Social Media: Friend of Business

By: Eric Phillips

* Social Media: Friend of Business

*Brief History

The Meaning of Social MediaThe Abundance of the Social Community

*Spell It Out

Destined Partners

* What This Means for IT Sector

*3 Great Things

Brand Awareness

• Increased Brand Exposure

• Increased Profit

Public Relations

• Better Social Image

• Counter to negative press

Customer Service

• Problems become known and are solved faster

• Customer Intimacy

* Improved Customer Equity

Customer Intimacy

• Rapport with Customers• Positive word-of-mouth

Business/Customer

Collaboration

• Customers willingly offer ideas and info on competitors

• Creation buzz marketing

Repeat Purchases

• Creation of relationships for long-term value• Sustainable Competitive Advantage

*It’s A Process

(Bodnar, 2010, p. xx-xx)

*Competitive Intelligence through Social Media

Competitive

Intelligence

Keep up with promotions of competitors

Market research using competitor’s customers Helps

functional strategy of recruiting

competition’s talent

*Cost Effectiveness

(Handmadeology, 2011, p. xx-xx)

*5 Take Aways

*Better Brand Equity*Better Customer Equity*Better Competitive Intelligence*Cost Effective*Exchange of Ideas for better

products/services

*Citations* Bodnar, K. (2010, 24). 22 Educational Social Media Diagrams. Retrieved January 10,

2014, from http://blog.hubspot.com/blog/tabid/6307/bid/6005/22-Educational-Social-Media-Diagrams.aspx

* Business Today (2013, December 26). IT industry logged high-growth in 2013 - Business Today - Business News. Retrieved January 14, 2014, from http://businesstoday.intoday.in/story/it-industry-logged-high-growth-in-2013/1/201806.html 

* Donnelly, M. (2013, January 15). Building Brand Awareness | Use Case Series. Retrieved January 11, 2014, from http://webcache.googleusercontent.com/search?q=cache:4wa8KMyfypoJ:www.meltwater.com/social-media-blog/social-media-marketing-use-case-building-brand-awareness/+&cd=2&hl=en&ct=clnk&gl=us

* Handmadeology (2011). Etsy Ad Pricing: Comparing Them to The Competition | Handmadeology. Retrieved January 12, 2014, from http://www.handmadeology.com/etsy-ad-pricing-comparing-them-to-the-competition/

* Jobvite (2013, September 5). Recruiters Increasingly Adopt Marketing Tactics in Fierce Competition to Hire, 2013 Jobvite Social Recruiting Survey Shows — Jobvite. Retrieved January 12, 2014, from http://webcache.googleusercontent.com/search?q=cache:-HQrS5aGL-0J:recruiting.jobvite.com/company/press-releases/2013/recruiters-increasingly-adopt-marketing-tactics-2013-jobvite-social-recruiting-survey-shows/+&cd=1&hl=en&ct=clnk&gl=us

* Power, D. (2013, September 22). Social Media Resources: Competitive Intelligence, and Social Influence | Sprout Social. Retrieved January 12, 2014, from http://webcache.googleusercontent.com/search?q=cache:C3trxdPvC-IJ:sproutsocial.com/insights/social-competitive-intel/+&cd=3&hl=en&ct=clnk&gl=us

* Rolland, S. E., & Parmentier, G. (2013). The benefit of social media. International Journal Of Market Research, 55(6), 809-827. doi:10.2501/IJMR-2013-068