Social Media: why bother?
There are many reasons why you should re-invent your business using Social Media, here are just a few...
- Tower Records and many others went bankrupt while others (iTunes) skyrocketed
- learn from your employee (most Tower Record employee were under 20 and playing MP3)
- learn from your clients
- Customer support (TurboTax) people are happy to show off their knowledge
- Self updating CRM
- Behavioral advertisement targeting (hypertargeting)
- show advertisement to "25 year old tech savvy male in Chicago"
- Avoid expensive purchases when users can provide you with all needed data (crowdsoursing):
- Facebook language translation
- custom databases
- MyStarBucksIdea
- Recruiting
- Weak ties carry the most "social capital" due to lack of obligation of parties to engage
- You can keep on posting "this" because I don't feel obligated to act
- Customer references, LinkedIn recommendations and reviews
- sales and management team
Every company from Sears down is getting "Community Manager" positions; within next 3 years, every company, big or small, will have to embrace the "Social Web" marketing tools or they will become irrelevant.
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