Social Media, Consumers and Enterprises (Part 3)

Kohli, C., Suri, R., & Kapoor, A. (2015, p. 39) observed that consumers are most likely to respond if an offering meets their wants, and social media makes it much easier to learn and share information about product brands that may best suit one’s needs. The article noted that social media is not only intended for brands because consumers may completely disregard the name in their discussion. Most often, users control the information they hear from marketers by retaining useful information that they will pass to other consumers.

The advent of Web 2.0 enabled the explosion of social media sites. Unlike the previous World Wide Web (Web 1.0) that allows users to view or download static content, Web 2.0 allows greater collaboration among Internet users, content providers and enterprises.

Business to Consumer (B2C)

Whenever I buy new gadgets, household furniture, kitchen equipment, etc., I always search the web for the product review to ensure that the product has good quality at minimum cost. Some of the websites I check before buying smartphones include PC Review, PC Mag, Digital Trends, CNET and Trusted Reviews. If I found some biased reviews to a particular brand, i.e., Apple or Android, I will search for other sites to balance the information until I’m satisfied with the information before making a decision.

I think new companies can leverage the social media to promote their product because it is less expensive than traditional media such as television, radio, newspaper. For example, one half-page ad in Section A of the Waikato region’s largest newspaper costs $7,530.88 (http://www.freefm.org.nz/support/price-comparison). In 2011, Stuff news reported that television advertisement costs $70,000 to $100,00 for a 15-second slot (http://www.stuff.co.nz/business/industries/5721237/Property-company-offering-TV-ads).

On the other hand, there is a potential threat to established brands because of the volatile environment of social media. Samsung Note 7 was released recently, but the company recalled the product from the market because of exploding battery. Some consumers posted the burnt phone on social media which created a ripple effect globally including the US Consumer Product Safety Commission who officially stepped in to help recall Samsung’s Galaxy Note 7 (http://www.cnet.com/news/feds-will-formally-recall-samsung-galaxy-note-7/).

Business to Business (B2B)

Jussila, J. J., Kärkkäinen, H., & Aramo-Immonen, H. (2014, p. 611) observed that social media open many new opportunities for the B2B sector due to its features that can enhance communication, interaction, learning and collaboration which can bring significant benefits to organisations. The most common use of social media in B2B includes:

· Employer branding and recruitment

· General communication

· Sales support

· Project communication

· Finding out customer needs

· Improving the efficiency of project work

· Marketing

The article noted that most enterprises are not leveraging social media for professionals because they cannot evaluate the potential benefits to the business. Likewise, there is difficulty in adopting new approaches and ways of thinking about social media. In fact, an increased threat to information security on social media.

Enterprises can use Facebook, Twitter and LinkedIn to promote their business and also become a professional leader. In fact, these sites allow their member to create groups to share information. An example is the Business Analyst groups on LinkedIn such as IIBA and Volare.

I noticed that there is more content sharing on LinkedIn. One time I was searching for disruptive technology to present to my colleagues at work. I found three materials on LinkedIn with in-depth analysis on disruptive technology. It was helpful because it minimises the time and effort to search the web, collate the information, and create the presentation. Likewise, Business Analyst websites such as IIBA, Bridging the Gap, and Business Analysis Mentor provide useful information on my profession.

Social Media Marketing

The first step is to plan the content. For B2C, the content should focus on community engagement and awareness while B2B should focus on professional content. The next step is to monitor the interaction to ensure the intended audience received the message. More importantly, listen to the public for their feedback and comments to improve the brand. Lastly, hire a team or social manager to manage the interaction with the public.

Enterprise should embrace social media to sell their brand, know their competitors and increase their presence to the wider community. As with any business venture, there are potential risks in social media. I would say start with the top three sites, e.g. Facebook, Twitter, and LinkedIn, and increase the presence if needed.

Reference:

Jussila, J. J., Kärkkäinen, H., & Aramo-Immonen, H. (2014). Social media utilization in business-to-business relationships of technology industry firms. Computers in Human Behavior, 30, 606–613. http://doi.org/10.1016/j.chb.2013.07.047

Kohli, C., Suri, R., & Kapoor, A. (2015). Will social media kill branding? Business Horizons, 58(1), 35–44. http://doi.org/10.1016/j.bushor.2014.08.004