Social Media: A Mine of Business Opportunities
Over 25% of the Fortune 500 companies have public blogs, 35% have an active presence on Twitter. – University of Massachusetts study
According to an estimate top 10 Social Media advertisers got more than 20 billion impressions in the year 2012.
One of the companies that were in the above list commented that soon people will stop talking about it as it will become such a common expected communication channel. Some of the early birds who realized the unlimited potentials of the concept in the business world and implemented it have already started reaping the benefits.
Social Media is all about co-creation of the content in an interactive manner by a group of people who are connected to one another though some channel. Web 2.0 facilitated development of its platforms (e.g., Facebook and Twitter etc.) where people can create such contents, have discussions, express ideas and post other media elements (photographs and creator community videos etc.) and build virtual communities where these contents can be shared and evolved. Business organizations can leverage this platform for creating brand identity, fostering collaboration, creating knowledge pool and finding resources etc. more efficiently.
Notes: There are different opinions regarding the definition of Social Media and Social Networking, and their scope overlap. This document considers Social Media as a larger concept and Social Networking as one of its prominent implementation channels. Social Media itself covers the other channels, e.g., blogs, virtual communities etc. as well.
WHAT IS IN IT?
Primarily goal driven organizations are leveraging the Social Media for achieving one or many of the following objectives:
- Productivity improvement
- Operational efficiency optimization through collaboration, communication and feedbacks
- Innovative and creative products, solutions formulations and problem solving
- Business Relationships improvisation- customers, employees, business partners, suppliers and other stakeholders
Most of the internet users spend a significant amount of their internet time on the Social Media sites. That makes it an excellent medium for advertisements and promotions. Although total advertising expense on it is relatively low when compared to the overall advertisement spending over the internet but it is growing and will soon catch up. A lot many companies are using it for creating brand awareness and promoting their products.
Since people interaction is at the heart of the Social Media, news here runs through the word of mouth. And this provides an avenue for acquiring new customers based on the recommendations of another happy and satisfied customer. Many companies have already started considering surveys as a thing of the dead past and use it for getting customer feedback and satisfaction levels. Interestingly it provides an opportunity listening to the feedbacks given to the competitor’s products as well that can be a good value-add; and it is free. This same set of feedback can be compiled and analyzed for getting the market trends, product comparisons and so on.
Organizations have successfully created consumer communities where the members not only share feedbacks but also share ideas for improvisations, find innovative solutions and solve each other’s problems. Such communities not only foster customer relationship and innovation but also save cost. Taking a step further many companies have started getting engaged with their customers individually as well by listening to their grievances and providing a personalized response.
WHAT IT WILL BRING?
Advent to Web 2.0 made the Social Media happen. As its wave is catching up and its unlimited potentials are being realized it will have a huge impact the way technology advancement happens. In a way so far it has adapted the way technology was going, but now the trend has reversed and the technology has to adapt itself to the needs of this social platform. The boom of hand-held smart devices that are already enabled for the required features and capabilities is no happenstance and more will follow. Windows 8, the latest OS version from Microsoft, by design support integration with Social Media with a click of mouse.