BIDC Business Catalyst 6 #3.indd 1 12/21/10 3:17:07 PM

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Social Networking Using Social Networking Tools Professionally Today’s business leaders cannot ignore the impact of social media. Social media defines those Internet and mobile based tools that promote communities and that facilitates interaction, collaboration and the sharing of content. Some of the more popular social networking platforms include Facebook, LinkedIn, Twitter and MySpace. Social media can however take many different forms, including Internet forums, weblogs, social blogs, microblogging, wikis, podcasts, picture sharing, video, rating and social bookmarking. Kaplan and Haenlein created a classification scheme for different social media types in their Business Horizons article published in 2010. According to Kaplan and Haenlein there are six different types of social media: Collaborative projects, blogs and microblogs, content communities, social networking sites, virtual game worlds, and virtual communities. Technologies include: blogs, picture-sharing, vlogs, wall-postings, email, instant messaging, music-sharing, crowdsourcing, and voice over IP, to name a few. The social media universe is estimated to be 500 million users and is significantly changing the way clients and customers select and buy services and products. It is also giving new meaning to networking. So what are you doing to keep up with them? What are you doing, as a leader in your organization, to harness the power of social media? These were some of the questions posed to participants in the recent Institute of Chartered Accountants of Barbados (ICAB) conference, titled Technology Matters in Today’s Business. Facilitated by Project Manager with CGA, Canada, Shirley Lamarre, the focus of the one-day information technology seminar was on e-commerce and applying your professional and business background in marketing over the Internet. It also included discussions on ways to leverage technology, Information Technology (IT) governance and security awareness. Lamarre, in the presentation on social networking tools outlined several pros and cons of social media. Pros • It is fast and easy: it offers ease of accessibility and ‘cheap’ broadband that allows fast downloads and uploads • It is open and encourages participation (minimal barriers, content is not password-protected, thrives on connectivity and links to other sites and resources) • It offers multimedia capabilities (photos, video clips, music); mobile devices (Blackberrys and iPhones) are a natural fit for sharing information • It has global acceptance regardless of economic, social and cultural differences. Asian markets are leaders in terms of participation – China has over 40 million bloggers, more than the US and Western Europe combined • Like it or not the internet and social media are fast becoming part of our daily lives. Cons • It is addictive • It demands time – who has it? • There’s the question of personal privacy or lack thereof • You’re paying attention, but only partially described as Continuous partial attention (CPA): coined by Linda Stone in 1998 applies to simultaneous, multiple media use: You’re texting, blogging, chatting, while watching TV. Even so, social media is providing value for businesses in several different ways. According to Lamarre, it allows: Access to knowledge, know-how and Who’s who; Branding and identity; Generation of new business; Recruitment of the right fit for the job or team; Information sharing among teams, decreased travel time and expenses; and search engine optimization (SEO)- the more sites with your name or company name which link back to your website or blog, the better your chances of getting hits in search engines. Social media is not restricted to technology savvy, younger generation or high tech firms or certain countries. It is worldwide 14 Barbados Business Catalyst • July - September 2010
Social Networking and has touched virtually every industry and demographics. The channel boasts incredible power: power to influence, power to interact, power to entertain, power to cooperate...the list goes on. So, how can you harness that power? Whether you’ve jumped in wholeheartedly, have a toe in the water, or are cautiously plotting your entry, your strategy will benefit from taking a step back and formalizing a plan. Here are the essential elements that must be incorporated into your social plunge: • Do Plan Ahead. Before taking the leap into the social media world, make sure to prioritize your top business goals and identify your target audience. This will help you cut through the social media clutter and will enable you to feel confident in choosing the right sites and the correct message. • Don’t Bite Off More Than You Can Chew. Pick one to two networking sites at the start of their journey and really focus on learning how to work them. After that, reevaluate whether it’s beneficial to you. Social networking is not a “do or die” situation: If you don’t want to do it, don’t. But be aware that you could be just setting yourself up for failure. • Set Your Goals. Social media is not about having the most fans, it is about building and strengthening customer relationships and building brand awareness. You must decide ahead of time what you are aiming for in these essential areas and develop some specific and measurable objectives. • Don’t Become An Outsider. Make sure to read the rules and understand the culture of a social networking site before getting involved. Sites differ in what kinds of behaviors are acceptable, and it’s important to understand your audience before investing too much time. Take the time to get to know the other community members and listen to what’s being talked about and what the general tone of conversation is like before contributing. • Establish Your Presence. Mainstream networks like Facebook and Twitter will likely be your ‘go-tos’, but consider the host of other, more niche groups that would allow you to take your social content to a more targeted audience. There are social networks out there for seemingly every special interest group, some of which may interest you immensely. • Collaborate With Others. Internalizing the emergence of social media is absolutely critical to your organization’s success with it. The open dialogue, sharing of best practices and sheer peer networking opportunities provided through networks like LinkedIn are not ones you’ll want to let pass. • Manage Your Reputation. With the social channel comes significant noise, increasing your need to cut through the clutter, deliver clear messaging, and participate in conversations that further your goals. Part of this means taking the time to monitor the ongoing commentary surrounding your brand, including your business practices, as well as both negative and positive reviews and assuring you are in a position to respond effectively. • Do Get The Company Involved. It’s important everyone in your company is a part of the social networking learning process, which can maximize your usage. Your employees hear from your customers and can build relationships through the social networking sites. • Don’t Use Social Media As A Billboard. Maintaining your company’s identity and values online is important. Use the sites to help potential customers get to know the company by building relationships. Businesses are finding these sites to be a way to connect with customers and deal directly with issues and concerns they might have. For instance, companies are using Twitter accounts for customer service. They can respond to customers’ questions and concerns immediately, while creating a genuine relationship with their customers. • Do Use Social Media As A Supplement. Social media is a great tool, but it’s not the “be all end all”. It’s important to integrate things like social media with the rest of your marketing strategy. Social media shouldn’t be your only marketing tool, nor is it a stand-alone solution. For best results, your social media should reinforce the messages and offers you provide through your Web site, traditional PR, direct mail and other marketing tools. • Do Engage In Conversation. People turn to social networking sites to learn about your company’s products and what others are saying about you. Meanwhile, you can bring value and expertise to the conversation, proving your company is a good place to do business. The real power of social media comes when it’s used not as a broadcast tool, but as a medium for conversations, two-way dialogue and feedback. Engage your friends and followers on topics related to your business. Find out what’s on their minds and what’s keeping them awake at night, and then look for ways to refer them to resources. • Measure Your Success. Bringing your efforts full circle is important, not only to understand whether you’re meeting your goals, but also to gain insight into potential adjustments and improvements. Though your metrics should certainly include “fan” and “like” growth, it should also take into account success achieved through content sharing and messaging. • Don’t Be Stupid. Just as easy as they can build up your business, networking sites can bring down your business. Don’t forget that everything on the Web is public. There are no secrets on the Web, so never say anything that you wouldn’t like to see quoted on the front page of the newspaper (or the top of the search results on Google). Slander and libel laws still apply. Some excerpts taken from http://www.dealermarketing.com/ Barbados Business Catalyst • July - September 2010 15
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Page 7 and 8: CEO’s Desk investments in ICTs, n
Page 9 and 10: E-Commerce more aware of the compet
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Page 21 and 22: ICT as a Driver of Growth A quick a
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