Social Media Networks in Business

So what can businesses use social media for?  As I gather my thoughts on the whole concept of social media and business networks I stop to think to analyse how social media can help businesses.

What comes to mind is communication and the ability to interact… yes Web2.0 and the 4 C’s outlined in Niall Cook’s Enterprise 2.0 book.  Communication, Cooperation, Collaboration and Connection, these are the primary functions of social software.  There are many social media technologies available but the popular ones we hear about all the time are Facebook and Twitter.  I think the main thing here is to focus on are these 4 C’s.  How these primary functions can assist businesses to form networks and communication with its stakeholders whether it be by text, video, image or a combination of these.

A good example is when BNZ turn to social media software Twitter after the Christchurch earthquake to tweet to its followers which ATMs/branches were operational and to help track down their staff.  Using Twitter they are able to build relationships with their customers and create a community of followers; which has proven successful for BNZ.  This gives BNZ  a competitive advantage and they can differentiate themselves  from the other banks.  In this case it was an easy way for BNZ to communicate information to its followers in an emergency situation.   The article states that BNZ is a leader and early adopter of social media compare to other banks and even goes as far to say “some people would switch banks because of the strengths of its earthquake-related social media activities“.   The full article outlines more information on future trends in banking and social media.

Another aspect of the Communication side is the ability to build a community of different stakeholders, whether this is the employees, suppliers, customers it gives the opportunity for these individuals to interact and collaborate.  Now what do you think the advantages are of using social media?

P.S. Something I came across today that I hadn’t encountered before is a chat box popping up while online shopping, “Do you require assistance with your purchase today”.. they were very helpful but how freaky is that!

Believe it or not… something to think about..

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4 thoughts on “Social Media Networks in Business

  1. Ivan says:

    Social media is very powerful today, personally think it is for the good being able to share crucial information during natural disasters evidently shown during tsunami in Japan and earthquakes in Christchurch and also find out what’s new in the world. News via Twitter is amazingly fast.

    It also has a double edged sword aspect to it where people share too much information mostly not of interest to others.

    In general however, Social media is one way to communicate with the world which I think the whole Social Media is based on.

  2. Jo says:

    Yes you are right there, one of the advantages is the ability to communicate so easily with others, whether it is by messaging, video, the ability to interact and collaborate e.g forums, blogs, wikipedia. I will be posting on Collaboration soon.

    In emergency situation it has proven helpful with also the ability for people to update their status, twit to tell others they are okay especially when the telephone lines are jammed up!

    It’s the whole Web2.0 approach which is very different from Web1.0 which was static which meant not having the ability to get feedback and becoming out of date.

  3. kships says:

    I agree social media has a lot of benefits to businesses. One of the key advantage is the free advertising your customers can do for you. I’d trust a friend/family liking a product that they own over any traditional marketed advertising.

    Yep, getting emergency or breaking news out to the public has never been easier. I’m registered with TV3 twitter feed which posts any breaking news and since that is linked to my phone it I get the information very quickly.

    Of course there are plenty of negative impacts with Social Media that businesses need to know and get on top of if they wish to survive Web 2.0. I’ve started discussing this at http://nzsocialmedia.wordpress.com/

    The online chat boxes are awesome 🙂 I needed some product information last week on a site, typed a question into the box and within a few seconds a sale rep had replied with the info I needed.

    • Jo says:

      Yes I agree for business there are alot of marketing benefits, having a place for everyone to meet, discuss etc. There’s the 4 C’s again.

      These online chats are very good, it was just a little freaky and werid because it just popped up without me doing anything… weeeee’re watching ya…lol

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