The future of social media is in your hands!

So, Facebook had an interesting thing happen this week…they had their IPO.  Stock for the social media giant sold quickly and millions of shares were released.  However, there have been some ramifications to the information released regarding the IPO, and the value of these share have started to drop.  What do these events have to do with the future of social media?  With Facebook being the “king of social media” the events that take place in the near future may directly affect the future of virtual communities within social media.

When we look at the future of social media we have to consider the different types of social media being used, such as blogs, sites like Facebook and sites that are directly operated by retailers and their constituents.  Currently many people receive their news information from blogs.  This information is not regulated nor checked for fact.  In the future we could see personal blogs evolving into more substantial news blogs written by reporters for larger media groups.  These blogs would be regulated and fact checked so that the information relayed would be accurately.

Sites like Facebook will continue to evolve and perhaps even disappear.  Remember MySpace?  Where is that today?  If Facebook is smart, it will evolve and hopefully change as the 900 million uses start looking for something new.  An important factor in both this type of social media as well as the blogging aspect is the continued integration of mobile technologies.  If you cannot utilize social media on the go, it has a good chance that it will not survive.  That will not happen as social media continues to expand and work with larger corporations to grow social media in regards to retail and service sales.

This brings us to what will be the biggest expansion in social media.  With consumers continually driving retailers and restaurants, these industries are trying to “catch” that consumer on the go.  By using the social medial technology combined with mobile technologies, this is how those industries will do that.

The future of social media is no different than any other business, in order for it to grow and succeed, it needs to change based on the demands of the consumer.  So what do you want from social media in the future?   You may just be the driving force for

the future of social media, (what is kicking around in your brain) whether that be in your professional capacity or simply as a consumer of everyday items.

Sites referenced:

 

http://www.huffingtonpost.com/ryan-holmes/facebook-ipo_b_1522350.html http://www.forbes.com/sites/dorieclark/2012/05/01/whats-next-in-social-media

Social Media Risks for Small Businesses

All companies have challenges and risks when it comes to taking the brand social. And rather than identifying a particular brand and the challenges they faced, I thought I would address this blog to the small business partners that I deal with on a day to day basis in my professional life.

 

 

 

 

Small businesses are faced with challenges when it comes to social media and marketing their businesses in this new type of format.  Listed below are a number of different problems that businesses face, the risks these businesses are taking and a suggestion on how to be more diligent regarding social media.

 

Social Media Problem	Potential Risk	Suggestions for due diligence
Wrong person in charge of your social media marketing program	Unclear understanding of what the company’s message is   regarding its marketing program.    Sending the wrong message to your customers.	Follow the progress made on social media sites but employing a   social media specialist. Having proper checks and balances in place   surrounding social media marketing.
Improper brand representation, unclear marketing strategy	If an unclear marketing strategy is in place, even if the   right person is in charge of your social media marketing, the message will   not get communicated.	Create a clear marketing message and social media plan.  Create a clear brand message to engage with   your followers. (as well as employing the right person to regulate the site)
Company using the wrong platform–underutilizing the ability   to engage with your customer	Creating a amateurish feeling and a lack of professionalism   associated with your company	Hire the correct person for the job.  Utilize feedback from your customer to   improve products and service.  Engage   with those customers as they are providing valuable information
Employees complaining about company via social media	Potential for damaging the company’s reputation.	Develop employee guidelines and policies in regards to social   media.
Social media sites used to complain about company’s   competition	“Sour grapes” can hurt your own company’s reputation   and you could face legal ramifications.	Employ an outside consultant that will take the emotion out of   social media posts, and who can review outside posts.

 

A common thread on most of these issues is hiring a responsible, knowledgeable person who has a clear understanding of how social media works.  One who can harness the power of social media and recognize the value of consumer feedback.  This employee must also be given clear direction in regards to the company’s marketing and what messages the company wants to send. 

