The World of Social Media: Is It Harmful or Helpful to your Business?

Social media has been developed and groomed into an integral tool of modern society, making one-on-one connections easier and grooming the idea of what it means to be social.  Online social tools like Skype, Twitter, Myspace, Facebook, blogs, and Google have paved a once un-tread path of tweeting, tagging, status updates, and audience feedback.  In this continuously expanding social world, one might be tempted to ask whether their business initiatives are relevant in the realm of social media, and if social media is a benefit or set-back. 

The answer to this question is quite two-fold.  The good news is that social media conjures up new powers for businesses including quicker and easier customer service, interactive consumer engagement, more precise target marketing, advanced word of mouth marketing, and an open medium for consumer dialogue.  

The challenge is for businesses to find creative and innovative ways to harness these powers through effective marketing techniques.  Below I have outlined some basic guidelines for those who wish to try social media as a business tool. 

Have a goal

Identify a goal for your business and build your strategy around that goal.  Once your strategy has been established, outline a plan with realistic and consistent expectations and stick it.  

Know your business

Knowing your business is vital for determining marketing goals.  The type of business you have and the product or service you offer will determine your target audience and advertising method.  Knowing your business can also help you in choosing the appropriate social media medium through which you’ll execute your business strategy.  

Know your medium

When engaging in social media marketing for your business, it is also important to know your medium.  Different social media sites will afford you effectiveness in various areas of your strategy.  For instance, if your goal is to increase customer service care satisfaction, you might consider taking hold of the Twitter reins where tweets allow for shorter and quicker Q&A.  In contrast, if your goal is to promote a new product, service, or event you might try for an application like Facebook that allows you to write more content, create groups, and engage consumers through interactive buttons, games, polls and video.     

Know your consumers and listen to them

Perhaps the most destructive mistake that a business can make is not listening to their customers.  Tweets, status updates, and wall comments are but manifestations of the voice that wants to be heard. Therefore social media is also an excellent listening tool, allowing businesses to gain constructive criticism and feedback on their product or service.  Keep in mind the danger of word of mouth: consumers will tweet to the world their complaints about your business before they’ll tweet it to you. The trick to effective listening however is prompt and accurate responses.