Podcast Summary: The Agile Brand™ with Greg Kihlström – Episode #608: Why the C-Suite Needs to Pay More Attention to Social Media

Release Date: November 29, 2024

Introduction

In episode #608 of The Agile Brand™, host Greg Kihlström engages in a compelling discussion with Dr. Antonis Papatsaris, CTO of Hootsuite. The conversation delves into the critical need for C-suite executives to recognize and harness the full potential of social media in today’s business landscape. Dr. Papatsaris brings his expertise to address common misconceptions, demonstrate the ROI of social media, and provide strategic advice for leveraging these platforms effectively.

Common C-Suite Misconceptions about Social Media

Dr. Papatsaris highlights several outdated beliefs that hinder brands from fully utilizing social media:

1. Social Media is Only for Brand Awareness
   "Social media is no longer a Marketing function, Greg. It has evolved to affect all areas of the business." [02:45]
   Many executives mistakenly view social media solely as a tool for increasing brand visibility, overlooking its potential to drive tangible business outcomes such as customer loyalty and direct sales.

2. Social Media is Primarily for Younger Audiences
   "There's a view from C-level executives... that undervalue the role of social platforms across all demographics." [04:09]
   Contrary to this belief, over 5.4 billion people use social media daily, spanning diverse age groups and demographics, making it a vital channel for reaching a broad audience.

3. Social Media is Mainly for B2C, Not B2B
   "A lot of them think that social media is really for B2C and this is so far from reality." [04:35]
   Social media is equally effective for B2B strategies, including driving partnerships, understanding audiences, obtaining product feedback, and enhancing brand connections.

Shifting Outdated Perspectives

To overcome these misconceptions, Dr. Papatsaris emphasizes the need for education and strategic investment:

• Educating the C-Suite
  "Companies like Hootsuite are investing tremendously into educating our customers, creating that map the path to success." [07:00]
  Providing comprehensive reports and training can help executives understand the multifaceted role of social media in modern business.

• Entering the Social Media Performance Era
  "Social media is a massive and insanely huge pool of data. And when you have data in your position, you can do miracles with it." [07:30]
  Leveraging data analytics and social listening tools enables brands to derive actionable insights and drive informed business decisions.

• Being Patient and Agile
  "Social media management and success doesn't happen overnight. But if you are agile enough to try and change, results come sooner than later." [08:58]
  Adopting an agile approach allows brands to continuously adapt their strategies based on real-time feedback and evolving market trends.

Demonstrating ROI and Moving Beyond Vanity Metrics

Dr. Papatsaris underscores the importance of measuring social media effectiveness through meaningful metrics:

• Beyond Likes and Shares
  "75% of people who follow brands plan to buy from them, and 59% of them already have bought something from them." [10:26]
  Brands should focus on metrics that align with business objectives, such as customer acquisition, conversion rates, and sales impact.

• Aligning Social Metrics with Business Goals
  "Customer acquisition, customer expansion, and customer retention... why wouldn't we use Socio to do the same?" [13:25]
  Integrating social media metrics with core business parameters ensures that social strategies contribute directly to overall business growth.

• Proven Success Stories
  Dr. Papatsaris shares a case where a client used Hootsuite’s tools to identify market gaps and launch a successful campaign, resulting in a 10% increase in customer acquisition.
  "They built functionality to address those gaps, which increase sales in turn." [11:15]

Unique Insights from Social Media Channels

Social media offers unparalleled opportunities for real-time engagement and data collection:

• Real-Time Customer Feedback
  "Social media allows brands to immediately see and react into how the audience feels." [16:55]
  Immediate feedback enables brands to swiftly address customer concerns and adjust strategies as needed.

• Sentiment Analysis
  "Sentiment analysis is something that we are all starting to build in our tools right now." [16:55]
  Understanding customer sentiments helps in shaping product offerings and marketing messages that resonate with the audience.