Here is a video that highlights someone who may not be the “social media guru” that I am suggesting you employ.  http://www.youtube.com/watch?v=hCqmIRThlxk

Sites referenced:

http://ohiosmallbusinesslawyer.com/3-ways-social-media-can-hurt-your-business/

http://voices.yahoo.com/top-5-ways-social-media-hurt-business-6427134.html

Mobile Banking….financing at your fingertips

Social media is all over thMoe place…including your phone.  Mobile apps have been developed for you phone such as Facebook, Twitter, and Hotspot.  But social media isn’t just for fun, it is for business and to help make your life easier.  One of the most popular mobil apps around today is mobil banking.

Mobil banking is a neccessity in todays banking industry.  If your bank doesn’t have mobil banking, what is wrong with your bank?  Today more and more bank customers are “pushed” out of the bank lobby and mobil banking is one way.  So why do banks do that you may ask?  For most banks, retention is a key factor as it is less expensive to retain a customer than it is to court new ones.  Mobile banking is one of those reactive elements in banking.  Another part of mobile banking is remote deposit capture.  This is a device where a buisness can actually scan their customers checks directly into their accounts.  This type of mobile device brings another level of service to both the bank customer and the customer’s customer.

Success for mobil banking can be measured in three ways.  The application has to represent the banks strategy, and the strategy of most banks is to retain their retail customers.  This is one way they can do this.  Another measure of success would be the successful interaction with their vendors.  Most banks have to oursource their technology and without a secure and reliable vendor, without that relationship, there would not be a successful app. The third meausure of success would be internal expertise.  Without the expertise, the technology will fail and the cust0mer will leave.

When we look at this application, we have to remember we are dealing with peoples’ finances.  Social media with this type of application may not be such a great mix.  When dealing with finances (such as transfers, bill payments, etc) people do not want to have fun or communicate.  Those lines of communication have to remain open, but not mixed with the banking app itself.

http://www.bai.org/bankingstrategies/distribution-channels/mobile/three-keys-to-success-in-mobile-banking

 

 

Social Media isn’t only for the big guys. Plus you may just get a laugh!

In my last blog I talked about how social media could help small businesses market their industries.  In this blog we are going to look at a real life example of a small business “owner” and how he uses social media in his daily life.

When considering an industry to discuss the state of social media, I decided not to look at a typical industry.  Currently my husband is an amateur stand-up comedian, but if you ask him he is professional since he gets paid.  (See www.dougblay.com)  The comedy industry is an interesting one to consider as a great deal of the marketing, is done primarily via social media.

The number of amateur (never mind professional) stand-up comedians is hard to measure.  My husband estimates that there are approximately 250 comics in the Greater Boston area.  Most of these comedians use social media to promote their gigs and to communicate about open mikes, writing workshops and charity events.

Facebook tends to be the major player for the comedians.  There are also groups that help comedians connect to work on material, post questions about comedy, and promote shows to each other.  Facebook posts are often funny and a great location to try out materials, such as one liners.

Twitter is also a great tool for the comedy industry.  If a potential audience member begins to follow your tweets, the likelihood of them attending a show increases significantly especially if they find the tweets funny.  ”Sean Cusick, who teaches comedy writing at the Second City Training Center, said Twitter provides a sound training ground for comedic writing, largely because of its quick pace and immediacy” according to the Chicago Tribune.  The Tribune goes on to quote “Twitter is evolving into a 24 hour comedy club”  There are even websites that promote funny tweets such as www.squidoo.com. Twitter can also help the comedians promote their shows much like Facebook.

So far this just sounds like a lot of fun (and funny), but comedy is a big business and take it from a “comedy widower”, I am always looking at the bottom line.  How much will the gig pay versus how much gas will you use to get to and from the gig.  Fuller audiences equals more money for the clubs and if the audience tells the owner “I am here to see Doug Blay” that can turn into even more opportunity for the comedian.

Social media is not limited to Ford, GE and Coca-Cola, but it can be used for the smallest of businesses.  A social media marketer may actually be the owner of the business, or in Doug’s case the business itself.  That is one of the best things about social media…it is available to everyone regardless of the size of your business.

To see Doug’s set, follow me on Twitter!  PJJoslinIII