42% of companies consider social media monitoring to be one of their top three priorities of 2013, according to Altimeter Group. A social media crisis has become one of the biggest fears for companies these days. The thought of a viral tweet or Facebook post giving a poor view of their brand causes businesses to sleep restlessly at night. This demonstrates the rise of social media within all facets of the world. If we were to look back ten years, social media was not a part of our culture. Facebook did not even exist ten years ago. The amount that social media changed the world today, especially the business world, in less than ten years demonstrates how social media is a force to be reckoned with.
Originally, I thought that in the business world, social media had a one-way relationship advertising the business’s products and brand to the consumer. The reality is that the consumers control social media interactions with businesses. According to J.D. Power, 64% of consumers want companies to only respond to social comments only when they are spoken to. The majority of consumers do not want companies to be intruding on their conversations because often they see that as an intrusion of their privacy. Companies do not want to defy this trust with the consumers because their goal is to form a close relationship with the consumers. This close relationship with the consumers is essential to develop the strong brand that every company desires.
The main goal/strategy of the use of social media is to meet the needs of the consumer, just like it is the main goal of every business as a whole. J.D. Power has four strategies to apply in regards to social media. They are:
- Consider the context.
- Engage with reciprocity.
- Explain why you are listening.
These tactics that J.D. power suggest overall point to the concept that one must look at what the customers say and find a way to use this information to their business’s advantage. I believe that these strategies are good rules for companies to live by when regarding social media. They allow for businesses to utilize the information from social media to their greatest capabilities.
Do you believe that social media does have this significant of an effect on the branding of a company? As a consumer, do you agree with the majority of the population that companies should only “speak when spoken to”? Looking from the other side, do you think that a company will get the most use out of social media by always respecting the consumer first?