Social Media and Business – Q and A
Posted by Gautam
her publication is doing on Social Media – here are the questions and
a. The biggest loophole is that managers think that social media
is like other media. It’s not. It is a place where users feel the need
to express and comment and create. If brands only focus on
“broadcasting” instead of giving people a platform to create and
connect they won’t enthuse the user.
Q What is the social media strategy that a company needs to adopt?
a. Focus on building a community of enthusiasts and evangelists
about their passions, lifestyle or causes. Don’t make Facebook and
Twitter as the fulcrum. Use them to find people who are your
evangelists and encourage them to engage with other users on your
b. Organizations will need to realize that they need to do two
things that they don’t have currently the skills for – to become
content and community stewards
Q. How does one measure the social media activities and the result?
a. There are three metrics that one can track
i. Engagement metrics on the platform
ii. Web metrics
iii. Business metrics – focused on how many people tried or bought the product.
Q. H ow do you think social media is helping the small businesses,
like those who are advertising and marketing their services only
through social media?
A. There are some kind of small businesses like Cafes, restaurants,
bookshops, art galleries which are ideal for social media as their
products and services can have dedicated fans – who engage with it on
social media outlets. Such businesses can incentivise fans to talk
about them on the social web and reward them for such evangelism.
However, for small businesses that are into B2B marketplaces, like
recruiting agencies (e.g. http://blog.optionsindia.com/ ) it is a
vehicle to build awareness and connect with customers – and also for
Search Engine Optimisation.
Q. do you think having a strong fan following and creating a number of
fan pages are giving these business a boost and scope to flourish?
A. In the US it has been researched that the value of a fan is much
higher than an ordinary customer – so yes if a business displays
engagement with its fans and helps its fans to connect with each other
– it stands to benefit from the goodwill
Q. what is your projection for small businesses who runs only through
social media, says.. 2-3 years down the line.
A. I see social media – specially location based services like
Foursquare and Gowalla – becoming critical to these businesses as it
shows who’s visiting them and are willing to talk about them – such
regulars (“mayors” on foursquare for example) will be key to drive
brand messages by empowering them to talk about the business.
In the future I see value being co-created in the space between the
fan and the businesses, with innovation and ideas for new services and
products being given by these fans.