At Global Supply Chain Group, we are highly interested in global business networks and that is the reason why, today, we want to underline importance of social media and social networks. We have no choice but to accept that social networks take an increasing place in today economy with already more than a billion users around the world. However, when it comes to business, the picture is a bit different. In effect, many CEOs do not see the interest of social medias and networks and look at it as a trendy auxiliary gadget of the marketing strategy.
What is social media?
Social media is an instrument of communication, and more specifically, an instrument of social communication of many to many. Social medias involve websites, which give you information while interacting with you. Then, social medias can play an important role in data gathering since you can get comments from customers. It’s an instrument of information that helps you improve your strategy thanks to customer’s feedback. Although many CEOs doubt its efficiency, Sir Richard Brandson, the founder of Virgin Group, finds it very helpful. He said, “Embracing social media isn’t just a bit of fun, it is a vital way to communicate, keep your ear to the ground and improve your business.”
Usually, CEOs who do not use social medias think it is not relevant for their industry. According to them, there would be a poor return on investment. They do not see it as an efficient instrument for communication. However, as almost everybody uses them, why would not it be useful? In effect, customers like to be able to give their opinion and to criticize product and services they pay for and, in this respect, social mediasempower the customers. Nowadays they want to have their word on what you produce for them. Caroline Wiertz, PhD in Marketing at the Cass Business School, realized a study on the impact of Twitter for business. The results are clear-cut: customers follow the customer reviews of their network by 70% This is the reason why social medias should not be neglected by CEOs. Although some may think it is too risky for them, which can be true if they receive bad comments from customers, there is no doubt that it will be helpful in order to improve the results in the long-term.
Social medias are becoming weapons of mass persuasion. You must think twice before you decide not to use them. Social medias can be good for communication and become part of your company identity. Socialmedias make evolve the customer relationship management even for sectors such as the luxury getting the brand closer to the customers. Besides, using social medias will make you reach new customers, rejuvenate your customer base and modernize your image. In fact, your communication should reflect your company. Then, if you want to have an intimacy strategy with your customers, you must build your marketing strategy around social media. Despite the fact many CEOs neglect social medias, they are actually becoming a main channel of communication.
Nowadays, organizations seem to realize the importance of social networks and social medias. Therefore, CEOs and executives should review their strategy if they are not using social medias efficiently yet. In fact, social medias can give a boost to your business with little investment in comparison to traditional marketing campaigns. It can push you towards leadership, if you use it smartly and efficiently in your specific market. You can find out more about modern types of networks in Vivek Sood’s book, The 5-STAR Business Network(http://bit.ly/5-STARBN)
by Anais Lelong