• Early Trend Detection
  "Social media is where new trends often start. Giving brands an early view of those trends could shift consumer behavior." [17:30]
  Identifying emerging trends allows brands to innovate and stay ahead of the competition.

• Proactive Crisis Management
  "Brands with a lot of good reputation... are listening and reacting." [17:45]
  Monitoring social conversations helps in mitigating potential crises by addressing misinformation and negative sentiments promptly.

Risks of Neglecting Social Media

Ignoring or mishandling social media can have significant repercussions:

• Missed Opportunities for Engagement and Revenue
  "Social media offers a direct line to connect with audiences. By ignoring it, brands are missing out on driving sales and revenue." [19:30]
  Active engagement on social platforms translates to direct business benefits, including increased sales and customer loyalty.

• Competitor Advantage
  "If you don't engage social media, you're risking staying out of being overtaken." [20:42]
  Brands that leverage social media effectively gain a competitive edge by staying relevant and responsive to market demands.

• Stock Price Volatility and Brand Reputation
  "Not addressing misinformation will definitely have a negative impact on your stock price and reputation." [19:30]
  Active social media management safeguards brand reputation and stability.

Future Strategies for the C-Suite

Looking ahead, Dr. Papatsaris offers strategic advice for executives to enhance their social media approach:

• Embrace Generative AI
  "77% of social marketers today use AI to create content." [21:05]
  Utilizing AI tools enhances content creation and personalization, enabling brands to maintain a consistent and engaging presence.

• Promote Social Media Managers to Leadership
  "They are the frontliners... they can offer really valuable insights into the C-suite." [21:05]
  Elevating social media managers to strategic roles ensures that brands remain attuned to real-time market dynamics and customer needs.

• Adopt Continuous Planning
  "Employ continuous planning as I build products out." [23:26]
  Maintaining flexibility in planning allows brands to swiftly adapt to changing trends and consumer behaviors.

Staying Agile in Social Media Strategy

To remain effective, brands must cultivate agility in their social media strategies:

• Open-Mindedness and Team Empowerment
  "I try to be open-minded... empowering change, like change is happening all the time." [23:26]
  Encouraging a culture of adaptability enables teams to respond swiftly to new opportunities and challenges.

• Leveraging Data and Feedback
  "Use the right tools to watch for new trends and get customer feedback." [23:26]
  Data-driven decision-making ensures that strategies are informed by accurate and actionable insights.

• Capturing Attention Quickly
  "Attention span is literally 5 to 10 seconds. I'm trying to adjust my thinking in being agile." [23:26]
  Crafting concise and compelling content is crucial in an era of decreasing attention spans.

Conclusion

Dr. Antonis Papatsaris’s insights underscore the indispensable role of social media in modern business strategy. By dispelling common misconceptions, measuring meaningful metrics, and adopting agile practices, C-suite executives can unlock the full potential of social media to drive revenue, enhance brand reputation, and maintain a competitive edge. As the digital landscape continues to evolve, embracing these strategies will be pivotal in fostering sustainable and scalable brand success.

For more insights and to access the discussed Hootsuite Social Media Trends report, visit the show notes.

Notable Quotes:

• "Social media is no longer a Marketing function, Greg. It has evolved to affect all areas of the business." — Dr. Antonis Papatsaris [02:45]

• "Today more than 5.4 billion people use social media daily for more than two and a half hours." — Dr. Antonis Papatsaris [04:09]

• "Social media is a massive and insanely huge pool of data. And when you have data in your position, you can do miracles with it." — Dr. Antonis Papatsaris [07:30]

• "75% of people who follow brands plan to buy from them, and 59% of them already have bought something from them." — Dr. Antonis Papatsaris [10:26]

• "77% of social marketers today use AI to create content." — Dr. Antonis Papatsaris [21:05]

• "Attention span is literally 5 to 10 seconds. I'm trying to adjust my thinking in being agile." — Dr. Antonis Papatsaris [23:26]

This comprehensive summary encapsulates the key discussions and insights from episode #608, providing a clear and detailed overview for those who haven’t listened to the podcast.