For marketers, the business value of branded social networks starts with idea that brands can think of their entire business as a social network—of customers, fans, employees, partners. Their collaboration creates value by driving innovation, engagement, loyalty, and profit.
In the recent report, “Why Top Marketers Create Branded Social Networks for Customer Engagement,” Constellation Research vice president and analyst Natalie Petouhoff covers how marketers can expect to gain the most value when they launch a branded community. Here’s a sneak peek:
Engagement, loyalty, and advocacy – Branded social networks expand how customers interact with the brand and each other by creating more real-time, personalize, and compelling experiences. The results? Better engagement, a higher degree of loyalty, and more advocates and referrals, which lead to more customers and increased sales.
Customer Service – When customers and brands help each other via a branded social network, it’s a win-win. Companies cut costs when fewer people call customer service, and they can learn about what’s working and what’s not, faster from those who matter most.
Innovation – Customers and employees can easily contribute to innovation by contributing their ideas via the branded social network. Companies gain rapid feedback and insights to improve their products.
Productivity – Global stakeholders can access purposeful, contextual information in a central location, breaking down silos and speeding up progress, creativity, motivation, and brand engagement.
For more on how marketers can set themselves up for success and realize major value from branded social networks, download the report.