Since traditional marketing strategies like TV advertisement and newspaper publishing have reached the bottleneck on driving significant improvement of sales, revenue, branding, and even interaction with clients and business partners, social media becomes attractive but challenging to organizations, especially professional service sectors like Deloitte. Social media is attractive to professional service sectors due to its potentially high market value and strongly collaborative community bases in virtual environment where marketing and sales are efficient and cost-effective. On the other hand, social media is challenging as the technologies and policies on dealing with networked community issues are not mature enough.
Deloitte, one of the most popular financial consulting and advisory companies, has been successfully embracing social media technologies on promoting brand-recognition and marketing. This success leaves an inspiring lesson on how to adopt social media technologies with highest margins but at a relatively low risk.
In the following paragraphs, marketing and sales based on Mackinsey Global Institue Report (2012) will be analysed as the major value lever of successfully implementing social media.
- Derive customer insights
Social Media at Deloitte Report highlights that Deloitte builds its channel in every popular social media platforms such as Youtube, Linkedin, Facebook and Twitter in order to promote its profile in a scale which is as large as possible. The content it usually posts in those platforms is about its financial reports, consultation scenarios, market survey, government policies or interesting news. The purpose of updating these posts is to bring up valuable topics and then attract audiences to interact with constructive feedback which are significant input for market positioning and user requirements of future services.
(Facebook page in Deloitte channel)
(Twitter page in Deloitte channel)
- Use social technologies for marketing communication/interaction
Beside deriving customer insights for future service development, implementing social technologies has benefits on collecting useful information like customer’s loyalty to the company and even to the other brands, customer’s recommendations or complains to improve the current services, and business intention from business partners.
It is worth mentioning that how Deloitte recruits audiences is aiming to connect/follow channels of those with high ranking positions in financial consultation domain from the public or the government. Building “relationship” with famous people can not only enrich updating content in Deloitte’ social platforms, but also its own reputation will be improved at the same time. This is what we call the celebrity benefit.