value of social media in business
DESCRIPTION
This is a simplified version of a presentation of a presentation delivered to the South Australian Defence Industry Leadership Program group in November 2012.TRANSCRIPT
The Value of Social Media in Business
Agenda
What is value?
What is social media?
Getting value from social media
Deciding where to play
Close
What is Value?
1. relative worth, merit, or importance
2. monetary or material worth, as in commerce or trade
3. the worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.
4. equivalent worth or return in money, material, services, etc.
5. estimated or assigned worth; valuation
Source: www.dictionary.com
What is Social Media?
“…interactive platforms via which individuals and communities create and share user-generated content… [it is technology] which mediates human communication.”
Social media technologies take on different forms including magazines, Internet forums, weblogs, social blogs, micro-blogging, wikis, social networks, podcasts, photographs or pictures, video, rating and social bookmarking.
In the year 2012, social media became one of the most powerful sources for news updates…
Source: en.wikipedia.org/wiki/Social_media
In a nutshell…
Social media can provide companies with channels to build their identity, have two-way conversations with stakeholders, share relevant information, create or maintain a presence, build and nurture relationships, manage their reputation, and bring together groups of like-minded people.
Market Intelligence
Target market(s) / customer(s)
Current customers
Suppliers
Industry
Competitors
Who to stalk…
More importantly…
What are people saying about you?
Inform Marketplace
It’s all about creating value. For the customer this time.
Create and share content that is of value to target market / customer
Exclusive offers and promotions to online networks
Promote current and new products / services
Publish and share news and other important information (annual report, awards won, product recalls, etc.)
Answer customer questions in real-time
Cross-promote other social media channels for broader engagement
Manage Brand
You can be anyone online. Who are you?
Position business as ? (best in field, best service, best price, etc…)
Maintain ‘voice’ and consistency
Provide a personal side of the business – e.g. staff on social media, CEO on social media.
Leveraging Networks
You’ve built it, now use it.
Engage and interact for product / service development
Market research
Viral marketing
Recommendations
Referrals
Sourcing employees, advisers, etc.
Where to Play…
Some considerations when deciding…
Organisational Strategy
Current and/or target customers or clients
Resources available to commit
Have a plan that works towards set objectives
