The Importance of Social Media

26 09 2010

Social media has become a necessity for our modern society. Most of us would have more than one social networking account, whether it’s two, three, or more accounts it all shares a fundamental purpose, and that’s to share contents and converse within different networks. The most important element of social media is in the group, the network of people which lies behind it. Without it, social sites are utterly pointless to anyone. It was for this reason that made Facebook and Twitter the champions of social networking.

Due to the fact of this so-called network effect, many organizations saw the potential of benefiting from such hype. It’s an excellent tool that will allow customers to give you feedback, criticism, and recommendation about a certain product. For instance, customers are now finding it hard to believe TV commercials that would normally give false promises to certain products. As a result of that, they would normally turn to social media to find out more information about that particular product. This also enables them to make a better judgment before purchasing it; since it’s easy to communicate and exchange opinions with other users, customers are more confident when buying the product.

Let’s go back a few years and imagine what it was like before..

The image above portrays the evolution of what it once was like not too long ago. There’s a significant difference between the response times in 1998, as opposed to 2009 due to the enhancement in technology. It’s apparent that organizations should leverage on such technologies to increase their interaction speed with customers. After all, as the saying goes, time is money and money is time.

Now are you going to be in that 1998 time line and get left behind? Or are you willing to enhance your organization’s interaction with customers?

I would like to end this blog post with a video that basically sums up the very essence of social media and why you should take advantage of it:

 
 
References

  • Neagu, C. 2009. Social Media, Evolution and History
  • Benckenstein, G. 2009. Social Media Importance for Companies and Institutions
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    4 responses

    30 09 2010
    Anthony Deacon

    This is a really good post. I especially like the picture as it nicely sums up how different services have different response times. There was an interesting article I read today that Twitter posts are rarely interacted with, which contradicts the diagram in a way. However it did go onto say that after the first hour it was unlikely interaction would occur. I read the article on news.com.au.

    Overall great post!

    Thanks,
    Anthony
    http://anthonydeacon.wordpress.com/
    https://spreadsheets0.google.com/ccc?key=tRfEFizyb5Nz35C_gmy-3pw&hl=en#gid=0

    1 10 2010
    Gavin Jones

    It is interesting to think that a major advance in technology has unleashed the potential we always had to interact. The future of social networking will be very interesting as we discover new and useful ways to share, communicate, interact, portray and connect.

    One thing that has interested me is whether Facebook is starting to lag. In lagging I mean that they know they are onto a winner with providing a means to network whilst holding almost monopolistic market share. However, they don’t seem to be innovating in my eyes. Do you have any ideas on what a company like Facebook could do to stay abreast of the next major wave in social communication?

    (sorry, I know that is a very hard question 🙂

    3 10 2010
    Shri Ram

    Not that hard a question, if you’ve heard Seth Priebatsch on TED.com. He argues that the social layer of the world is locked-in: it is the Facebook Open Graph API, which has now become the de-facto standard for our social interactions.

    The Next layer is the Game Layer, which will see a blend of social networks with the power of game dynamics to drive business services and influence customer decisions.

    It is certainly a powerful paradigm – if you can reposition your business services to leverage game dynamics, you can get your customers to always respond favorably.

    3 10 2010
    Shri Ram

    Amiel, as always your posts are an excellent read!

    I certainly agree with your statement ‘The most important element of social media is in the group’. Organizations tend to forget this while they are prioritizing their concerns around Enterprise 2.0 Implementation.

    Perhaps the best thumb rule I have come across in my research is that in any Enterprise, its the people who come first (Who). Employees and customers alike. Then the information (What) and last of all the technologies (How). Once these are sorted out, organizations are much better positioned to succeed in E2.0 implementations.

    What do you think/

    Regards,
    Shri Ram.

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