Social Media and Business Models

This week I have been researching business models and how social media has changed how business models are designed. There is a lot of discussion on how through social media customers can be more involved with company development, R&D, sales, etc.

Customers are commenting on company blogs, posting questions to Facebook, even “checking in” with their cell phones when they are on location. It is far easier for companies to be aware of perceptions and customer experiences. There is almost no excuse these days for not knowing your customer, and what they want. If you provide the outlets, actively update, and analyze customers thoughts, it’s easier to provide what the customer wants.

Social Networking has even changed distribution channels. Books are selling via “re-tweets,” and has brought a new meaning to word of mouth advertising.

There are many benefits to incorporating social media to our business models, but we have to remember how it can hurt businesses, and what policies are there to help prevent or respond to negative PR from the viral nature of customer complaints. What do you do when there are 15 different “I Hate Starbucks” Facebook pages??

-Elena

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Corporate Blogging

As I begin my Digital World adventure, I have been learning about blogging. I read a posting “Build a Biz Blog” by Eli Singer, “Why Blogging is Your #1 Search Tool” by Compendium, which got the ball moving on the concept of businesses blogging.  Prior to this week I have never read a blog. The most experience I had with blogging was watching the movie, Julie and Julia, during which I fell asleep half way through when I was flying to Nairobi. So the concept of businesses having blogs, was absolutely foreign to me.

So I started to Google big companies and the word “blog”. Playstation, Coca-Cola, Nike and BMW just to name a few.

So as I’m poking around and looking at some blogs, I’m starting to really get on board with the whole concept. I’m starting to notice which blogs have lots of comments, and which ones have none. Playstation has upwards of 30 comments on all their postings, they post one or more times per day, where as the official Wii blog posts a few times per week, and has virtually no responses. The “Your Health” blog by CTV has lots of responses and comments and Coca-Cola, Mazda, Global TV, and the Lonely Planet all show little or no comments.

So what deems a blog successful? How do we rate success? Compendium, who has written about this sort of thing, is heavily focused on SEO, and having keyword rich content. Well I often Googled a company name and the word blog, and if I didn’t find anything in the first 3 responses, I moved on, assuming that there wasn’t one. Thus, proving Compendiums point.

The more time I spend working with blogs and analyzing others, I will better answer the above questions. As for now, I think it’s safe to say, a lame blog is better than no blog.

-Elena

Hello world!

I have never seen my BlackBerry light up quite like it has in the past hour or so. Buzzing, beeping and blinking with constant emails and notifications.

You see previous to this morning I had Facebook, and maybe a couple of email accounts. Well, my fairly relaxed social media/social networking days are gone… at least for the next four months… As a third year marketing student I am required to participate in a course called, “marketing in a digital world,” which is the only reason why this morning I registered with the following: Twitter, Hootsuite, Delicious, Yahoo (Apparently Delicious users must also be Yahoo users,) Google,  Prezi, and now WordPress.

Now, I was already convinced that all these tools would be very beneficial to an active business, but it may take some time for me to not only adjust to the buzzing and flashing, but to see the benefits that this might have for me. Wish me luck in my new technological endeavours!