Measuring the Impact of Social Media: Challenges, Practices and Methods

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Table of Contents

Abstract
Introduction
Social media challenges
Social media practices and methods
Conclusion and recommendations
Reference List

Abstract

As a consequence of social media coupled with the direct and indirect persuade of social media promoters, in the present day clients are expected to make purchases on what they read and see in forums referred to as ‘social’. However, this can only happen if the information is brought forth by an individual or entity they have built trust in.

In addition research has shown that firms have been able to bring back dejected clients and shareholders by way of social media. This is the reason why a focused and strategically set line of attack has become a vital portion of any whole and directed marketing scheme which must as well be crafted by employing fresh and upcoming techniques. The way in which to go about this successfully has been discussed here in detail.

Introduction

The reference social media is used to describe the use of World Wide Web based and cell phone technologies to make the exchange of information an interactional chat. The use of social media does not just stop at socialization or interaction; it is being utilized to a very large extent in business.

Its use is expected to hit even higher levels as technology advances and the ways of conducting business scale onto new heights (Scoble & Israel, 2006, p. 3) Social media comes in various types which include; publications, cyberspace forums, weblogs, public web log, video, and social bookmarking, among others.

When it comes to commerce or doing business, social media is generally referred to as end-user-generated media, popularly referred to as CGM. A familiar line running through all classifications of social media is a combination of technology and social relations for the co-generation of value. Individuals get hold of information, education, reports and other facts from electronic media and print media.

Social media as relates to e commerce are different from industrial or conventional media, like dailies, TV, and motion pictures. They have become fairly affordable and accessible to allow anyone, even private business people to put out or access information, as may be measured up to industrial media, which commonly call for considerable resources to put out information.

The foremost characteristic of social media as relates to doing business is the capacity to reach large addressees. For instance, a blog post or a TV advert may get in touch with millions of people around the world. Social media means are commonly accessible to the public at modest or no cost.

Social media presents a prospect in the carrying out of business. On the other hand, it offers its fair share of challenges. It has in most times been reiterated that social media is possibly one of the most influential up to date commerce tools. With influence comes accountability and social media is no exemption to that tenet.

Viewed from a commerce perspective, social media offers a new world of prospects and it is moving as well as essential to be at pace with the most up-to-date advances on the social media stage. In business, social media is not a crosscut to victory (Sommer, 2011).

At the same time the employment of social media for commercial benefits is no walk in the park. There are always challenges which need to be overcome and opportunities which need to be taken advantage of.

One of the leading challenges in this field is privacy. Businesses have to be aware that social media users do not stomach confidentiality infringements. It does not matter the forum on which one operates, be it Twitter, print media, or any other, but if one does not get the confidentiality elements right then they are going to suffer. At the same time, confidentiality is extremely paired with security.

Cybercriminals are continuously targeting both businesses and customers with the aim of embezzling an individual’s identity or vend illegal commodities. They as well trail victims and interrupt processes with malicious programs.

Therefore, both enterprises and customers are left between a rock and a hard place as far as the use of social media for business is concerned. For a business to effectively reach out to people it has got to make public what it has got to offer (Bodnar, 2011). Through this, individuals with ill motives can get it and conduct other fraudulent activities that will affect that enterprise and even extend to its clients.

Another challenge related to this is transparency. At the same time as one needs to esteem a user’s confidentiality, as an enterprise one is expected to be absolutely transparent in their processes.

The approach here may involve informing the users all they require to know and avoiding to enquire from them all that they do not need to tell. Lack of transparency will lead to difficulties in setting up reliance with one’s users. An absence of trust often if not always leads to a lack of clients.

Social media has a Unique Selling Point which at the same time presents a challenge to businesses. Social media’s USP lies in diversity. As an enterprise, one can interrelate with persons from various nations, ways of life, religious affiliations and ethnic backgrounds.

In most times, enterprises find it an uphill task to match up to such varieties (Idugboe, 2011). This is the reason as to why it is often touted that social media has got a language of its own and failure for one to gain knowledge of it, and then he or she does not belong to it.

Another major challenge to businesses as far as social media is concerned is business integration. In most times, enterprises find it easier said than done to incorporate social media with their main line of activities. Social media has an effect on just about each role of an enterprise.

Almost all functions of every business deal with employees and clients. There is normally a learning curve in the process and when that gap is sealed, enterprises can appreciate the value of incorporating social into their complete system.

A number of businesses have been faced with the challenge of union of social media and mobile technology. As a matter of fact, more or less all social media networks have a great share of mobile users.

