Social Media 101: Why Would You Use Social Media in Your Business?

First, just what is social media? That’s a pretty broad term. In general, it has come to signify a collective offering of Web 2.0 companies like Twitter, FriendFeed, LinkedIn, and Facebook which allow groups of like-minded individuals to form loose-knit communities for the purpose of broadcasting information to large groups of people who comprise a well-targeted demographic.

Business translation? You get your intended message out to a well-tuned market who will listen your message.

Most traditional businesses aren’t even aware these services exist, well with the exception of sites like Facebook or MySpace. But aren’t those for my teenager?

The Chicken or the Egg?

Ah, now you’ve asked an interesting question. This actually shows you are not dumb at all – I’m proud of you for thinking like that. You at least know they exist.

Here’s a quick fact for all of you, Facebook recently reached 100,000,000 subscribers. A free service dedicated to helping people connect with one another now has more competitive information housed within its database than your CRM/SFA application.

Do you think you might be able to do just a little research on a prospect before heading over if they were subscribed to a service like Facebook, or LinkedIn (a popular professional network)?

You may ask, “My prospect couldn’t be using any of that stuff – could they?”

The Tipping Point is Now

Social media is at a tipping point, some might argue it is well past – but I would contend only now are avant garde companies utilizing social media outlets to capitalize on untapped markets and interact with their customers. The mainstream businesses are still grappling with search engine marketing, and the Web has been around for almost two decades, while social media is really only in its infancy.

Companies like Comcast and Dell are putting their proverbial ear to the ground in order to help foresee potential press before it hits the mainstream media outlets like MSNBC or CNN. While these examples are technology companies, it is important to note this is both an intelligence and social tool; these two companies are opting to lead the pack to both “listen to the chatter on the wire” as well as connect with their customers in a meaningful way.

Be Authentic

While you would love to have access to this wealth of raw marketing data, there is a cost. It does not necessarily come in subscription fees or maintenance agreements. There have been no proven “get rich quick schemes” here.

It takes authenticity and empathy; a genuine interest and interaction in the communities you traffic. In this manner are you given the keys to the kingdom.

Sound familiar? Isn’t it very much like how we say we sell – by building relationships? The payoff is measured in meaningful gains – at first not quantitative, but qualitative. Then, as your sphere of influence grows so to does your return: You find increased responsiveness to your brand, increased goodwill, and increased customer retention.

What you put in is what you get out, and that’s why you would use social media for your business. Not because it is a scheme, but because it is another way to build relationships with your community of customers.

Ken Stewart’s blog, ChangeForge.com, focuses on the collision between the constantly changing worlds of business and technology. Ken is also the Director of Technology at Kearns Business Solutions.