Wednesday, May 10th, 2017 | 4 min read
Is your business a leader, follower, or laggard?
In a new report, Sprinklr and Harvard Business Review Analytic Services surveyed 600+ managers and executives from enterprises that, on average, generate $5 billion in revenue. When asked if they integrated social media with customer experience, respondents split into three distinct groups:
Leaders understand that consumers have an unprecedented amount of power, and everything they do should serve the customer experience. That’s why social marketing is so crucial to enterprise success. Only through social media can brands reach, engage, and listen to customers across all touchpoints – delivering the experiences their audiences crave.
Here are four ways leaders are using social media to drive systemic changes across the organization and deliver superior experiences.
For leading companies, brand awareness isn’t the endgame; it’s just the start. These companies use social media to drive bigger gains for their businesses, such as identifying new sales leads, generating strategy-informing insights, and mitigating reputational risk.
Laggards, on the other hand, use most of their social resources to build brand awareness. While this is important, it’s only one piece of the puzzle. If you want to fully grasp the potential of social, you need to use it to drive bottom-line strategies.
Leaders dominate the market and out-perform other companies in their industry. According to the report, 40% of leaders say their company’s market position is considerably ahead of competitors’. Only 17% of followers and 11% of laggards can say the same.
Leaders can also show results for their social media marketing initiatives. More than 50% of leaders report revenue growth of more than 10% in the past two years, as opposed to 35% of followers and 41% of laggards.
Social media has transformed the typical customer journey. Buyers no longer take a linear path from awareness to purchase. Instead, they have the power search for products at any time, across multiple devices and channels.
Leading companies understand this shift, and are 3X more likely to change their structures and processes accordingly.
By making this shift, leading companies ready themselves to engage customers at every stage of their journey. Followers and laggards, however, are in danger of being left behind.
Leaders offer far superior customer experiences than their competitors. According to the report, 78% of leaders say they offer better experiences, while only 52% of followers and 28% of laggards say the same. In fact, 22% of laggards say they deliver worse experiences than their industry rivals.
So, the secret is out: If you want to deliver exceptional customer experiences, you need to integrate social media into your strategy.
Only then can you set your company apart and enjoy the perks of being a social leader. That is, you’ll be in position to dominate the market, drive revenue growth, and truly put the customer first.
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