How Major Corporations Can Benefit From Social Media?
In today’s environment, openness and ethics are becoming primary policies. As “People” is being considered as the 5th P in the definition of the Marketing Mix, major corporations are struggling with how to handle this new dimension. They have often been misperceived by consumers because of the low level of interaction between the two. And the rule is often the following: people fear what they do not understand (in this instance, corporations).
In order to make a real difference, major corporations should not try to influence people’s perception only through campaigns. They should nurture consumer ecosystems by injecting content: informative and entertaining content explaining what the company core business is and how it is benefiting society. This will elevate their brand, and surpass competitors.
Social Media can be defined as a blending of technology and social interaction for the co-creation of value. Thus major corporations should start interacting with their customer base to create conversations, bring knowledge and fight misperceptions.
It is not about manipulation but about building trust. For instance, BP’s inability to apologize has hurt its ability to have an honest conversation, however difficult, with the public. BP’s social media campaign might have hurt the brand’s image more than it has helped. It was not really an attempt to fix the stark reality but more a control issue.
The crisis hit the economy deeply during the past few years. Corporations have suffered but people have suffered too and their distrust has been rising. Thus, this is the most important time to act. Glen Leonard explained in his conference entitled “The Future of Social Media” how in a near future, as the environment is becoming more and more transparent because of social media, Social Capital would represent a major source of importance for companies.
Building campaigns across all platforms, both online and offline, all conceived as a whole to deliver successfully integrated communication is what major corporations should be doing; social media being the tool to create meaningful conversations.
2010 might have been the year to think things through, but 2011 is the year to match people’s desires. Goldman Sachs buying stakes in Facebook is a sign that companies are ready to make the move. Social Capital will see its importance grow to a new dimension.
