Perspectives & Strategy

One of the biggest challenges when a new technology comes along is in understanding its business impact. In this regard Social Media is no different to other technologies in this regard. Here are the top questions a business leader should ask when defining their Social Media intervention:

◊ Where do I find my customers, or prospects?

◊ How can our customers help us grow our business?

◊ How is our marketplace changing?

◊ Who should we be learning from?

◊ How do we make money using these new channels?

◊ What will our audience be on these new channels?

◊ What new things should we provide to support the Social Media Channel?

◊ How do we demonstrate our reputation as the best in the business?

◊ How do we extend our business network?

◊ There are so many sites out there which ones should we be using?

◊ How do we know if our efforts are working?

◊ Who is doing it well and how are they doing it?

Many consider Social Media as something out children, or grandchildren, are using. There is an understanding that this new media is about our youth and their buddies. How can this possibly have a business impact?

We have heard that Social Media is about: thoughts and feelings; tastes and preferences; building friends and pen-pals; social values; sharing music and videos; having fun. What possible interest could this be to business? Especially since we are not going to allow people to use SecondLife, Flickr, or YouTube at work, are we? When done properly business can leverage the Social Media channels. This involves: making connections; building a network; building trust; collaboration; image management; being involved in marketplace discussions; and having fun.

Yes I did associate business with having fun. Leveraging social media channels is different from traditional marketing. Social media is available to all age ranges including the retired community. New skills are involved, but this is not about technology. It is about people connecting with people. The technological layer simply provides the mechanism to make the connection between two people.

We know that people like other people that think the same way as they do. With technology as the connector it is possible to get a prospect referred to us that is located down the street by someone on the other side of the planet. the world is changing it is as much who we know that is as important as what we know. That is building  business relationships. These channels are becoming the stepping-stone for new business. At the end of the day collaboration and intervention in marketplace discussions are the foundation to making money in the social media world.