The emergency and popularity of online social platforms has changed the digital ecosystem leading to the creation of a more collaborative environment. Today, millions of users from all over the world participate in social networks, produce and share content, and form communities.
While the reach and virality of social platforms offer unparalleled advantages to corporate players, it also exposes them to a diverse spectrum of challenges, ranging from increased public scrutiny and reputational loss to the risk of non-compliance.
According to Statista, the total number of social media users worldwide is expected to reach over 3 billion in 2012[1]. But despite exponential increase in the user base of social networks, marketers are facing difficulty reaching their target audiences. Savvy social algorithms and advanced ad blocking tools have compelled brands and marketers to spend money on paid advertising to bolster the reach of their promotional content.
To make social media marketing more effective and cost-efficient, businesses are already exploring innovative ways to reach audiences. Influencer marketing is playing a central role in the marketing mix of forward-thinking organizations. However, the right execution of this marketing strategy is essential to achieve brand awareness, sales, and revenue objectives.
With the rise of social media, businesses are facing a slew of new challenges. The compliance departments of most companies are poorly resourced to track and monitor social media activity. As a result, an increase in compliance incidents has been observed.
According to a survey of Fortune 100 companies conducted by Proofpoint, an average enterprise experienced around 70 unmonitored compliance incidents associated with social media during a period of one year[2]. The scope of these compliance incidents vary greatly, ranging from disclosure of corporate information to failure to keep customers’ information confidential.
To deal with the risk of non-compliance, businesses need to develop comprehensive social media usage policy, as well as define guidelines for the marketing, sales, and customer service functions. Investing in advanced tools and technologies, such as chat bots, Big Data, blockchain technology, and predictive analysis can also help companies achieve their marketing goals in a compliant manner.
Allen Austin helps businesses leverage their true potential of social media and avoid the security, compliance, and reputational risks associated with its use. To achieve this, we assist businesses in hiring competent leaders who not only build and drive their company’s brand, but also ensure that customers maintain a set of positive associations with the brand.
We use our proven executive search and leadership development solutions to recruit and retain leaders who have the right skill set, extensive experience of the industry, and a passion to drive their company forward.
[1] Number of social media users worldwide from 2010 to 2021, Statista https://www.statista.com/statistics/278414/number-of-worldwide-social-network-users/
[2] Proofpoint Research: Fortune 100 Social Media Accounts Struggle to Comply with Regulations https://www.proofpoint.com/us/proofpoint-research-fortune-100-social-media-accounts-struggle-comply-regulations
