• Finding their customers online – It takes online research to track down where your most valuable customers are discussing your product and services, but it is worth it.
• A dedicated budget – Those businesses perceived as effective were twice more likely to have set aside funds for their social media activities than others.

If that sounds like a lot of work, that’s because there is quite a bit of labor involved in truly implementing social media as an effective marketing channel for your business. Many companies have taken it upon themselves to figure out the best ways to navigate the still-new online terrain, but you don’t have to. Contact GannettLocal today to see how we use these types of best practices to develop effective social media strategy for your business.

Related articles

• Most Companies Are Still Clueless About Social Media (businessinsider.com)
• 6 Ways to Screw Up Your Social Media Strategy (hubspot.com)
• Five Things A Social Media Manager Can Do That I Can’t (entouragepoint.typepad.com)