The Ties Between Economics and Social Media
This is the first of many columns I will be writing on a semi regular basis. I hope I can provide some insight a little bit of my own thoughts and opinions on things that are spinning around in my head. These will be under the category “My Commentary”. Enjoy.
It has always been an important part of building a business. Relationships and business deals, suppliers and distributors, acquisitions and mergers; all have some sort of component where a relationship is made and a deal is struck. Our market requires us to be social. Great customer service requires clear communication between worker and client. I think no matter how you look at it, social order effects society (and vice versa). When making a major purchase, most of us seek counsel from those we trust to help us make the best decision. Having items such as a cool car or fancy watch even become a status symbol of our buying power. Sometimes we purchase things for the simple fact that we want to blend the property we’ve acquired into our social life. Why is this important? Because knowing things such as this can help you build a brand name or allow you to see through the hype. As time progresses, we are going to see an acceleration of mass communication and shifts in social interaction and news. This hasn’t been branded the Information Age for nothing.
Back when starting a business was as simple as opening doors in a busy part of town, or gaining a client was as easy as a handshake, you would mostly be contained to a local area. We’ve now become a more globalized market of chain stores, business models and corporate policy. In some ways I believe it’s good that we expand our influence and create healthy businesses where we can make an impact with our world, but there’s been some issues. Large companies are spread out and hard to manage. Many of them are impersonal, schizophrenic entities that seem to have no clear business plan. They often cut corners and outsource labor to save buck or two and line their pockets. Some of those big issues stem from lack of communication within the company, as well as with their customers. One of the biggest forms of positive or negative PR for a company is what kind reputation they have. Word of mouth is very powerful advertising. If you can win the minds and hearts of a few customers, they won’t have any problem telling others about your services. You have to have a company that can be relevant to the people, open to constructive criticism and is overall on the same plane with the customer. This makes for a healthy company, as people will see that you care on a personal level and that it’s not just about making profit and running with it. Still there are always exceptions to this, but these things will give you an edge over your competitors and longevity in the market.
The internet has opened so many opportunities for someone to build a business and build a social gathering around who they are, where they come from, and what kind of company the own. Why is this important? As previously mentioned, communication is key and you must have social skills if you hope to succeed. The internet is a breeding ground for getting your name out there. According to some estimates, there are about 200 million Americans online.* Because media can be copied, reproduced and spread in a such a short amount of time, you can get a message out to a wide audience very quickly. The internet can break all the old boundaries of business deals, advertising, and customer service. If there are millions of internet viewers, having yourself out there is to your advantage. You can meet new people that may be an advantage to your company. You can interact with your customers in new ways never previously imagined. Literature and information can be spread very rapidly.
Social networks have revolutionized the way we communicate. Whether it be popular sites such as Myspace or Facebook, picture sharing sites, video sharing sites, social news sites, chat rooms, instant messaging programs, forums, blogs, or micro-blogs like Twitter, they all can be used to our advantage. Even if your company might not be able to use one of these services directly, it may be in your best interest to make yourself personally known on the internet. Being interactive and able to communicate to a large audience can make an amazing impact, and brings true authenticity to your brand. There is somewhat of a stigma around new technologies, but just because one hasn’t proved itself yet as a stable place to generate income, it doesn’t necessarily mean it can’t be utilized. Eyeballs are eyeballs and once the internet becomes more ubiquitous it will start to generate more money. When people see you and recognize you it can be a huge advantage because they will become interested in what you are doing. The social aspect of the web can bring you many opportunities you otherwise wouldn’t have.
-Joel Smith
Copyright 2008
