What is Social Media?
The term Social Media is being thrown around a lot lately and it is sometimes tricky to actually define what it exactly is. To keep it simple, Social Media is people having conversations online and generating content through interacting with one another and with brands.
There are many ways that users of Social Media can interact with one another ranging from easy, such as commenting on blogs, allowing voting on articles, liking a status update and replying to a tweet to the more complex Social Media platforms such as recommending movies on Flixster.
Many companies are sceptical about using Social Media but the reality of the situation is companies need to embrace Social Media. Customers are adapting and using Social Media to look for information about products and services in the form of recommendations and first hand feedback from other uses instead of using traditional media
How can Social Media help your business?
Gone are the days when having a website was considered good enough as an online presence. As a generation we thrive on instant gratification, which is why Social Media is so important to stay ahead of the game.
There is good news though especially for smaller companies trying to compete in the market; Social Media is relatively cost effective and allows large and small companies to compete on a level playing field.
Social Media also allows a company to find out what consumers think of your product or service, which at times can be a scary, but when issues are dealt with efficiently and effectively, can help improve the way companies are viewed by consumers. This also assists in increasing brand equity. Interacting with your customers, finding out about their wants and needs as well as how you can cater to them, is critical to Social Media. More so, it allows companies to improve their service and better satisfy customer needs. Interaction is key to Social Media and companies can make use of it on different platforms to improve their business and its offerings to better satisfy needs.
What Social Media Sites should you consider and why?
There are new Social Media sites popping up every day, and although having a presence on every single one would be ideal it’s just not realistic in terms of management. Companies should have their company profile on the major Social networking sites namely Facebook, Twitter, Youtube, Pinterest, LinkedIn and Wikipedia.
Social Media sites especially Facebook allow you to position your advertising efforts directly at your target market to attract customers, and they allow you to do this at a significantly cheaper price than traditional media.
With Facebook recently reaching 1 Billion users, and a 106% increase in users following brands that they like, the question that companies need to ask themselves is, can they afford to not be a part of the Social Media pie?