Social Media Strengths, Weaknesses, Opportunities and Threats (Update)

Some time ago, I wrote a post about the strengths, weaknesses, opportunities, and threats associated
with social media and business. Given the changes social media has experienced, I thought it appropriate to update this analysis.

Internet users have seen the explosion of image sharing with websites like Pinterest, Tumblr and Instagram. It seems that internet users are somewhat "over" words and prefer communicating through images. The old addage "A picture is worth a thousand words" has come to life in more ways than one.

What are the strengths, weakness, opportunities, and threats associated with social media and business?



STRENGTHS

• Social media is an integral tool for businesses to learn more about their customers and actively listen to what others are saying about practically anything. 
• It also aids in the delivery of services and products because it is business-friendly. Facebook, Twitter, Instagram and Pinterest encourage users to conduct business on their social platforms. Businesses can now set up a Facebook Store and twitter has been offer tadvertising to businesses for a while now.
• Allows business to brand themselves online and create a unique presence. Social media is an enhancement to existing businesses because it allows people to develop an idea about you via what you share, how often you interact, and the services or products you offer online. 
• Social media is an instant connection from someones mobile phone to any product or service they can think of, with the help of reviews and information regarding their upcoming purchase. This allows companies to know as well as publish their own information about what they sell. A unique tool that has transformed business forever. 

WEAKNESSES

• Social media still lacks the human interaction component. There is something about conducting business face to face that provides comfort; doing business online does not offer this. Many online business transactions can develop into real world relationships.  But this is not possible every time as location can still be an issue. 
• Can demand more of your time than real world business interactions because of the expectation of the customers. Even with the help of applications that merge tasks and publish on several platforms at onceTimely responses online are necessary to establish a good reputation with potential and current clients.
• Can be faddish in some ways with trends. New social platforms bring about new rules and demands.
• Can be difficult to maintain separate private social media accounts. People become curious about you personally, so the lines can be blurred and personal things that should not matter, do matter. 
• It is noisy. The accessibility of this tool makes it popular among almost everyone. Carving out your space and being heard online can be a tricky task. 

OPPORTUNITIES

• The propensity for new leads and keeping up with past ones is endless! You have an inside look into some of the things your clients and potential clients like and dislike. This helps with improving exsiting products and services and designing new ones. 
• Making international connections give you an opportunity to work with clients you may have never been able to work with h. Social media connections are instant but also all over the world. It can be an interesting task to learn something about a new client you met on twitter, before you begin your skype interview. 
• Learning from competitors and making partnerships are also easier with social media. The opportunities are only limited to your internet connection and the tools you put to use. Making sure you use them to their optimal capacity can be achieved through self-education and trial and error. 
• Exposure to a broader audience gives you more press and networking opportunities. Meeting and connecting with other business owners can be a great way to network with other business owners and exchange real life referrals. You may also gain the attention of people with media outlets (podcasts, Youtube Channels, blogs, etc). 

THREATS

• If there has been negative press or reviews on your product or service, this could have an offline impact. This is the vulnerability attached to the benefit of doing business online. People you may have never offended in a real life circumstance might become offended by something you posted online. Of course, there is no way to know this; even staying away from controversial topics does not guarantee people will not take offense in something retweeted, reblogged, or shared. 
• Because of the influence social media has on buyers, it can be difficult to contain all the content published about your product or service. For instance, I once worked with a client who sold high-end luxury cruises. But terrorist attacks hit some of their top-selling locations and this was easily and quickly spread throughout the social media world. Sales and buyer attitude was almost instantly changed.
• Cyber-bullying and harassment is a real threat even for small business owners and brands. Be vigilent in not divulging too many personal details because you never know who is reading what you write, or their intentions. 
• Plagiarism and copyrighting infringement is rampant online. Make sure you have properly labeled and copywritten any and all photos or written materials that you have. So many applications and web tools make it easy to steal photos or content. 

This is not a comprehensive list of every strength, weakness, opportunity, or threat associated with using social media. Use it as a guide that you can fine tune based on your own observations and knowledge of the web.