If I could compare Social media to a sport it has to be Formula 1.
SPEED – Things are constantly moving in Formula 1, incredibly fast too. While many businesses watch idly like spectators trying to determine the best way to approach social media, other business are zooming past, fast towards the chequered flag of profitabilty, success and sustainability. While others are weighing the pros and cons of whether the business should become active in the social media space, others already have it as competitive advantage, a core competency. The ability to utilise social media better than competitors!
THE BOSS – Every Formula 1 team has a boss, who takes accountability for the performance of the team. Business is no different. The social media agenda needs a champion, someone who can take charge. It is not enoough that social media is treated as an after-thought. Social media is the new media and should be accorded fair time and consideration. Given the amount of time that customers spend on social networks, should businesses not be taking advantage of this.
ENGINE – Like in Formula where reliability is a buzzword that many drivers will swear by, the business needs to have a robust and reliable engine on which the social media operation runs. In the business world the engine could be the technology, structures, systems, processes on which everything runs. The impact of mistakes are major. Due to the viral nature of social media, news can sweep across the entire world in a matter of minutes.
STRATEGY – Better to spend a lot of time getting the strategy right than to dive in and get a disaster. One the other hand a brilliant strategy is no good if the implementation is poor. A balance needs to be struck between analysis, formulation of the strategy and it’s implementation. How many times have we seen a driver go off pace because the team adopted the wrong tyre strategy.
CONSTANT IMPROVEMENT – Due to the ever changing nature of technology, businesses need to be constantly on the lookout for new trends in social media and take proactive steps in dealing with the changes. What is fashionable today can easily end up yesterday’s news tomorrow. The customers today are choosy, discerning and fickle. Their only loyalty is to quality at the right price.
RACES – You many be a winner with one social media network or one race but how are you fairing with the other networks, the other races? Does the business give equal priority and allocate similar resouces to Facebook, Twitter and LinkedIn? How can this be the case when the average users and habits of customers on these networks are different? Can the lessons with one network be carried across to another networks? There is no clear winner with all these networks.
CHANGING RULES – Just as with Formula where rules change on a regular basis, there is little difference in the world of social media. The only constant is change as the startups and established companies try to outdo one another and usher in the next big thing. In a fast-changing world, agility and responsiveness count more than most other qualities. Can the business change its strategy in light of changing technologies, customer needs and business environment.
The businesses that do not take social media seriously run the risk of not being competitive on the race track. Many ambitious teams left Formula 1, quit or were bought over because they could not take the heat. How competitive is your team in the race? BTM
