Ever heard a company state, â€œwe do not use social media?â€
They are either lying or are tribal crowds from the jungle to oversee the powerful change social media has brought for businesses.
Social media networks today are the answer to supreme integrated marketing. Optimizing these sites, formulating business pages and facilitating them with SEO (search engine optimization) help in detailed consumer/ competitor analysis, enhancing organisational plans, resource planning, keeping updated with industrial news and creating synergy in company operations. Social media networks create a clear brand identification method that attracts consumers, friends of consumers and so on. Lets say, together the planet has redefined consumer computing through social media.
Now, we take a look into how it affects business and business decisions.
When Netfix, an on-demand Internet Media streaming firm pronounced its altered pricing structure, consumers dismayed all across the globe posted 82,000 negative comments on siteâ€™s like Facebook and Twitter.
And within a short period, the company lost 800,000 consumers estimated to be two-third of the firmâ€™s market value.
No doubt, companies today are radically analysing their steps and brining consumers to the heart of their business through social media. For example, Burberry is designing an end to end application named the Burberry World which facilitates in connecting the clients, the vendors and the suppliers to the brand: generating higher brand equity and retaining its clientele.
Taking another example, KLM one of the worldâ€™s principal airlines, retains the power of social media over its consumers where the establishment believes that connections- not impressions- create a huge difference. It engages consumers such that they can check their flights, make secure online bookings, alter their travel plans and make conversations with travel agents, making the process an easy book tickets in one step, pack your bags and leave for travellers.
Research by McKinsey states that social technology implementation in an organisation, developing a network infrastructure results in 50% increase in consumer satisfaction, 48% increase in corporate leads and 24% increase in profits & revenues.
With these kinds of results, the power of social media today is increasing, where activities are faster, knowledge creation takes minutes and news is spread throughout the globe in seconds.
Corporations that acknowledge these trends and embrace them will unite with everything that is crucial to lead us into a secure and technologically advance future.
Welcome to the Social Media Revolution!