Value of social media in business

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

Questions? Comments?

Feel free to contact me

Lisa Cook

0438 639 642

lisa.cook@sweetpeamarketing.com.au