Big Business Benefits of Social Media Networking
79© Duchess O’Blunt, 2010; all rights reserved.
Big Business-Slow in Adopting Social Media
Social Media Networking potential is as far reaching as the imagination. Yet it seems that in many cases, business owners have been leery in establishing a "Social Media Policy".
It could be they have been watching and learning. It could be they have been waiting to see the benefits. It could be they are waiting for the "next guy" to take that initial step.
Big Businesses looking at social media networking no longer have the luxury of just watching and waiting. There is no room to wonder at the seriousness of it's implications.
Some big business social networking successes make it imperative that others get on the ban wagon and learn how to leverage this expansive opportunity.
Conversation on a Very Large Scale
Social Media Networking is really conversation on a very large scale. These "conversations" and "comments" are a way to attract followers and therefore potential customers. They can also lead to miscommunication and misunderstandings on that very same, very large scale.
It is important to know how to handle the entire scope of social media networking and marketing and how to deal with these types of issues when they arise. This is the largest way to harness word of mouth marketing. This can work for the good and the bad, so it is imperative the employees know your policies.
In many cases for small to mid-sized companies there is a social media guru on the payroll, or outsourced, to harness the benefits.
For the larger companies there should be an entire department established to develop and enforce social networking policies, to leverage online opportunities and to work very closely with the marketing department.
Big business has been watching, listening and developing procedures to manage the phenomenon of Social Media Networking.
Social Media Strategy for Business
What is needed is a keen awareness of the need for a social media strategy.
More and more businesses have, or are developing their own social media strategy to harness the positive power, and turn the negatives into positive potential. This requires a solid knowledge of how social media works as well as a good base in customer service.
Companies who are going to harness the benefits of social media, need to create a team to develop one that can be used to market the information that can be gleaned from social networking sites.
Policies and procedures have to be established to deal with any legal issues that may arise. Privacy policies and the collection of personal data must have parameters established.
If the company has done something big, or written a masterpiece for their next marketing campaign, it's a pretty good bet it will appear on the internet at some point. Business owners and corporate leaders in todays market need to understand this, work with those limitations, and have a contingency plan in place if this happens before the targeted release dates.
- Learn how to use social media bookmarks, RRS feeds and blogs in your marketing campaign.
- Monitor what is being said about your business on Twitter and Facebook.
- Learn how to use Goggle Alerts and many other useful tools
- Use some of the functions like Lists on Twitter.
- Know how to build a Facebook group
- Build Facebook Pages. The volume alone on Facebook justifies the time spent to build your fan base.
Developing these skill sets within your team will go a very long way to building your social networking success
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ROI Measurables
No business is willing to invest heavily in any process unless there is some measurable ROI. While on the surface Social Media and it's many benefits seem relatively inexpensive or free - don't kid yourself. There is a very high cost of time invested to make it work effectively.
One of the measurable benefits is this: Once a company has taken the time to listen, and then start to participate without pushing their products, they open the door to suggestions. Their customers can provide them with insightful ideas into new product launches.
In fact, if they are smart they would openly engage online communities to participate wherever possible in this type of process.
Other measurables
- The quality of the ideas submitted
- The depth of the comments being made
- The number of customer complaints that have been smoothed over and corrected
- The number of click throughs to your facebook page, or you company website
- The number of print outs of coupons offered
These returns may not be as easy to monetize and will require some time to measure them accurately, but they are certainly measurable.
Measuring the results is an important factor, so learning how to analyze them and utilizing programs like google analytics should be high on the list of things to do.
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Social Media - an Inside Job
Things today are vastly different than they were say 3 years ago. And in 3 years from now, things will be vastly different again. Companies, need to develop along with technology; learn to embrace it and earn the respect of the people who build it and use it.
At one point, management "handled" the influx of social media by blocking workers from using it on their computers at work. That no longer works because people have been busy developing "apps" that allow us to access these social media networks on our phones and other electronic gadgets.
There is an unmistakable need for companies to develop a long term business process and social media strategy. Every employee needs to be aware of company policy and how to handle social media inquiries. Those who do will see the ROI almost immediately.
Big Business should handle this "in house". I think if they were to farm out this type of project, they would quickly lose control of the process and lose much of their branding opportunities.
Social Media PR 101
- PR 101 Weekly Rant #62 No One Can Become An Expert In Anything In Three Weeks
What has struck me is how many people are already claiming to be Google+ experts. It has been up for what – three weeks? From what I can tell, it is still a work in progress. It appears Google is... - 10 months ago
- PR 101 Lesson #111 Social Media Calls For A Complete Corporate Culture Change
We who do social media full-time forget what a culture change it is for most organizations. Not just for those people in the C-Suite, but for everyone down to, and including, the receptionist. So... - 10 months ago
- PR 101 Weekly Rant #61 So Explain To Me Why I Need To Know Where You Are Every Minute Of The Day
What is happening to these social locator sites illustrates one of the pitfalls of social media. Some people seem not to have any kind of brake on their postings. They tell the world everything they... - 10 months ago
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Social Media Optimization (SMO)
“Social Media Optimization (SMO) is the methodization of social media activity with the intent of attracting unique visitors to website content. SMO is one of two online methods of website optimization; the other method is search engine optimization or SEO.” Source
Smart companies have learned about Search Engine Optimization (SEO) and now about Social Media Optimization (SMO). Learning and developing smart ways to integrate social media communities into opportunities for recruiting, idea development, and customer satisfaction, just to name a few.
