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1. EMPLOYEE RECRUITMENT: Social media is a low-cost tool that four out of five Americans use each month to communicate with other people and organizations. In particular, companies can use social platforms to publish job listings, correspond with candidates and complete applicant background checks. Also, organizations can monitor social feedback to estimate the success of recruiting programs.
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2. MARKET RESEARCH: Organizations employ social media platforms to learn about consumer lifestyles and opinions, pro and con, which influence their purchases says Stephen Rappaport, author of Listen First: Turning Social Media Conversations into Business Advantage. Based on its findings, a company can create a target market profile on which to base a marketing strategy.
WAYS TO USE SOCIAL MEDIA TO IMPROVE BUSINESS PERFORMANCE
About 10 years ago, social media arrived on the business scene. Today some adopters spend tens of millions of dollars on social media strategies while others commit relatively small amounts of cash to simply establish a social presence on the web. But even now, some businesses remain on the sidelines trying to make sense of it all. Although it’s true that the social media scene can seem light and entertaining, and on occasion, somewhat tumultuous or disorderly, adopters can capture economic value from social platform investments. So before you decide to remain on the sidelines, consider these 10 ways that social media might improve your company’s performance.
3. COMPETITIVE ADVANTAGE: Social media channels allow organizations to monitor competitor marketing messages and possibly achieve a competitive advantage by interacting with suppliers, customers and investors. An organization can use competitor messages that relate to marketing initiatives, including new store locations, pricing strategies or products, to formulate its own marketing strategy and tactics. Due to the relative cost effectiveness of this approach, a company may achieve a cost advantage.
4. CUSTOMER BASE: An organization can transmit marketing messages and relay positive feedback to millions of existing and potential customers and clients over social media platforms. Also, for-profits can reinforce print or broadcast advertisements and convert third-party endorsements to purchases using social platforms.
5. MARKETING CAMPAIGN: With social platforms, companies can market products directly to customers. Also, messages that are originally transmitted using print media, such as press releases or advertising campaigns, can be reinforced with social campaigns.
