As social media continues to develop, its dynamic nature means that businesses continue to grapple with its associated risks and opportunities. Whether it is managing social media risks (legal, reputational and operational), understanding how to utilise it or simply diversifying communication channels, social media’s influence on business is being felt in various ways.
The Internet connects us like never before and rapid changes in technology have opened the door to new opportunities. Today’s businesses have shifted on a global scale as individuals embrace this technological change. It is argued that fundamental shifts in technology are activating massive changes in business particularly around how information is accessed, captured, managed and shared. These changes have implications for everyone and all businesses. We are now literally globally connected 24/7.
Technology is always constant and changing whether for modes of transport or platforms of communication. However, social media goes beyond technology as it incorporates the human desire to connect. Thus, technology is simply the vehicle which is allowing the shift to occur. Consequently, mobile technology and hand-held devices facilitate ease of ‘participatory’ communication.
Some of the key components of social media include a one-to-many and many-to-many structure, two-way communication flow and interactive audience participation which blurs the boundary lines between producers and consumers. As a result users are transformed from passive content consumers to interactive content producers. Communication now comes ‘with us’ as opposed ‘to us’. We don’t need to be at home on our PC to communicate. We can do this as we travel.
Social media is centred on the user; it is about being connected; engagement and participation; openness and transparency; and conversations and communities all qualities which link to the strengths of social media and support potential growth for business. This impacts on how individuals connect and communicate, the way they search for and receive information, and how they socialise and interact. Social media in daily life crosses people, technology and communication practices. Businesses need to understand this.
A shift in thinking about how to use social media for business is essential. The ability to connect with a target market and engage with them is the one of the assets of social media. This enables businesses to communicate as opposed to market; and facilitate some of the potential opportunities of social media including enhanced customer service, improved company branding, recruitment and product/service information among others.
For business, being on social media is about sharing information and providing value. Individuals want to have an ‘experience’ when engaging with the products and services of a business. Being sold to and marketed at, is not an experience, it’s a transaction. Hence, social media marketing doesn’t work effectively remembering that it is a two-way communication channel.
Business is becoming more social as it emphasises social interaction. It is about individuals using the technologies to obtain the things they need and want from each other rather than traditional sources. By nature, human beings are social creatures and social media provides a platform for this social element to thrive. Businesses who understand this and place their customers first will gain a competitive edge. This social element is changing the business paradigm as customers are changing the way they interact with businesses. Individuals are more savvy about who they do business with. If a customer doesn’t like the customer service of a business then they will let people know via social media. The customer now has much more say, more information and more choice available to them. A fundamental shift is occurring in the business vs customer relationship.
What does this mean for business? Social media is a communication platform where conversation is central. It is extensive, extremely influential and happens regardless of whether an organisation is involved or not. Social media is an enormous part of a communication shift. Every business needs to be part of the social media landscape in some way. Whether you ‘dislike’ or ‘like’ social media is irrelevant. It is here and it is being used by millions.
Although business is yet to be convinced about social media’s value or return on investment, it doesn’t mean that social media has no value. It is crucial that each organisation assess and define what unique value social media can provide them.
If businesses don’t engage with their customers and ignore social media, it will cause issues in terms of risk impacts and missed opportunities. Every business needs to be on social media if only to monitor what is being said about their business and to manage their risks.
Those businesses that choose to embrace social media and provide the ‘right fit’ in terms of value and relationship building for their customers will gain a competitive edge because they have engaged with their customers by listening. They are more likely to be market leaders in networked communications, appreciate the vast connected global world we live in and the disruption that is occurring in the communication landscape.
Anna Cairo
This is a chapter taken from the best selling social media business book, Social Media Marketing. Published by Mithra Publishing and available from Amazon.
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