Social Media is not difficult to define; it is difficult to find one common definition that everyone agrees on, however. In most cases, the typical meaning of social media can apply to a definition of business, as well. Allen Stern says the best definition of Social Media (relating to business) he has heard is a Peter Drucker-adapted/Shiv Singh-revised/Josh Weinberger-edited quote as follows: “The purpose of a business is to serve a customer…who creates customers.” This is absolutely the purpose of using social media in business. When one customer is happy, his word of mouth (WOM) will ensure that more customers will come your way. Some may argue that the only purpose of business is to create a profit. However, if not for happy consumers, there is no possible way to make that profit. Social Media in business makes this clearer than ever before; to create profit, a business must first create an enjoyable experience for the customer.
Social Media creates opportunities and possibilities for more connections across the internet. This could mean more customers for your business. Keep in mind, though, that engaging in social networking for you business is not the same thing as marketing your business through social media avenues. Participation in social media may not be improving your profit; having a solid online marketing strategy and using Social Media Marketing (SMM) as a part of it, will help your sales. Social media is a power through which everyone has a voice. Use yours wisely for your business by building relationships, interacting in conversations, and sharing relevant content.
How do YOU define Social Media, and how are you using it to improve profit in your company?
