This is Part One of our ongoing educational series. Our goal is to aid our users in understanding the constantly shifting Social Media landscape.
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Social Media 101
: A practical guide
Social media has changed the way businesses look at marketing communications, forcing them to embrace a two-way dialogue with the public. A more customer- centric model is therefore established, where companies can address real-time concerns and develop social communities. This differs from the one-way information push that once characterized traditional marketing communications.
Today's consumer is looking for a company that shares their values and beliefs. The internet has allowed a rapid flow of information where individuals can quickly research and establish an opinion and possible connection to brands in an unprecedented short period of time. With many social media outlets now appearing in search engine results, it is more important than ever to leverage the power of this marketing tool to promote your company and captivate your audience. The result is a more informed, involved and engaged customer base.
So, What is it all about?
Social media is an umbrella term for the various tools that allow individuals the ability to share information via the internet. This may take the form of personal opinions, news items and/or social media-generated content to communicate and interact with others. Content may include simple commentary or multimedia elements such as linkable text, video, audio or images. The list of social networking websites is long and may include interest-based sites, blogging communities, alumni groups, photosharing, professional networks and the more popular social networks like Facebook. At time of writing, fifty-four per cent of Canadians have a personal profile on at least one social media site, which means in this country alone, there are potentially 17 million individuals with whom your company can engage.
What differentiates social media from traditional media?
Accessibility: Social media is open to any individual or company. Previously, companies were limited by marketing budgets or barriers to journalists, whereas today social media is available at little or no cost. Likewise, consumers are able to voice opinions and feedback to the mass public, which was previously only available through letters to the editor or call-in radio/ television programs.
Audience: Both social and traditional media offer the ability to reach large audiences. Social media, however, allows you to segment and target your audience at a much lower cost, while also reaching those individuals who are most likely to help you generate revenue. This is especially important for small and medium sized businesses.
Skillset: Companies can access social media with minimal special training. Owners or marketers can join the conversation with only a computer and internet connection, making it much more accessible to small and medium-sized businesses. While companies may need to enlist the experts for video production or more complex social media interaction, there are limited barriers to getting started in this medium.
Real time: While traditional media required long lead and production times, social media is instantaneous, allowing companies and consumers to interact in real time. Companies can address issues immediately, demonstrating their commitment as well as their ability to listen to their customer.
Frequency: High production and advertising costs limited or even barred many companies from using traditional media. The relatively low (or no) cost of social media is allowing companies to engage effectively and frequently with current and potential customers.
Permanence: Newspaper, magazine or television advertising was permanent, with no changes made after released. Social media, in contrast, offers the ability to amend or edit posts, as well as engage in dialogue through comments.
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Top 20 Online Brands By number of followers, via www.famecount.com |
|
|---|---|
| 1. Starbucks | 11. Monster Energy |
| 2. Coca-Cola | 12. Dr Pepper |
| 3. Oreo | 13. Starburst |
| 4. Skittles | 14. Adidas Original |
| 5. Red Bull | 15. McDonald's |
| 6. Victoria's Secret | 16. H&M |
| 7. Windows Live | 17. Disneyland |
| 8. PlayStation | 18. Whole Foods |
| 9. Victoria's Secret Pink | 19. Xbox |
| 10. Zara | 20. Walt Disney World |
Things to consider when using social media for business:
Define your goals. Determine what you wish to accomplish through social networking and continually work towards these goals.
Determine your audience. Does your product or service have the potential to go international? Social media breaks down boundaries and allows you to communicate with customers worldwide.
Be collaborative. Social media is about engaging with customers in two-way dialogue. Consider writing comments on others' posts or blogs or offer to write a guest post.
Don't get lost in SEO. A complex technique of using key words and web links, SEO is important to increase your company's ranking in web searches. Foremost, concentrate on content and collaborating with customers and work with an SEO expert to help maximize both areas.
Manage your time. Social media can quickly eat up much of your day if you don't manage your time effectively Set a certain amount of time per day or week to dedicate to sharing content, sourcing connections and interacting with communities. While social media requires consistency and commitment, managing your time will also allow you to focus on other areas of your business.
Listen. Listen to your customers, listen to the experts. You'll learn more about your company and industry by observing the conversation and engaging in relevant discussions.
Know when enough is enough. Use common sense and don't spam your followers. By approaching social media with common societal courtesies, you'll build your followers and keep your customers engaged..
SOCIAL MEDIA: A Conclusion (or just the beginning)
Social media has changed the way we communicate and do business. It is a medium that is continually evolving and to stay current, we must educate ourselves or possibly get left behind. In a world of competing priorities, however, it is essential to develop a time management program to integrate the use of social media into your daily business routine. While there is no one-size-fits-all approach, assess your goals and establish a program. By consistently engaging with and leveraging the power of social media, you should see notable increases in your offline professional networking and business development. And, that is only the beginning.