Ignore Social Media at Your Own Peril

Every business today, big or small, has its eyes and ears set on social media. The reason is simple: Businesses want to know more about customer behavior - their tastes, demands, buying habits, recommendations, like and dislikes. So the next time your team ignores a negative comment on your products and services, they would doing it at their own peril and more so at the cost of losing a bunch of customers. Such is the power of social media platform today and its growing big time. 

The growing action on the likes of Facebook and Twitter is translating into big revenues too. Gartner believes that the global revenues from this platform could touch 16.9 billion dollars at the end of this year, a jump of 43.1 percent over last year when it stood at 11.8 billion dollars. The biggest contributor to social media revenue would be advertising that could reach 8.8 billion dollars in 2012. 

The IT and Marketing teams at a number of companies are putting their efforts together to win on social media. A significant chunk of IT budget is being used for marketing on the web and the trend is likely to continue. 

Gartner says that by 2014, organizations that refuse to communicate with customers by social media will face the same level of wrath from customers as those that ignore today's basic expectation that they will respond to emails and phone calls. For organizations that use social media to promote their products, responding to inquiries via social media channels will be the new minimum level of response expected.

However, Gartner also says that not all comments on the social web are aimed directly at organizations. It recommends that organizations develop a framework to deal with social media commentary on relevant topics. The framework must complement how an organization deals with a direct enquiry received through social channels and should address whether a response is warranted, who should respond if it is, and what action is necessary following any response.

A comprehensive social media strategy is the need of the hour. What do you think?

Categories: Technology

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