Tuesday, May 31, 2011

Strengths, Weaknesses, Opportunities & Threats of Social Media

5 comments :
The emergence of social media as a way to connect with clients, scout out potential customers, and inexpensively market goods and services, has changed business forever. Facebook, Twitter, and LinkedIn all serve different purposes and attract a distinct user. Business school curriculum and prospective entrepreneurs will have to incorporate it in order to remain competitive and relevant. Let's take a look at the strengths, weaknesses, opportunities, and threats that this new marketing vehicle may have on your business and brand.

Strengths:

  1. Vehicle to communicate with clients, investigate online reputation, and survey target market easier than ever before.
  2. Provides unprecedented access to clients and prospective ones regardless of geographical location.
  3. Easier to segment markets by using groups within the social media platforms, and learn about their buying habits, behaviors, and other pertinent information.
  4. Allows companies to closely monitor customer complaints, and address concerns quickly with less cost.
Weaknesses:
  1. Can be intimidating and overwhelming if not properly used.
  2. Requires personal engagement with clients and more prompt / direct responses than traditional methods. 
  3. Time intensive and easier to misunderstand tone or requests of clients than traditional communication methods. 
  4. Seemingly faddish and more prone to over magnify mistakes or human errors.
Opportunities:
  1. Market research is as simple as a click away; easier to determine needs of clients and spy on competitors.
  2. Companies can be "in-the-know" about the real reputation of company and ways they can enhance public relations.
  3. Vacancies can be filled more quickly and "red flags" for potential hires are easier to investigate and find, saving the company time and money.
  4. Monitoring ways to be involved in local communities, charities to donate to, and generate more positive press for company is easier.

Threats: 
  1. Containing bad press is more difficult and uniform responses or must be maintained across all platforms.
  2. Competitors can monitor you just as you monitor them and use it as a competitive advantage. 
  3. Requires companies to implement social media policies, as internal issues are now more prone to being voiced online. 
  4. Hackers, disgruntled employees, or anyone else can stain reputation more easily, costing the company time and money.
Social media cannot be ignored -- every benefit it provides opens up the door for potentials risks. However, savvy business owners can prepare for the risks by implementing social media policies and actively monitoring their reputation online. Refusing to use social media is riskier than any potential issue it may bring along as a result. Marketing and Research & Development departments will never be the same since the advent of social media, and companies can generate many profit-producing ideas if they properly leverage Facebook, Twitter, LinkedIn, and other growing social networking sites. From contests and sharing company photos, to publicizing scholarship opportunities or setting the record straight about lies spread about your brand or business, social media is here to stay. Get used to it, and embrace all the benefits while mitigating every risk through proper execution and keeping an open mind.


ChrissyBiz Solutions provides clients with customized, results-driven web marketing strategies. Our primary business writing duties include: article marketing,  search engine optimized web copy, blog content, social media, press releases, and newsletters  designed to drive traffic to your website and influence buyers decisions when purchasing products and services.

Contact ChrissyBiz today to discuss the impact that web marketing copy can have on your business.

5 comments :

  1. This is a wonderful analysis - right on the mark.

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  2. This is a wonderful analysis, Chrissy - right on point.

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