Like cycle: 360-degree view of social media

Jeremy Waite's Like Cycle consists of five building blocks: Information, Content, Engagement, ROI and Media.FROM ANGELO BUSCEMI*In order to be successful, all marketing activities must be based on a solid strategy that draws on a sound understanding of data and information - actually a matter of course, but in the area of social media there is still considerable strategic catching up to do.On the Internet, a new volume of data of five exabytes is created every 48 hours, a significant proportion of which comes from Facebook, Twitter & Co. Companies can use this huge volume of data for marketing purposes, among other things. However, to avoid "information overkill" after data evaluation, companies should know which data is really relevant for them. This is precisely where the Like Cycle comes in, which is intended to encourage brands to adopt a more integrated approach.Strategic triad: diagnosis, tactics and action"Creating a good strategy is actually not that hard. It consists of three parts: diagnosis, tactics, and action," explains Adobe's Waite. The Like Cycle model addresses the critical social media challenges marketers face. It focuses first on the information available ("What 'likes' are we looking for?). Next, the model addresses the issue of content and the question "How do we handle 'Likes'?" After that, the topic is "What do we offer our fans and followers?" - here the focus is primarily on customer loyalty. The return-on-investment analysis examines in detail the value and cost of a 'Like'. "The key to successful social media activities is to focus attention on the fans who are actually of value to the company. In other words, the ones that ultimately bring in revenue," says social strategy expert Waite. "They need to be targeted with the right messages at the appropriate time." To answer the question, "Which Likes are we looking for?" the first step is to conduct a comprehensive audience analysis that answers the five W-questions:- Who are the people talking about your company the most?- What are they talking about?- Why are they talking about you?- When do the conversations take place?- Where do the conversations take place?Companies need to determine exactly how to handle their Likes. In addition to knowing what customers are talking about and what matters most to them, the where and when of the interaction are also critical success criteria: After all, what good is the best chess piece if it's on the wrong square? The right timing is also important. A perfect example of this is cookie manufacturer Oreo, which used the brief power outage at the last Super Bowl to draw attention to itself extremely successfully via Twitter.Engage customers with the like cycleA well-known marketing statistic says that retaining an existing customer is seven times cheaper than acquiring a new one. Therefore, customer retention is arguably the most important element of any business strategy and thus answering the question "What do we offer our fans and followers?" is a big challenge. Developing a precise plan for retaining customers is therefore also the third most important point in the like cycle.But what value does a 'like' have? This question should not only interest marketers, but also budget managers. The general calculation of the return on investment (ROI) of social media corresponds to the same determination as in other business areas: ROI = (revenue - investment) / investment * 100.To calculate social media activity, companies today have a number of tools at their disposal that allow them to link their marketing activities to their company's goals and sales figures.The final and fifth building block of the Like Cycle is media buying and answering the question, "What does a 'Like' cost?""A good media plan is at the heart of a strong campaign, fan acquisition strategy or viral success," Waite explains. "To do that, companies need to spend the right amount of money on the right channel at the right time to reach the right person. Once they understand the other four steps of the like cycle, they don't have to worry about the effectiveness of a media campaign. "The whitepaper Jeremy Waite, Head of Social Strategy Adobe EMEA, is available here. *Angelo Buscemi is Country Manager of Adobe Switzerland, www.adobe-solutions.ch