Success with Social Medial
In order for anyone to succeed with social media, you must offer something of value.
For example: no one really cares if Coke and Pepsi are still fighting over market share. What will affect the majority of them is "what's in it for me?"
What affects my choice is first the quality of the product and second the cost. If both products are similar I will always go with the cheaper.
This is what the efforts of those two companies should be centered on: If either of those companies offer me, the consumer, an opportunity to make a difference in some way, you will find me at the very least taking a look at the opportunity. Just as an example, take a look at Pepsi's "Refresh Project". The 20 million dollars they will donate to charity this year, will go to the people's choices. Now that is leveraging social media! source
Another example. SparkBase has decided to integrate gift and loyalty cards that reward visits to social networking websites. "This .... allows Cardholders to register their preferred Social Networks, and post rewards earned, check in for visits, and earn additional rewards specific to the type of Social Network that the Merchant is using." source
Here are two great examples of how companies have started to use social media networking to their advantage - and ultimately to the advantage of the consumers.
Using Social Media
Once again I say that Social Media Networking opportunities are as far reaching as your imagination. If it has been "thought" in all likelihood one or several people have developed a way to use the internet to put it out there.
Being in the forefront, being part of the development of ideas is one of the best uses of networking. Giving the opportunity for those in your network to provide your company with feedback also opens up the opportunity for them to give you ideas. Having a way to take those ideas and leverage them into a profitable marketing and social networking campaign puts your business ahead of the next guy.
Whether you are big business and can afford to put a whole department to work on this, a small business guy who needs to outsource this process, or an author who must carry the entire business on your shoulders: it would be a big mistake to overlook social media networking as a 'Must Have' in your business.
Copyright
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Good! More exposure is good for business gqgirl.
Duchess, great hub! I think that social media is a great way for a company to both grow its branding and increase its traffic to their site. The companies that do not imbrace this form of marketing will shortly find theirselves behind the eight ball. This is a very important subject and I am glad you wrote this hub on it. Thanks
Yes johnyater, I agree, the more people in business who recognize this and use it for their purposes, the more likely they will be to succeed.
Look at Burger King's latest commercials, asking for customer participation on facebook to name their newest burger! Perfect example
Another truly great hub, Duchess. I agree wholeheartedly with all your information, but lately, in talking to business people, I'm told many businesses don't trust facebook -- considering some of the foolishness that site has been up to -- selling names and contacts to others, for example. I guess they'll have to clean up their act before the business world takes them seriously enough.
Duchess - I have to agree with Lynda in two regards. The first one is that your article was very complete in its information and well-argued. The second one is that the "social media" are just that, social. They are also full of many of the dangers that companies would try to avoid at all costs - those that can offend customers or potential customers and go viral on them.
Gus :-)))
Great work here, and very professionally presented! Social media marketing is in everyone's conversations right now if they own a business, but I find it funny that most people only look to social networks for social opportunities, and getting barraged by advertisements or distractions is the last thing they have in mind. Most people are ready to "share" a special offer they find, but other than that, social media is just for spending "time" with the people they know, not shopping or researching.
Duchess - Here I am, back again. Just read a new column concerning business (etc.) use of Facebook and thought you and others might like to have the URL so that you can read it yourselves:
http://jewishworldreview.com/dave/weinbaum072610.p
Gus :-)))
Duchess, I really learned a lot from your very well written article. Rated up!
Fantastic and well written, Duchess. Perhaps some of these companies will modernize and see the potential in social media. Otherwise, well, they'll be missing out on huge potential!
Well done.
Great info - I see it both ways I guess and see pros and cons to both. It is hard though to get away from social networking these days and think companies will have to deal with that more and more if they want to stay 'employee friendly' or 'client friendly'. I do believe that there is a great market for it no matter what we seem to be doing these days! Time will tell if it was a great thing or just a kinda sorta good thing!
@ Lynda, thank you for the compliment. I agree that Facebook has some issues to resolve before some business will take them seriously. The sheer volume however is very tempting for many, and with enough resources at your fingertips, could prove to be a valuable resources in researching their particular market niches by simple responses to questions posed. . . . it’s a thought.
@ Gus, I agree that “social media” is “social” in nature. I did argue that this could prove to be useful, or not. I suppose much depends on the approach and the questions posed by the businesses who try to use this resource. That’s why it is important that those who do use Facebook know the risks, and can respond according to their own “social medial” protocols.
