Management rarely takes place in a comfort zone. Under constant pressure, having to face recurring changes, needing to please customers...
Management needs to also please corporate owners as well as employees, making it all quite a challenging formula.
If you are in a management position, you need to also be able to keep up with all the changes in the market, which requires you to continuously renew yourself and look for new ways of operating.
Digitalization and social media grew at an enormous speed and is constantly changing the landscape of business. This digital revolution is requiring a totally new mindset and skills from today's corporate leaders.
All the same challenges are still there, but digitalization has definitely increased the pace of working and the demand for technical skills have grown. If the management doesn't know their market, it's impossible for them to lead. The leaders have to adapt to completely new situations and fill the knowledge gaps, as well as establish new networks and ecosystems. On top of this, competition is strong and you have to fight even harder to keep your customers loyal.
However, there's another side to it as well. Digitalization and social media create new tools and great business opportunities for the management. It's now easier to outsource activities in order to focus on what really matters, so one can say that digitalization and social media has also facilitated the life of managers. Through digital innovations, especially marketing technology (read: the analysis of social data), management is now able to gain insight about its customers on a whole new level.
When you truly understand what your customers want, how they feel about your brand, and when you have a clear view of your brand's position on the market, it's much easier to fuel strategic business decision-making. The insight you get about your brand and your customers is crucial for understanding your company's key accounts, which can be a goldmine for developing and improving your business. Also, by analyzing social data in real-time, you'll be able to spot the latest trends in your industry, as well as understand the changes and phenomenons related to it.
By conducting comprehensive high-quality social media analysis, corporate management will get accurate insight into its business, and is thereby able to make smarter decisions. If you are in a management position and haven't recently taken a look at your company's social data metrics, it's high time you do so. You should be reviewing:
- Unbiased and objective overview of your brand and products (both within and outside of your own social medial channels).
- How your potential and current customers view you.
- How your brand is positioned against your competitors.
- How much visibility and media value is being generated and in what tone.
- Segmentation of positive, neutral, and negative posts, without irrelevant data.
- Which events, actions or individuals have driven positive or negative discussions, and why.
- Insights into how your marketing and communication strategy should be modified.
If you haven't taken a look at the above yet, the question is, why not?
Originally posted in February 2017, this blog has been updated for accuracy.