The term “social media” has recently created a lot of buzz in the minds of the business people & consumers alike. Is “social media” really overhyped or can it do a total makeover in the lives of people & businesses around us.
A social network is a social structure that maps out the relationships between individuals. Social networks can be defined as "our connections with other people". You're connected to your friends, who in turn are connected to their friends, and so on.
Social-networking sites "make invisible social networks visible" by allowing us to see (with pictures and links) who our friends are, who our friends' friends are, and who our friends' friends' friends are -- all in an easy-to-use interface.
Social Media for Users - Social Networks as Social Capital
Social media & social networks are important because they give people social capital. Social capital is the "resources accumulated through the relationships among people". Social capital makes it easier for us to find useful information and increases a community's capacity to organize and achieve goals.
These resources can come in several forms.
§ Personal relationships: family, friends, neighbors, colleagues
§ Ability to organize and form groups: local government, sports teams, knowledge groups
Social Media for Businesses
Most of the businesses today are still in dilemma whether social media is really good for their businesses. Many think that social media is good for only those businesses where clients & customers of that particular business uses social media. “My customers are not gonna look for me on any social media” replied a local automobile service centre owner to me during a casual chat. I tried to explain to him that there is not any service or product which cannot be benefitted from social media.
Any business or service runs on relationships & connections. Customers want to buy products or services from who they know or who they like or who they trust. Any business does all of it by making connections with their customers. And this is what social media do – make connections & gain attention.
So why should businesses be so much focusing on the social media for making these connections & expanding their businesses?
1. Because social sites are where people spend most of their time. People spend more time on Facebook than on Google or Yahoo. People spend 3x time on facebook than google. Social media now surpasses Email in global reach.
2. Word of mouth is reaching a new level. It is number influencer of purchases. Millions of interactions take place every hour online. Brands are being discussed 24/7. Does not require huge media budget & viral effect can carry a message a long way.
3. You are already involved in social media. Your employees are doing it. Discussions about your brand are taking place. If you participate you can shape outcomes.
4. Improve search rankings. Social media drives top ranking in Google ranking algorithm.
Some popular Social Media Tools
1. Social networking
2. Blogging/Micro Blogging
3. User generated content
4. Email marketing
5. Search marketing
6. Online video
7. Mobile marketing
8. Widgets
9. Podcasting
10. RSS
11. Display ads
12. Game marketing
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