@Jane Grey. You bring up a good point about being barraged by advertisements. I think a smart approach could be that big businesses create a social community targeting their niche, thereby being able to control the ads that are displayed. Advertising is the lifeblood of most business. I’m afraid it’s something we all have to learn to live with on the internet. We have adapted to it on TV and radio...I think this is similar.
@ Gus, you posted a link that I found interesting, and to some degree argues to my point. Dave argues that he posts interesting items from the Net or his own website to Facebook. His reasons, he sates as:
"To test my ideas and make sure the facts they're based on are solid.
To improve my debate and research skills.
To test the waters for what may be of interest to my audience.
To see what the argument of the "other" side is.
To prepare for my talk radio show.
To find and deliver the truth as best I can."
These same principles can be used by big business who have the resources to use Social Media and Networking for many different areas of their own research and marketing.
@ Pamela99, Thank you for reading, and rating! Your thoughtfulness is always appreciated. :)
@ lorlie6 I agree, there is a huge potential here for business, if they can learn how to harness and manage it properly.
@ akirchner. I’m with you, there are many pros and cons. I just think that business today has to adapt to this new age of communication. Or, as you say, risk not staying client friendly.
This was so interesting to me. Big business getting on the bandwagon and commercializing our human need to talk, with the internet so accessible. It makes sense, really.
Have to say very well researched and expertly organized article. Technology is in warp speed and it behooves us all to utilize it to the maximum!
@ Paradise7 - You my friend have managed to take the entire article and articulate it succinctly in just one sentence. Very impressive! Are you sure you don't have a marketing background instead of accounting?
All joking aside, yes, I think the idea does make sense.
@ bayoulday. I like that - warp speed technology - good analogy. Now if I could just move that fast in keeping up!
Thanks for stopping by
Aw, 'tis the trekky in me!
Duchess I realy like how you put it "Social Media Networking opportunities are as far reaching as your imagination". The company I work for have a social media policy but doesn't meet your criteia, if falls behind. They built a kind of internal facebook or tweeter or a combination of this 2 but doesn't realy do anything for "socializing".
Hi cameciob. Fist, thank you for the compliment. I wasn't thinking in terms of a company building their own social network. That doesn't provide any real benefit as far as tapping that global marketing opportunity. If you keep everyone within your own group, you don't grown beyond that, you become stagnant. That can be dangerous in todays economy.
I think companies need to develop a policy that will allow them to utilize social networking on the net to promote their own products/works/services.
Business is picking up on the social network marketing area but I guess they have been cautious due to the reasons you have stated Duchess. There are new job ads starting to appear where businesses are asking for people with social media marketing skills, so I guess its an area that is, and will, grow.
I'm not looking for jobs myself, so I don't see this, but it certainly doesn't surprise me in the least. In fact I would be surprised if they didn't ask for this type of experience. Even not-for-profits are looking at these options as a viable way to build their memberships. It's big business and those who are smart are coming to realize just how big.
Excellent article and well presented! I especially resonate with your point about "what's in it for me?" Simply pushing your own products in social media is one way to alienate followers, precisely because of that principle. Of course, there's still a way to promote your products while saying what's in it for your followers, but there has to be a balance.
Thank you FindYourSearch. It seems there is a lack of common sense in some cases.
"balance" good word, and very applicable
Enjoyed your article very much Duchess! The big corporate are just like government slow in making any change. Taking risk slowly.
But there are exceptions. Not just in dealing with consumers they can use social networking ideas also to do good management. I think you also imply that. Here is a link to an interview of a CEO of a techie company in India, quite big though not like Pepsi Coke etc. He used networking very effectively and learnt a lot from his employees and enjoyed and expresses it in a quite funny manner. I think you will also enjoy his interview. He must be a good manager.
soumyasrajan thank you for the link. I did indeed enjoy reading this article - what a very interesting approach to management. And he seems to have made it work.
Great hub! I really learned a lot from this hub.
Thank you katrinasui
Interesting perspective on the benefits for big businesses using social networking. Do you use any social media tools?
Thanks for dropping by Chris-Social Media has many benefits. Not just for big business. (some not so great aspects as well).
I do use a few tools. One is HootSuite which sounds similar to your product.
Great hub, very informative.
Some great points here. Wonderful idea to bring attention to this topic.I've got a couple of your hubs bookmarked now. Voted up!
Thanks for the kudos izettl
I voted you up but I personally hate social media. I spend much of my time showing others how it can destroy a business. I am glad I am able to participate here and disagree with everyone though.
interesting whoisbid, this is a quote from your own website:
I can see value in social media taking a more important role on the web as to what is relevant and useful as opposed to what is nonsense and useless.
In fact you seem pretty sure of your facts in your website about social media, SEO, back links etc. Not that I've spent too much time there :)
You got me looking with your comment - I wonder if that wasn't your motive?
Thanks for the vote though. That's always appreciated
Right now social media is booming and we should take benefits of it ,you have presented nice information Duchess ,Thanks for it
You are welcome amithak50, and you are correct, more people should be taking advantage of it
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gqgirl 22 months ago
I utilize every social media tool i can when promoting my business, blog or website :) great hub!