Social Media - Benefits and Threats - Hurdles , Future , Social CRM

1. Social Media for Businesses
Potential benefits and threats of Social Media
for businesses along with hurdles to joining it
and how to overcome those hurdles while
understanding social customers
y: SEO Consultant Specialist (www.seo-consultant-specialist.com ) – August 2011

2. Social Customers
Outspoken
Active consumers of information
Demand for real-time trouble-shooting
Know that they have more control over conversions
Want to co-create
Understanding social customers help businesses take
maximum advantage of social media

3. Hurdles in Joining Social Media
Lack of appreciation that customers now have more
power than ever before
Lack of skills and time
Privacy concerns
Limited Budget
No clear Return-on-Investment (ROI)
Confusion about where to start and what to say

4. How to Overcome the Hurdles
Be transparent
Promise only what you can deliver
Improve customer service
Give Desired control to customers
Improve quality of services or products
Allocate enough resources
Provide training to the staff
Have policies
Define clear goals

5. Benefits of Social Media – 1/2
Humanization of brand
Real-time feedback
Co-creation with consumers
Innovation
Free marketing and sales teams
Improved visibility over search engines
Access to customers demographic and data
Cost-effective customer service

6. Benefits of Social Media - 2/2
Improved businesses design
Improved relationships with the customers
Cost effective communication
Positive Word of Mouth (WOM)
Market influence and leadership
Customer engagement

7. Threats of Social Media
There are more threats for poorly-run businesses
Simply joining social media cannot solve all problems
Not joining Social Media is the biggest threat
Lack of control over conversations
Fear of negative WOM
Difficult to measure ROI
Can be time-consuming
Privacy and security issues
No push marketing

8. How to Remove Threats
Active listening and responding
Having policies
Being transparent
Promise only what you can deliver
Do not do push marketing
Reach out unhappy customers and solve genuine
problems
Empower consumers

9. How to Measure Success
Understand that it is not a magic bullet
Focus on end-results (Rather than ‘likes’ etc.)
Metrics should be aligned with strategic objectives
Get feedback from customers
Use appropriate tool
Check conversation and its sentiment
Measure both short-term as well as long-term metrics and
see if they are well-aligned with corporate strategy

10. Social Media for Businesses
Social Media can be a blessing or curse depending on
the customer experience. Enhanced customer
experience results in a stronger and deeper
relationship with customers and, thus, increases
loyalty and trust which are crucial for business
success.

11. Future of Social Media
Real-time problem solving and customer service
First point of contact for marketing and
communication
Development of tools for better management
Speedy business communication
Better understanding of Social media ROI

12. Thank You
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Thank for your attention!