Apart from the decision to participate, and the strategy behind how to position the brand voice, there is also the question of resources. Resources are what governs the opportunities presented to brands, both in terms of personnel and budgets.
As marketers, we are tasked with spending our dollars efficiently in order to generate the greatest impact for our brand. One of the draws of social media so far has been the low (or no) cost barrier to entry. We see the facts and figures, and we think, “How can the power of the 500 million users on Facebook be leveraged to benefit the brand?” With costs so low and the reach so great, it seems like a misstep not to participate in Facebook.
As managers, we are tasked with spending our team’s time efficiently, also in order to generate the greatest impact for our brand. Since social media is a transparent, and often immediate mode of interaction, personnel resources can run high, even when monetary resources are low. These costs need to be carefully considered because they not only reduce the bandwidth of the staff for other initiatives, but as social media is constantly evolving, there is also a commitment necessary to keep abreast of the changing landscape.
The fact that effective social media campaigns require resources of both people and dollars is what drives some brands to bring on an intern to manage social media. While certainly a savvy decision when it comes to resources, as a luxury brand there is no guarantee that this newly appointed global brand representative (which is what they become when handed the digital keys to the brand kingdom), has a complete understanding of the luxury mentality, the customer base, the brand heritage, marketing, or even social media for that matter. This is not to say that brands should never take this path, however it is important to have a detailed plan and strategy in place (complete with the brand voice) that an intern can execute rather than establish.
For any brand, resources need to be weighed before making the decision to become established on social media. For luxury brands, however, special attention needs to be paid not just to the amount of total resources required to participate, but also to the value of those resources relative to the audience they are reaching on Facebook. For certain luxury brands, it makes perfect sense to be on a platform reaching mainly aspirational consumers. Perhaps the brand heritage is one that is known to keep with modern relevancy and is always innovating. Maybe the brand garners many of its customers by word of mouth, or by introducing younger consumers to the brand and then cultivating them into ambassadors. Another good fit is if the brand is already an industry leader and profits highly from accessory lines, a customer base that aligns strongly with aspirational consumers.
After resources are weighted, just to throw a wrench into the mix, now we must think about the future of Facebook. As Facebook continues to grow they will also continue to figure out ways to monetize as a business platform. Yes, access to their 500 million users is free now, but will it always be? While this is not something tangible quite yet, it is definitely something to keep in mind and pay attention to when thinking about a long-term Facebook strategy. Which brings us to the last point…
Always have an exit strategy, or at least the makings of one. Facebook may or may not be a platform you want to invest and participate in for the long haul. After all, think back to brands that established themselves on MySpace when that was the preeminent social media site. Crafting an exit plan will help derive quality from the short-term strategy (i.e. how will you capture Facebook fans in a way that can be leveraged after the brand’s Facebook page is retired?), as well as protect the brand in the long run.
The Facebook Dilemma, Part I: To Participate or Not to Participate
The Facebook Dilemma, Part II: Finding Your Brand Voice
Photo Credits: Daniel Murtagh
Edited by: Gina Conforti
