An article in today’s Advertising Age discusses how Toyota is turning to its most loyal fans for support during this very tumultuous public relations period. According to the article, the car manufacturer has been able to grow its Facebook fan base by more than 10 percent since January. Toyota has dedicated six to eight employees to monitoring social networking sites like Facebook and Twitter and the blogosphere for anyone talking, positively or negatively, about the company and its cars. Despite a highly criticized public relations response using traditional advertising and communications techniques, Toyota is being highlighted for its social networking efforts. But, what does this mean for the bottom line?
That’s exactly the question that was posed at last week’s Social Media Club – Chicago event entitled “How Social Media Makes Financial Cents.” Speakers including Leslie Banks and Drew Methard of Morningstar and uberblogger Shannon Paul discussed how social media is necessary in building relationships with consumers, fans and followers. While all three panelists admitted that keeping track of what is being said about a brand takes time and money, being there is necessary and the return on investment can be significant.
Of course, the powers that be will always ask how having tens of thousands of Twitter followers is converting to good old dollars and cents. However, what the panel and this article on Toyota both show is that no matter what the situation, there will always be someone talking about a brand. Marketing and communications professionals just need to know where they are and help turn them into a valued partner.