The following is a summary of an address given by Ruchira Neotia at Mitchell Phoenix' Summer Lunch, 2011. Ruchira is currently Manager of Global Brands and Advertising Programs at American Express.
How popular is social media?
•Facebook has 700 million users; if it was a country it would be the third most populous country in the world, after only China and India
•Twitter has 200 million users
•Google Plus, launched in summer 2011, already has 10 million users
•You Tube has had billions of views
•Linkedin recently reached the 5 million mark
Some of every business leader’s target audience will be using social media.
What can social media do for businesses?
1. Satisfying Customer Needs
No matter what size your company, social media is a forum that allows businesses to conduct a direct, one to one relationship with the consumer. This can provide insights into how customers think and react. Social media can help businesspeople tailor their customer experience so that it fits client requirements well: because the customers themselves told the business what they wanted via Facebook, Twitter and all the other platforms. Click to read on