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, Weaknesses, Opportunities & Threats of Social Media

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.

Help in Writing a Complete and Successful Business Plan

The explosion of small businesses in the past decade is characteristic of free market driven, democratic republic societies like the United States of America; but also a direct result of the internet. Privately held corporations and sole proprietors have endless earning potential if they can execute the right ideas and products such that they meet a need for their consumers. Writing a good business plan takes time, diligence, research, multiple edits, constructive critique, and of course a good business idea. And while many companies offer software or other general templates to complete a business plan fast, the care taken to compile your business plan will help you in running your business overall. Imagine your business plan as several plans compiled into one whole blueprint for how your business will be formed, financed, operated, grow, and ultimately dismantle (in case of failure). It will definitely help in identifying risks, weaknesses, vulnerabilities, and other hindrances to success. Knowing about these issues beforehand will undoubtedly guide you towards more effective decision making as well.

View your business plan as 'ironing out the kinks' before they cause a problem. 

Every business plan consists of: 

• Executive Summary - What is the business? Describe your entire plan within a two pages or less

• Marketing - How will you get people interested or spread the news about your business? How much does it cost? Who is your target market? What appeals to their needs? How do they go about solving their problems? How can you position yourself in a place to grow? What Marketing Mix should you employ for maximum ROI?

• Operations & (Technology Part II)- How will your business be ran when you are there, when you are not? Workflow, management, processes .. How many staff? Working hours? 

• Financials - Are you compliant with the Generally Accepted Accounting Principles of your industry? What is an Income sheet, P & L statement? How soon will you be able to pay back a small business loan? Which method best projects your earnings within the next year, two, or 5? How will you maintain your petty cash? Payroll, taxes, net income

More details are required, of course. Appendices might show marketing surveys used to pick the proper marketing mix, or other data relevant to your financial projections. Many more posts will go into greater detail for each component, beginning with the Executive Summary and why it must be written last or how to choose the best financial model to project first year sales or gross income.

Besides the fact that you must have a business plan to get funding for your business, what are some other benefits YOU receive from a complete and successful business plan? It is difficult to embark on such a time consuming task not knowing whether you will gain anything in the process (like funding), but here are some benefits you receive from a business plan:

• Shows diligence and necessary preparation
• Allows you to address potential problems beforehand (SWOT Analysis)
• Gives you significant knowledge in how to actually run your business
• Gets you acquainted with your target market and their needs; how do you meet them?
• Exposes possible competitors and provokes you to brainstorm ways to overcome, grow, and focus on ways to make your business better
• Details every facet of your business -- even things you never thought of

Your ability to attract customers, investors, and grow will begin with the business idea foremost. But execution is what has helped or hindered many business women and men, not the idea. Proper execution requires diligence and preparation, hence the need for the business plan. 

Do not become overwhelmed at the amount of information needed to make your business plan a success. You can contact a professional to compile it, of course, but YOU must be well versed in it to exude confidence when you present it. You must be able to answer hard questions about YOUR business. Faith that it will succeed alone is not enough. 

I will post up-to-date and relevant materials needed to write a complete and successful business plan! Topics such as your competition, an adequate and plausible exit strategy, human resources issues, and much more are coming soon!

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.