February 19, 2010

TOW Week 6: Social Media Friend or Foe

Posted in TOW at 5:01 PM by Victoria

I listened to Mark Ragan along with David Biesack, SAS, Shel Holtz, Vida Killian, Dell, Terry McKenzie, Sun Microsystems, Jim Ylisela, Ragan Communications discuss social media and whether it is a friend of those companies utilizing it or a foe.

Click here to listen.

What I learned?

  • Social Media needs to be your friend. Shel Holtz stated we should care about monitoring social media sites because if they care enough to talk about the company then we should care enough to listen. It’s a form of media that cannot be ignored and can have some detrimental affects if taken lightly. Although I am unsure about the exact impact that social media has on companies profitability, I believe that it does have an astounding impact on the way companies conduct their business.
  • Monitoring social media gives companies the opportunity to slightly shift away from traditional marketing research and go straight to the source.
  • Also when you are listening and responding to customers, you will gain very loyal base that will act as “passionate evangelist.”  These passionate evangelists will defend company and serve as personable ally to those in the community and also help with referrals of business.

What surprised me?

  • The tactics that would be taken if consumers created a website critical of a company. If someone starts a website that speaks negative about a major brand, person, or company, I think the company should send its employees to the website along with their “passionate evangelist” they have created to take on the issue instead of trying to sue the company. Mark Ragan, however, pondered the idea of using the court system. I agree with one of the participants on the panel when she stated that starting legal action will do nothing but create more negative publicity about the client.

What do I want to learn more about?

  • What exactly is the return on investment (ROI) when you monitor blogs and other social media outlets?  It was said in the podcast that the ROI is “priceless.”  I believe that the impact social media has on companies varies. I think it is important to know the worth of social media so that companies can better deal with the effects of it.
  • I would also like to learn more about how companies handle websites set up just to criticize their businesses and how important it is to handle the situation.

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