Therefore businesses have no choice but to adapt to this way of doing things or be left behind. Mobile technology brings forth a vital bit in the social media field and such technology will play a major function in assisting enterprises tap the exact prospect of social media.

Relationships in social media do present a challenge particularly for businesses. It takes time for relationships to get established. Looked at from the point of view of social media, it is essential for enterprises to be at a position to uphold a healthy association with their customers.

It is a big challenge for businesses to uphold healthy associations with each and every person that they deal with. Nevertheless, relationship is far more precious as may be compared to any once sale and social media is not to be left out of that rule (Odden, 2009).

When a commercial entity goes ahead and adopts social media as one of the ways to assist it grow, after some time an evaluation has got to be carried out to establish the return on the venture. This is what is popularly referred to as return on investment or ROI.

Determining the return on investment of social media is not one of the easiest things to do. As a matter of fact, a lot of enterprises give up their social media ambitions just because they are not in a position to assess if they have been able to come up with the anticipated return on investment.

As times go by, it has come clear that technologies advance impressively. On the other hand, people do not and if they do, it is to an extent that cannot be matched to that of the technology itself.

This has become a major challenge in the adoption of social media in businesses and is the reason why venture financiers will value a technology firm at 3-14X returns while a people-founded organization will be fortunate to be valued at 0.7X returns.

Due to one reason or another, people do not just match up to latest trends in matters social media. This is the reason as to why there is need for fresh inventions of social media that will go further that enhancing the exchange. Products are required that will assist deal with the flood of inventions in business social media.

It has been shown that social media technologies happen as expected in businesses which pay attention to the commentary. This has proved to be a challenge to many establishments since they just see social media technology as a stage to have an attendance. This means that such firms for instance establish a Facebook page, develop a web blog or post a number of expedient messages.

The institutions approach social media as a one-sided forum where they will drive their communication. Such an advance toward social media has often if not at all times not made the grade as the firms are not utilizing and relating with the substance that clients are presenting to them.

The challenge is even greater with modern-day ways of doing business, sub-contracting. Firms nowadays sub-let their call centers, social media and other operations to other organizations.

If a customer is drawing attention to a commodity or service fault, having a support matter, classifying fresh commodity information that is required, among other comments, such observations are channeled to the wrong quarters. The outcome is not positive in such cases since the firm(s) has a social media presence but do not use such presence effectively.

A lot of promoters and other users of social media are not precisely certain about the disparity between best and worst practices when it comes to involvement in the social web where aims are commercially prompted. Classifying the most excellent and most horrible practices is a work in progress as technologies advance. It is always best to begin with the fundamentals that will hold true in spite of these alterations.

For a commercial entity to effectively employ social media for maximum benefits, the firm needs to begin with a plan and then tactics to follow. The mistake that many make is beginning with tactics as opposed to planning (Yochai, 2006, p. 58). Players need to explore and set up a social media guideline entailing the addressees, aims, tactics, tools and systems of measurement.

Social media lays out a big challenge for organizations as a lot of conventional management approaches are not appropriately suited to handle clients who no longer have the desire to be talked at but who would like business entities to pay attention, properly connect, and act in response.

In order to be up to the task some experts have come up with a number of functional building blocks that hold vital significances for the way in which companies should connect with social media.

Through critically looking at these building blocks; individuality, exchanges, sharing, existence, dealings, repute, and groups, organizations can examine and become aware of the way in which social media activities show a discrepancy in terms of their purpose and effect, so as to build up a matching social media policy based on the fitting equilibrium of building blocks for their group of people.

All the time more, the reference social business is being applied. This means that social media is not just an advertising or selling discipline, but that it bears numerous applications in a firm such like customer care, sales & marketing, research and development and human resource management.

The foremost best practice of social media in any organization is the being there of more open and a shared association with the inside and outside world. Such a business is what can be referred to a social business where social media is credited with breaking down obstructions that could not allow any interactive association.

One of the vital elements in thriving social media commerce is coming up with social authority. Social authority is built up when a person or an entity sets up themselves as specialists in their given area of operation, and as a result turning into an influential authority in that specialty. It is by way of this course of crafting social authority that social media turns out to be effectual (Oxford Media Works, 2008).

This is the major reason as to why one of the introductory aspects in social media has become that one cannot entirely control their communication by way of social media but rather they can just embark on taking part in the discussion with the expectations that they can attain a considerable control in that chat.

It is important to note that this chat involvement has to be smartly carried out because despite the fact that people are opposed to marketing in general, they are even more opposed to express or obvious selling by way of social media forums.

