There's been a lot of talk about social media. In the following article, I want to address what's been said about the value of social media, as well as add several recommendations about how green companies and organizations will find social media tools valuable in 2010 and beyond.
In 2008, USA Today said companies were turning users into profits. Monetizing social media companies such as Twitter and Facebook was a hot topic in 2009. Venture capitalist blogs like Venture Dig wrote about it. Search Engine Marketers like Search Engine Land wrote about it. Mashable asked: who will monetize social media?
For green businesses and non-profits, many social media analysis covers how to stay in touch with green issues such as Planet Green's 15 ways to use social media for green good, including finding and attending green events. Ecopreneurist also wrote about using the web to build your green business. Mashable also wrote about how to find summer green initiatives using social media tools like Twitter (in 2009).
1. Improves customer feedback (DM, @reply, blogposts, e-mail through Facebook) this means direct feedback about product launches or coming back from negative PR (take Domino's for example--negative customer feedback made Domino's launch a new and improved social media launch)
2. Cost-effective says social media expert @jowyang (tools are free--time is expensive and easily wasted if you're inexperienced)
3. Tools enable community building around your product and how it relates to sustainability. @Amyrsward on building a sustainable community (visible through your Twitter followers and Facebook likes)
6. When your audience sees Twitter or Facebook messages daily, you have higher chances of active customers--word of mouth is valuable
7. Makes learning about your competitors easy (What are customers saying? What are employees saying? What's their price point? Are they authentically green companies?)
By 2010, organizations like Social Media Today asked the same questions: how will companies make money using social media tools? TechCrunch also asked, what's the value of social media? One Huffington Post story, written by the VP of Dell's Social Media, wrote, isn't the value of social media what business is about? The Social Media Examiner noted lead generation and brand advocacy were two important factors in businesses' finding value in using social media tools.
Speaking specifically about online retailers, the Next Web Social Media blog notes the most important object for retail shops using social media tools is to convey deals and offers. Another blog notes 'sexier' campaigns have more engaged audiences.
Finally, Brand Week boldly stated its value of every Facebook fan: $3.60 (via Vitrue and representing a Facebook fanbase of 1 million which equals $3.6 million in media spend). "It's important to understand that once you build that fan base, you want to make sure you're leveraging it," said Michael Strutton, Chief Product Officer at Vitrue.
For green businesses and non-profits, many social media analysis covers how to stay in touch with green issues such as Planet Green's 15 ways to use social media for green good, including finding and attending green events. Ecopreneurist also wrote about using the web to build your green business. Mashable also wrote about how to find summer green initiatives using social media tools like Twitter (in 2009).
Though there's been debate about the value of social media, there are many reasons to invest time and money into social media marketing as part of your communications portfolio for your green company or non-profit.
Nineteen reasons are outlined below:
1. Improves customer feedback (DM, @reply, blogposts, e-mail through Facebook) this means direct feedback about product launches or coming back from negative PR (take Domino's for example--negative customer feedback made Domino's launch a new and improved social media launch)
2. Cost-effective says social media expert @jowyang (tools are free--time is expensive and easily wasted if you're inexperienced)
3. Tools enable community building around your product and how it relates to sustainability. @Amyrsward on building a sustainable community (visible through your Twitter followers and Facebook likes)
6. When your audience sees Twitter or Facebook messages daily, you have higher chances of active customers--word of mouth is valuable
7. Makes learning about your competitors easy (What are customers saying? What are employees saying? What's their price point? Are they authentically green companies?)
9. Video and picture content lowers user education costs (especially great for retailers with different/interesting products). According to Jim Stein, CEO of American Ratings Corporation, businesses which educate consumers find more value in higher quality products and services; this is true online and offline
11. Livefeeds of conferences and seminars increases event attendance and engage participants
12. Measurable interactions online (How many RTs? How many Fans or Followers? How much sales?)
13. Green and sustainability-focused companies are consistently thinking about their identity & mission because of transparency (take the example of Mindful Metropolis (a Chicago-based environmental publication) that have admitted they need $20,000 to cover their budget gap)
14. Enables customers and businesses to create and improve trust
16. Uses platforms that a variety of demographics interact with daily
19. Improves your relationship and improves your businesses' understanding of target audiences through Foursquare
