Trust me, I get it. Your time is limited, to-do lists are endless and efficiency is the key to getting through the day. As an IRO you have to be resourceful and adaptable, continuously prioritizing...and then reprioritizing.
Then there’s social media. It feels futile to produce content for a relatively small audience, at least initially. However, this is now seen as a necessary activity. Social media is the new norm for information sharing, and you certainly don’t want to be regarded as being behind the times. Some IROs are still not sold on social media as a communication tool, let alone viewing it as a valuable asset to their overall business strategy. This is partially understandable due to the very nature of social media. Social media is a tool to build brand awareness, judge sentiment and increase credibility and trust among your stakeholder base – all measures that aren’t as concrete and quantifiable as we are used to in IR. Common questions by new social media adopters are: If few people follow my company, what is the value of social media? How do I measure my efforts? WHAT IS THE ROI?!
Well I am here to tell you that social media does have value, measurable value. It is just a matter of realizing all of the benefits it has to offer. Social media gives you the opportunity to find out about your stakeholder base in a completely nonintrusive way. It provides the uncanny ability to monitor what investors, industry experts, analysts and regulators have to say about your company, industry and peers – more on that here.
Now let’s get back to measuring effectiveness. Is it enough to report that the company has X followers, has done Y posts, and follows Z companies? In short, no, it is not enough. Although evaluating a company’s social media initiatives are not as straightforward as counting the number of ‘likes’, with the right plan you will be able to (efficiently) assess how well you are doing.
Know what you want
Set goals and manage expectations. Do you want to reach a new target audience, listen to ‘social chatter’ and detect patterns in online discussions, or improve SEO (Search Engine Optimization)? Knowing exactly what you want to get out of your company’s social media efforts will dictate your strategy.
Taking on too much too quickly is where many companies struggle with social media. Establishing a trusted online presence and adding real value for your followers takes time. Start small and don’t bite off more than you can chew. If your company has never used social media, start with just one or two social platforms and learn to do those well. Quality trumps quantity and consistency is everything. Whether you plan to post once a day or three times a week, make sure you stick with it.
In the early days, your initial enthusiasm to post and tweet may dissipate if it seems like you’re not gaining any traction. One way to avoid this is to dedicate a small portion of every day strictly to social media. Thirty minutes a day is all you need, using that time to reply to any relevant posts, find sharable content, and stay cognizant of what’s going on. Take on less, break it up into smaller pieces, and don’t get discouraged.
Consider the role of your website
The corporate website is one of the company’s official communication channels and directing people to this main channel ensures that public perception is consistent with your corporate branding and marketing strategies. Improving website traffic is difficult to do organically, but social media can be an extremely effective traffic generator, with little additional effort and cost. For instance, sharing a new webcast, report or presentation from your website to social media is an easy way to get more visitors. As long as you balance your updates with outside content that is relevant to both your industry and audience, you will become a valued and active participant in the online community.
On the other hand, don’t forget about the role your website plays in your social media efforts. It is important to have all of your social media profiles accessible via noticeable icons on every page of your website. The goal here is to make it as easy as possible for people to connect with you and share your content. Your company’s website should also be ready to handle the increased visibility and traffic from all types of devices (laptops, smartphones, tablets) and if it is not, this might be the time for a refresh.
Put on your critical thinking cap
Last but certainly not least is analyzing what worked, what did not work, what might work, and why it might work. At the end of each week, take a look at the level of interaction and engagement from each post. The number of likes, shares, comments and mentions will tell you what type of content your followers prefer. Support is shown through likes, and comments indicate a deeper interest, but shares are by far the most valuable – they move your content beyond your page, broadcasting it to a new audience. Think about why a specific post resonated – was it an image or video, a specific topic or news? Look at your peers and determine what resonated with their followers? Was it similar to what you are doing? By regularly checking your engagement levels and through a bit of trial and error, you will start to identify what type of content your followers are seeking. Also take a look at what days and times of day get the best interaction, as well as identifying your key network influencers. Most social media platforms have built-in analytics tools that will give you an overview of how well you’re doing. Make use of them, as the insights will ensure that your content is seen by as wide an audience as possible.
Erin O’Toole is the Investor Relations Analyst at NOVAGOLD in Vancouver.