In a world where web sites like Facebook, Twitter or MySpace are accessed by millions of eyes a day, it is hard to understand why businesses would not seize this opportunity to gain public awareness for their company or cause. Social media, or the use of "web-based technologies to transform and broadcast media," supports the democratization of information while at the same time, helps open up the relationship between a company's consumers and producers.
As mentioned in the previous blog, "Play As Hard As You Work," not all companies are able to maintain the close relationships that BK Media is fortunate enough to have with their clients. This is where social media is able to help businesses to stay in touch with consumers and where consumers' ideas are able to be heard. Often times free to use, social media like Facebook or Twitter, allow for the fastest and cheapest way for companies to broadcast their business or cause to the public. If anyone knows the importance of social media, however, it is one of Fast Company magazine's "100 Most Creative People in Business," Soraya Darabi. Ranked number 53, Darabi was hired at The New York Times when she was just 23 years old. Full of fresh ideas, Soraya began trying to "tug" the Times into Facebook and Twitter. Co-worker, Nicholas Kristof, said "I often travel to exotic and foreign lands with a local guide and interpreter, and Soraya played precisely that role when she led me into the world of new media. The only reason I have nearly 1 million followers on Twitter and 150,000 fans on Facebook is Soraya's guidance." But it is quotes like this one that have companies concerned that social media is merely a popularity contest and not a means of business.
Let's think back to our high school days. Although this was a mere 3 years ago for me, I'm confident that no matter what era you atteneded high school, there were and always will be cliques and popularity contests. Despite what people may argue, being "popular" in high school had its advantages. People tended to pay more attention to you and knew who you were. The socially awkward kids, however, always seemed to have a more difficult time during these years. Now let's fast forward to today. We should think of being "popular" in the business world, not as who has the most friends, but as who has the most resources. The more resources you have, the better able you are to operate a company. Through these "resources," businesses are easily able to keep on top of the fastest growing trends, the moves made by their competition, and what consumers would like to see most. "'I get information from my peers,' Darabi says simply. 'We're living in a world where the 26-year-old founder of a PHP platform (Facebook) has more power than the president of the U.S. in terms of his reach on a day-to-day basis.'" The ability to quickly and cheaply reach mass audiences is essential to the rising success of any company, and this is done through social media. So, while some companies may be concerned with the "popularity contest" that is social media, I say welcome to the cool crowd, baby.
Also featured in Fast Company magazine, Mark Zuckerberg and his company, Facebook, earned the number one spot in "The World's 50 Most Innovative Companies." Facebook, along with Twitter, has been responsible for the rapid success of many companies. With this in mind, it is hard to understand why some companies still do not see social media as an essential part of their business. Therefore, I have included a few pros and cons of social media below:
Pros
*You can reach customers that traditional marketing misses. You never know who will direct a friend to your blog, Facebook page or social bookmark post, so your potential for reeling in new leads is unlimited.
*You can build brand loyalty. Not only can you use social media to build your brand, you can use it to demonstrate your personality, interact with customers and show them that you care, which, in turn, breeds loyalty. Social media marketing can also boost your reputation and build relationships.
*You can learn how to improve your products and services. By encouraging open communication through public comments, you can learn what you can do to make your products and pitch more palatable.
*You can learn more about your target audience, not only by their comments but also by studying visitor analytics. This information can prove invaluable when planning other marketing campaigns such as direct-mail postcards.
*Social media marketing is cost-efficient in comparison with other marketing methods, even if you hire a dedicated team or outsource your social media content needs.
Cons
* Social media marketing places high demands on your time. Content must be created, edited, approved and published; comments must be responded to and sites and pages must be maintained. You can alleviate these demands by outsourcing for a fee.
* Social media marketing places high demands on your talent. It can be difficult to constantly come up with innovative exciting content that interests a variety of readers and, without relevance, your efforts will be wasted.
* You lose some control of your marketing efforts. Anything you publish is up for grabs, and others can easily criticize you. Publish backlash is the last thing you want your social media marketing to spawn, and without the ability to control comments or even what your own team is publishing you open yourself up for potential negatives.
* Your return on investment is delayed. Social media marketing can work to build relationships and brand loyalty, but it takes time and dedication. Social media marketing efforts are not likely to earn immense popularity overnight, so you must be willing to be in it for the long haul if you decide to launch a social media marketing campaign.
* As you can see, social media marketing can bring many benefits and increased profits to any company with an online presence, but it comes with caveats. If you're considering launching a social media marketing campaign, make sure you understand all the pros and cons and have a robust plan in place. With proper planning you'll increase your chances for social media success, broaden your company's horizons and be ready to tackle and unfortunate eventualities.
BK's social media team at the Longmont Chamber of Commerce Golf Invitational.
