Amidst the plethora of marketing terminologies, ‘social media’ and ‘branding’ stand out as two of the most crucial components for business success. Both play pivotal roles in shaping a company’s identity and reach. Drawing from the expertise of the Harvard Business School, Mikolaj Jan Piskorski, a professor at the institution, shares his insights on these areas in a conversation with social media and blogging expert Steve Olenski.
His perspectives and counsel are invaluable.
Olenski initiates the discussion by inquiring about the evolving definition of ‘social media’ over the years. Piskorski posits that the term has transitioned from ‘social media’ to ‘social platforms’. This shift is due to the distinction between ‘media’, which implies broadcasting to a wide audience, and ‘platforms’, which focus on engaging with connections and meeting new individuals.
Piskorski’s reference to ‘social platforms’ stems from the fact that these sites are used for networking and connecting with others. This usage better encapsulates the scope of social platforms compared to the traditional notion of social media.
What is the most prevalent misconception about social media held by brands, according to this Harvard professor?
Piskorski succinctly states that brands often engage in social media without a clear business objective. They often pursue the largest follower count or the most retweets on Twitter, instead of developing a well-structured social media strategy with measurable and achievable goals. Consequently, these brands often fail to derive business results from their social media investments, despite engaging their audience effectively.
The concept of ‘viral tweets’ is a common buzzword in social media. While these tweets might gain significant attention, they may not necessarily benefit the brand in the long run.
Piskorski’s views on using social platforms for B2B engagement
The Harvard professor advises that leveraging social media in B2B contexts can be challenging when viewed as traditional broadcasting. However, by considering social media as a tool for connecting customers, B2B interactions become straightforward. In B2B scenarios, a company sells products or services to another company, but the end-users are individuals who are connected on social media.
Piskorski’s outlook on the future of social media for brands
Mikolaj believes that broadcasting to consumers through social platforms currently lacks effectiveness but will likely improve. He emphasizes that social platforms have the unique ability to understand us as individuals in a way no other platform can.
This is likely true; many brands and organizations are just starting to delve into social media marketing.
Consider the vast amount of personal information Facebook holds about its users. Companies with robust CRM systems can align this data with social media data, allowing them to target specific customer groups effectively and strategically.
What are your thoughts? Does Piskorski’s perspective on social media align with your understanding?
