Benefits and Threats of Social Media - hurdles, future, social crm and more
Social Media for Businesses Potential benefits and threats of Social Media for businesses along with hurdles to joining it and how to overcome those hurdles while understanding social customersy: SEO Consultant Specialist (www.seo-consultant-specialist.com ) – August 2011
Social CustomersOutspokenActive consumers of informationDemand for real-time trouble-shootingKnow that they have more control over conversionsWant to co-createUnderstanding social customers help businesses takemaximum advantage of social media
Hurdles in Joining Social Media Lack of appreciation that customers now have more power than ever before Lack of skills and time Privacy concerns Limited Budget No clear Return-on-Investment (ROI) Confusion about where to start and what to say
How to Overcome the HurdlesBe transparentPromise only what you can deliverImprove customer serviceGive Desired control to customersImprove quality of services or productsAllocate enough resourcesProvide training to the staffHave policiesDefine clear goals
Benefits of Social Media – 1/2Humanization of brandReal-time feedbackCo-creation with consumersInnovationFree marketing and sales teamsImproved visibility over search enginesAccess to customers demographic and dataCost-effective customer service
Benefits of Social Media - 2/2Improved businesses designImproved relationships with the customersCost effective communicationPositive Word of Mouth (WOM)Market influence and leadershipCustomer engagement
Threats of Social MediaThere are more threats for poorly-run businessesSimply joining social media cannot solve all problemsNot joining Social Media is the biggest threatLack of control over conversationsFear of negative WOMDifficult to measure ROICan be time-consumingPrivacy and security issuesNo push marketing
How to Remove ThreatsActive listening and respondingHaving policiesBeing transparentPromise only what you can deliverDo not do push marketingReach out unhappy customers and solve genuineproblemsEmpower consumers
How to Measure SuccessUnderstand that it is not a magic bulletFocus on end-results (Rather than ‘likes’ etc.)Metrics should be aligned with strategic objectivesGet feedback from customersUse appropriate toolCheck conversation and its sentimentMeasure both short-term as well as long-term metrics andsee if they are well-aligned with corporate strategy
Social Media for BusinessesSocial Media can be a blessing or curse depending onthe customer experience. Enhanced customerexperience results in a stronger and deeperrelationship with customers and, thus, increasesloyalty and trust which are crucial for businesssuccess.
Future of Social MediaReal-time problem solving and customer serviceFirst point of contact for marketing andcommunicationDevelopment of tools for better managementSpeedy business communicationBetter understanding of Social media ROI
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