This may come out as counter-shrewd but remains the major explanation putting up social authority with reliability is so essential. A promoter can normally not look forward to people to be friendly to a promotional message per se.

A social media practice that has proved to be effective over time is “giving to get”. Flourishing social media promotion plans entail paying attention and taking part (Charlene & Bernoff, 2008). The said participation revolves around giving value ahead of anticipating any returns. This might not be sales as normally is conducted. However, firms can without doubt add to sales as a result.

Enough resources and time need to be invested in order to anticipate success. It is essential to project work hours, who, what, at what time, which way and which place with the objective of accomplishing something, not just trying out. If a social media attempt turns out to be flourishing, its measurability will turn out to be an even larger matter if one does not arrange for it.

For instance, taking into service a community manager may not be necessary when a social media scrutinizing program is kicked off or with a new firm, but a post description and understanding of the position needs to be standing by in the case that it is called for.

Another best practice with social media as far as e commerce is concerned is being clear with one’s objectives and their identity. Failure to do this could most likely push away the very addresses one is trying to link up with (Methods of social networking, 2011). Goals, lines of attack, and doing enough research as regards to a community should make it clear what forms of business communication are suitable.

Being clear with reference to objectives might come in the form of affirming an intention. For example, “Brand ABC has crafted this Twitter page to assist clients come up with better options concerning Topic ABC.” It is always OK if objectives are to raise sales, but taking part should be centered on offering the form of worth that enhances sales – not trying to make sales directly.

It is always best practice for an entity to understand that they do not control the message. As has been the case there is an affinity to want to treat social media involvement like promotion where the capacity to be in command of messaging is the custom. The moment information or media is accessible on the social web, the public will as one might expect mash it up, stretch it and re-form it in accordance to their desires.

Brands have to safeguard their identities, patent and intellectual belongings as a matter of fact. However, promoters need to support the interpretation of their marketing message(s) as opposed to controlling such messages.

Promoters as well need to encourage taking part, response and co-creation. As comfort ranks improve with social media involvement, firms will certainly see prospects to promote involvement with communications, particularly with brand promoters (Kietzmann, Hermkens, McCarthy, & Silvestre, 2011).

Growing associations and community within social participants on the web can make possible buy in, offer very useful feedback and mass sourcing prospects.

The issue of ROI or return on investment has been mentioned earlier in this discussion and it has to be highlighted here that as a best practice there has to be a mechanism for assessing it. The mechanism might be a worth pegged on enhanced commodity awareness, solid sales fronts or expense savings. ROI is easily determined in instances where an affirmed objective for the social media venture is existent.

Conclusion and recommendations

From the discussions here it is evident that employment of social media as a means of marketing has come across an entire set of fresh challenges. A Trust Study conducted in 2010 showed that it is most efficient if promotional undertakings by way of social media concentrate upon the actual setting up of influence.

A person entrusted with a promotional job in a given organization has to sincerely prove to people of their real objective, familiarity and capability in a given area or industry by way of offering helpful and precise information on a constant basis minus an advertising approach visibly associated.

If this can be achieved, confidence with, and of, the receiver of that information, starts to grow as one would expect. This individual or entity turns out to be a thinking head and value giver. They thus position themselves as consultants who can be relied upon, and not just marketers. In such scenarios, customers naturally start to incline toward the commodities and/or services.

Reference List

Bodnar, K. 2011. 4 Social Methods for Generating Word of Mouth. Web.

Charlene, L. and Bernoff, J. 2008. Groundswell: Winning in a World Transformed by Social Technologies. Boston: Harvard Business Press.

Idugboe, D. 2011. 7 Social Media Challenges You Will Have to Overcome. Web.

Kietzmann, J., Hermkens, K., McCarthy, I., and Silvestre, B. 2011. Social media? Get serious! Understanding the functional building blocks of social media. Methods of social networking. Web.

Odden, L. 2009. Best and Worst Practices Social Media Marketing. Web.

Oxford Media Works. 2008. Worst Practices in Social Media Marketing. Web.

Scoble, R. and Israel, S. 2006. Naked Conversations: How Blogs are Changing the Way Businesses Talk with Customers. Hoboken, N.J: John Wiley.

Sommer, B. 2011. The Next Social Media Challenges. Web.

Yochai, B. 2006. The Wealth of Networks. New Haven: Yale University Press.

Kaplan, A. & Haenlein, M. 2010, Users of the world, unite! The challenges and opportunities of Social Media Business Horizons 53 (1): 59–68.

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Abstract

Introduction

Social media challenges

Social media practices and methods

Conclusion and recommendations

Reference List

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