By Laura Morris

If Google’s Sidewiki and Seth Godin’s Brands in Public are any indication, companies can no longer afford to ignore social media.  Fortunately, most of the companies we work with have received that message loud and clear – over 80% have made their first forays into the space.

But it’s becoming clear that lingering in the “Discovery” phase of social media also poses real risks; two in particular come to mind:

• Shiny Object Syndrome: Companies just getting started in social media are prone to hop on the hottest platform before considering if it’s right for their business.  Remember Second Life?

• “Me Too!” Thinking: Those of us in the Discovery phase are also more likely to copycat competitors (another “Which Product Are You?” Facebook quiz, anyone?) in the rush to catch up to industry leaders.

Because the Discovery phase feels so comfortable (low-cost, high-flexibility), many marketers we talk with seem to get “stuck” exploring the technologies – rather than pushing to understand how those technologies can drive value for their business.

To move your organization from social media discovery to principled experimentation, you’ll need a plan.  Here’s what we suggest.

This Social Media “Plan on a Page” has 5 key components:

(1)  Business Objectives & Audience Dynamics: What does your business stand to gain (or lose) from social media?

(2)   Hypotheses: How do you believe social media will help you advance your business goals?

(3)   Experiments: How will you test those hypotheses?

(4)   Metrics: How are you going to know if it worked?

(5)   Governance Mechanism: How will you keep social media coordinated across the company?

Sound interesting?  We’re looking for beta testers to help us put the finishing touches on our Social Media Strategy Builder, a workbook of tools, templates, and team exercises from best-in-class companies (like Texas Instruments and Best Buy) that you can use to build your social media “Plan on a Page.”

Shoot me an email at lmorris@executiveboard.com if you’d like to beta test the Strategy Builder.  We’ll randomly select a handful of companies to help us pilot the Strategy Builder in early November before it’s released to the membership at the end of the month.

MLC Members, you can get the full download by listening to the replay of our popular Building Your Social Media Strategy webinar.

Related posts:

1. Social Media: Moving from Compulsion to Innovation
2. The Social Media Mistake You Don’t Know You’re Making
3. Be a Better Listener: Three Things You Should Be Paying Attention to Online
4. Nothing to Lose But Your Chains: Touchpoint Planning in the Social (Media) Revolution
5. Paranormal Marketing: How Social Media Created an Indie Hit