3 Factors that Define Social Media
Posted by kboon on February 23, 2010 under Business Building Strategies | 
4 Comments to Read
There is barrage of hype around the term “social media”. Everybody is writing about it, tweeting about it, spamming about it, and a lot of people are trying to determine how they use it for their business.
The other day, I mentioned social media as being a useful method to connect with customers or business partners. My colleague politely said, “It is more hype than fact! It really doesn’t substitute for selling or promoting your business. It’s a time waster.”
We talked a little more about about his thoughts and that was the end of it. But the conversation made me think.
What does social media mean to me? Do I use the term too loosely?
Social Media (in my view) is a component of a larger business strategy.
The way I see it there are 3 main factors:
- Web Tools that enhance productivity
- Sharing technologies to enable you to be part of a community and be in multiple places at once (leverage).
- Communication technologies that allow you to better reach within your community.
How do you define social media? Is there a better term?
| Web Tools (Productivity)
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Sharing (Community & Leverage)
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Communication (Reach) |
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Dr. Patrick MacNamara said,
Whether your colleague agrees or not, social media is here to stay. From small business owners to Fortune 500 companies like Ford and Pepsi, this new platform is allowing businesses to connect with customers and prospects in new and exciting ways.
I believe the main thing your colleague needs to understand is that social media marketing/digital marketing/inbound marketing, or whatever other buzz word is being used to describe this phenomenon, is simply a new way to engage consumers in the conversation about brand awareness and product interests.
Therefore, the sales funnel today requires social media networks as part of the sales process in order to more effectively communicate with customers and prospects.
Why?
Because consumers are turning more to these networks to find solutions to their wants, needs and desires.
So, without a consistent presence online, businesses limit themselves from building effective relationships that participate in the Long Tail.
Why bother with relationships?
Because relationships build trust and trust opens wallets to do business.
Therefore, to answer your question, I think the better term from a business standpoint is relational or relationship marketing.
kboon said,
Thanks for those insights Patrick. Relational or Relationship Marketing are maybe less recognizable but better descriptors of what social media offers.
With your chiropractic experience how do you feel businesses within your profession are embracing these tools? Is there wide acceptance or is this market that has a lot of opportunity for growth?
Dr. Patrick MacNamara said,
They’re embracing them very slowly.
The sad fact is that less than 1% of chiropractors blog. And, of those that do, not many understand the dynamics and purpose of blogging and social media networking.
Thus the reason for starting my blog, Next Generation Chiropractor, to train them on how to effectively use blogs and social media networks to grow their practices.
Regarding your second question, this market has enormous potential and opportunity for growth. It’ll just take consistent training, encouragement and support from people like myself to guide them into these new territories.
Debra said,
Great post, Kevin…and great support comments from Patrick.
In our biz of helping others explore the many facets of Social Media within the context of supporting their business goals, we focus our attention heavily in the direction of ‘building, strengthening, deepening relationships within your organization and with your audience, guests, clients, etc. by engaging more’. The days of ‘broadcasting’ or satellite marketing, so to speak are gone. Today, people expect to be recognized and nurtured…in turn becoming loyal fans and members of the ‘tribe of you/your biz’. Thanks to the internet, this is entirely possible.
Relational or relationship marketing as terms work…and they are received especially well in a service related industry. They apply in all, and it seems that service related businesses ‘get’ the relationship idea more directly.
In our presentations lately, we’ve been using 3 categories when talking about the facets of social media…with the rider note that there is no separation between them, instead there is a continuous flow and blurring of the lines from one to the next.
We’ve been using Publishing, Listening, and Engaging.
All key components to why social media works, what it is, and why it’s beneficial to one’s business practices.
What I know for sure, after being ‘out there’ with different business and social groups doing presentations centered on the social media theme is that there are still as many opinions and perspectives on what exactly social media is (or is not) as there are apps and social media networks/platforms/tools.
I actually think that’s OK. The message for me in it all is that SM is a broad, ever expanding and evolving realm at the moment…and we do well to remember there are tools, and then there is the purpose of the tools…what they are, what we’re going to build with them, how we’re going to use them to support what we’re really building…which is solid awareness and relationships which grow loyalty to brand and company through integrity, which inevitably creates the most secure ROI.
Thanks for a great post that stimulates thought and inspires clarity, Kevin! Love your blog!!
…you may see this at our blog…Mark & I have been observing all of this of late and your post just encouraged me to condense our observations nicely.
Thanks for that!