Social Media, What Businesses Need to Know

We've all heard or are hearing  about Social Media, but do we really understand it and it's impacts for businesses? In essence it is a new way of communicating. In business speak it is a new channel to market.  Before social media, companies would utilize PR firms, journalists and advertising agencies, now they simply socialize their information and allow it to circulate around the various social media networks.  Some of the most popular at the moment are:

Why is it so popular?  Let's re-coin the old phrase of "its not what you know but who you know" to say "it's ALL about who you know and what they know".  

There's a profoundly higher level of perception of truth when we hear something from someone who has nothing to gain by telling it. An example would be when an advertiser tells you how great a product is, you take it with a grain of salt. But when three of your good friends tell you how good it is, you listen.

Impacts for Businesses

The biggest misconception about Social Media is that it's a pastime. The fact is, that it is becoming a critical path to the success of your communication strategies  and your website, just as pay per click (PPC)  and  search engine optimization (SEO).  Trends are showing social media moving into the top 3 channels that can be used to promote business and one of the most cost effective.

These days, many consumers probably wouldn't trust a company that didn't have a website and soon many won't trust you if you're not in the Social Media arenas.

Why is this?  (You may have asked the same question about websites).  One of the greatest aspects of social media is it's transparency.  It opens up dialogue between businesses and their customers.  Not a one-way dialogue, but a very open engagement which sends messages that your businesses is approachable, has a personality and is open to their comments, concerns and needs.  All this helps to build trust, confidence and loyalty.

Today the most common approach to seeking information is through Google. Tomorrow it could be that your potential customers will ask a question to their thousands of followers on Twitter or it' successor instead.
Successful businesses are not just investing in getting top rankings in Google, they are optimizing their websites and creating their own social media channels.

 Social Media Tips for Businesses

Methodologies for using social media in the business world are still evolving, but here are a few tips:

Achieving ROI with Social Media

As with all new innovations of the Internet, social media is the buzzword and many businesses have jumped in and tried to get measurable results right away.

Lasting and rewarding relationships are not built in one conversation or in one day.  It takes time and continued engagement to build the trust and gain the value. This is also true of building the return and rewards of social media.  Some companies are succeeding and others have not had much luck.  Some of the mistakes that businesses have made are:

Promoting before building the trusted network. Businesses should take time to research the networks, the audiences and the culture.  Sending out a blast into a social network that you have not taken the time to acquaint yourself with is the same as getting up and promoting yourself at a function where you don know anyone and they don't know you.  You won't get the same level of engagement, results or return you would get if there were people to introduce you who know and trust you and an audience that will be the type to interact with you.

Being Anti-social. Just like the bank, if you only make withdrawals and never make deposits you lose your line of credit.  Once you have researched and chosen the social media channels that best suit your business requirements, be active.  The whole objective behind the medium is to be social and to interact.  Just as you are wanting to gain results from your media, so to do others. It is important to answer other blogs and answer your own.   

Not being committed.  It will take time and energy and you will need to dedicate resources to making it all work for you.  If you do it right, then you will reap the rewards and if you do it wrong then the Twitterers, Bloggers and You-Tubers will definitely not waste any time in telling the world exactly what they think of you!

Spamming.  Social media is primarily about the exchange of useful information, with subtle sales messages thrown in every once in a while. You cannot put links to your site in all the social media arenas if you're not giving people any reason to click on the link. You have to first provide informative, newsworthy or sometimes even entertaining content before you can expect anyone to want to click on your link to learn more about you or your business.

 

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