Social media is arguably the most transformative revolution in communication since electricity enabled radio and TV broadcasts. If that sounds dramatic, it should. We’ve yet to fully grasp the effect of social media on our interactions with each other, businesses and government entities. But with a billion people online and smart phones comprising half of all new cell phone purchases, it’s safe to say it’s going to be huge.
One trend that’s nearly certain to continue is the business world’s acceptance, and occasional embrace, of social media as a means to communicate directly with customers. For example, Best Buy has 2,500 employees helping people on Twitter. Businesses are also laying down cash to get involved; corporate social media budgets are projected to grow by more than $2 billion from 2008 to 2014.
This brave new world of interaction can be a public stage for things a business does well, or a ruthless showcase of poor practices. With one word-of-mouth conversation estimated to be worth 200 TV ads, the stakes are high, and not participating is becoming less of an option every day.
But risk can render reward. HCC Medical Insurance Services’s social strategy case study highlights how a large company can use social media to better serve their customers, and strengthen their business at the same time. HCC increased their social influence by over 200 percent and saw significant gains in referral traffic from prominent social media sites.
The rise of social relevance means like-mindedness, not geography, is the new proximity. Knowledge and best practices, like using effective language and posting at peak times, are key to keeping your friends close and your competitors jealous.
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