There are established things that every business needs. Essentially these things have been necessary since the dawn of capitalism and remain vital. Elements such as a strategy to grow the business, adaptation to changing fiscal environments and strong and effective marketing. Just as the importance of a treasury management system is beginning to be appreciated, what social media can mean for business growing in prominence.
Social media strategy
It is easy to dismiss social media. The likes of Twitter and Facebook are not being seen as anything other than a workforce distraction to many business owners. There is something to this, in 2007 the cost to UK businesses of ‘wasted time’ of employees was calculated as being over £130m per day. The cost of ignoring the power of the social space could be even greater.
Facebook has become the most viewed website in the world. Advertising on the site obviously comes at a premium, as the huge amount of personal information that is stored makes highly targeted advertising possible.
This is an emerging area, and this is just why it might be important to involve specialists in the process of looking at what social media means in the context of specific businesses. This will vary drastically depending on the sector and business model being adopted. What will be an irrelevance for some can be a game changer for others.
Social media can be used to maximise buzz by starting conversations with relevant influencers. It is also increasingly being used as a customer service channel. While many business owners are realising that they can build loyalty through increased brand engagement, the dangers of ignoring this space are beginning to be noticed.
Neglecting social media strategy means that the conversations that will be happening around your brand are entirely out of control. The case for ignoring negative social media sentiment entirely has been made, but this is definitely a high risk approach. It is a fast developing area, and one which can potentially be a mine field. Recent ASA rulings have included the content of both tweets and re-tweets in their remit for example, which is another reason why investing in social media specialists can provide dividends.
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The world is social. The socialnetwork is an offline adaptation. How companies maximize their exposure to this medium remains to be seen, but one thing for sure there will be bitter battles fought for the minds of the consumer.