We are well aware that social media is very powerful and a lot of organizations have started using social media for their benefit. There is no doubt that social media is the next web. Despite the fact that social media and online engagement is the highlight in brand management for the past few years, it is still budding. Mr. Rogers taught brands to respond to each customer. To establish customer loyalty and generate customer engagement, providing unique, quality responses to every received comment is important. Social media interaction will have greater impact depending on the messaging.
Having said that, let us take a look at what smaller firms think about social media usage. A recent article in USA Today, “Study: Social media a bust for small businesses” tells us that almost 61% of small businesses don’t see the ROI on their social media activities. Despite that most of them have increased their time spent on social media pages. The article also tells us that smaller business are looking to acquire and engage new customers, gain leads and referrals, and to boost awareness about their business via social media. Smaller companies are using social media platforms to keep interacting with their customers so that they don’t lose them.
The fact is undeniable that a lot of big businesses including giants like Netflix plan to make important disclosures to their investors via social media sites like Facebook and Twitter. Companies like Enterasys Networks hire new talent by looking at their tweets rather than their resume. This indicates that social media is heavily integrated into businesses. With the heavy integration of social media for important disclosures and for impromptu communication and surprise strategies, let us look at how the SEC and Bloomberg Are Embracing Social Media. SEC has accepted that social media is an important medium that organizations use to communicate. SEC said that organizations are free to disclose information on social media provided they notify the stakeholders about the social media channels which will be used. Like SEC, even Bloomberg has accepted social media to be the future mode of communication. Bloomberg team will tweet information sorted according to company, asset class and other variables known as the Bloomberg Professional service. The decision integrates social media and investment and financial organization. Having said this, I would like to point to the fact that no industry or domain is insulated from social media.
On the other hand, there are a number of smaller businesses that are not getting what they expected from launching social media campaign. Most organizations launch social media campaigns due to peer pressure. The reason why they fail to succeed is simply because they don’t understand what they want from the campaign. Meghan Casserly, Forbes Staff has written an article Why Small Businesses Are Losing On Social Media to explain what are some businesses missing while investing time and resources in social media. Social guru Ted Rubin said “First of all, small business owners are being sold on the strategy of social by ‘experts’ who are trying to get them to pay to set up accounts, But more importantly, their expectations are being set up in the wrong way.”
I would emphasize that social media is becoming an integral element in every business setting, but it is important to understand that there are a few myths surrounding business and social media. Forbes.com has shortlisted 10 myths that surrounds the use of social media platforms in businesses.
Myth 1: Everybody is on social media.
Myth 2: Social news aggregators–like Digg, Stumbleupon and Reddit–are dead.
Myth 3: You can’t do it all in-house.
Myth 4: You have to spend hours a day on Twitter.
Myth 5: Social media is solely a broadcast channel.
Myth 6: Social media can replace your website.
Myth 7: You can’t measure your return on investment in social media.
Myth 8: Blogging is a waste of time.
Myth 9: You have to be on every social network.
Myth 10: Social media will replace real-life networking.
To conclude, I would say that social media comes with a lot of responsibility. It is essential that an organization knows why they are using social media to make the best out of it. Social media is very effective tool if you identify the target public and use the right platform to communicate with them. Social media is not only a medium to send out messages, but also a platform to hear from your audience. Keeping them occupied with interesting content will be beneficial to an organization but it is essential to know why you are using social media.