Turning Social Media into a Business Card for Startups

The world around us is shrinking. Each one of us is more connected, well informed, and increasingly aware about the world at large. The internet is the primary reason for this extreme connectivity, and the number of people joining various networking websites on the internet is increasing by millions every year.

photo © 2010 Yuichiro C. Katsumoto | more info (via: Wylio)

Some interesting facts about this phenomenon:

• 45% of employers today evaluate potential employees using social media
• 13 % is the traffic growth rate over the last year on Twitter, Facebook and LinkedIn
• Over 2 billion people use the internet as of 2011

Now, if we put this into the business perspective, one aspect becomes very clear – the virtual world has the potential to represent a company in a big way. They can help build reputation, customer relationships and loyalty. However, on the flip side the internet can be a furious tool when it comes to hurting a company’s reputation too! So use it with caution. (I am sure the Vodafone case is still fresh in your mind, where it sued a customer for posts on his Facebook wall that criticized the company. http://cot.ag/jWg5LB )

What is being said about your company is important because that is going to affect the way you do business. If the news going around the industry is positive, you will gain customers; where as a negative reputation will make it difficult for you to gain new customers as well as retain existing customers.

· Brand Authenticity: Credible and relevant news circulating in the media gives your brand authenticity. What opinion leaders say about you often reflects in your customers’ buying decisions. People trust people more than companies – being in the good books of influential people will matter!

· Acknowledge Your Mistakes: If you have fumbled, acknowledge it! Accepting your mistake openly isn’t very easy, but if you have the courage to do it, it speaks volumes about your brand’s values and company ethos. However, be careful not to overdo it. Once you agree to your mistakes make sure to rectify it and deliver as promised. The idea is to under promise and over deliver to get back into the race.

· Co-creation: Your customers are the ones you want to keep happy; then why not take their help? Co-creating will add value not only to you but to your customers as well. Real time online feedback sessions, fan page contests, etc., are a couple of ways you can do this.

· Influence Opinions: What is being said about you in the media is partially under your control but is largely others’ opinion. What you can do is influence other’s opinion to your advantage. Project yourself the way you want to be perceived.

· Be in the Right Place @ the Right Time: Know where you need to be present at the right time. Making sure you have ample media coverage is one thing, but what is even more important is to be in those streams where you can reach your audience.

Social Media is a powerful weapon which can be used to your advantage if you know how to leverage it well enough. Your public image will determine who associates themselves with you. The media can act as your business card, which is the face of your company. So use the space wisely to get maximum ROI.