With social media and its popularity still on the rise, a lot of business have already jumped on the bandwagon and have taken their companies in a more social direction. Turning your business into a social one will cost much less than initially thought although it does require a fair amount of time and other resources aside from money. A good thing to ask is what benefits it will reap for the company and the Social Business Director of IBM, Ed Brill says that a business which decides to go social will reap the benefits in three particular areas and they are: Transparency, engagement, and agility.
More often than not, a change in product or company policy may have led to a massive uproar from consumers. The fact of the matter is that those incidents could have been less harmful or even prevented if the organization took the time to elaborate as to why the change was going to happen, as well as the facts related to it. When customers are left in the dark, they are bound to get frustrated and paint a picture of your corporation as the “bad guy” and this can have rather adverse effects on any company. Being candid with your customers about failed endeavours or unpopular decisions may not earn you any brownie points but when consumers are much more well-informed, they are much more likely to be tolerant of any changes. This builds trust between the consumer and the company.
When a company encourages its employees to interact with its customers, it creates significant levels of content. By engaging the two sides, customers are bound to have more positive things to say about your company and are much more likely to say and write comments that could help your brand. Potential customers will be much more eager to do business with you by seeing content that was written by a fellow customer. This could do wonders for sales and generate a much more positive feeling towards your company.
In past years, companies had only the basic research to go on regarding what their customers wanted or needed. They would reveal their new offering and see if the consumer went for it and was very much a game of chance. Thanks to social media and its reach, a business that has adopted social networking will be able to talk directly to their customers and figure out how to cater to their needs. This can lead to product or service modifications that will cost the company very little but be worth its salt in terms of revenue. A small change can go a very long way. If there is a general sense of dissatisfaction regarding a service or product, alterations can be made to fix whatever it is that is not up to par.
For a business that is considering going social, they must know that its benefits will not be limited to product development and improved relationships. They can also use it to keep track of trends and competitors in a much more subtle way.