Building a Social Business – Why and How?

Well, we have heard it before not only once but several times:

  • Do not focus on platforms; rather focus of people. The real power is in analyzing behaviors and building communities around common interests.
  • Focus on connecting with people, understanding their needs, analyzing what goes well with them, establishing long term relationships and making them take meaningful actions.
Twitter, Flickr, Tuttle, ICA Social ClubCreative Commons License Tony Hall (Photo credits)

Almost all businesses are present on social media platforms, if not on all but certainly on the three major platforms – Facebook, Twitter and LinkedIn. But not all of them are able to establish connection with people. The fact is – most of them fail.

Well, social media is all about doing interesting things and focusing on the community as a whole. But when you start doing things what your customers love, you actually miss the bigger picture. Companies should realize that they are exposed to the whole world beyond any borders and cultures. In fact, there are no boundaries at all.

When on Social Media, You’re in a Global Marketplace!

When you’re present on social media, you’re in a global marketplace and are exposed to people including existing and potential customers, suppliers, distributors, partners, shareholders, employees as well as competitors. Each of your moves on social media decides your fate.

Always remember that communities on social media are made of people and not only customers. The entire community may or may not be related to your company or they may or may not make your customers, but you always need to work upon your image online.

In the emerging social web era, you never know who turns out to be your customer. In such a scenario, focusing solely on customers can make you miss richer opportunities.

Social Business is for the Entire Ecosystem!

In the era of social networking, a business present on a social media is referred to as a social business. And it should focus on creating an organization that benefits the entire ecosystem (including customers, partners, competitors and owners) by sharing information and engaging in conversation. By doing this, it can become a more dependable, successful and effective company.

“Understanding both the nature of a social business and how it’s different – and better – than what we’re doing today means that we can approach it intelligently and as a true organizational evolution, not just a tactic or campaign.” – SideraWorks, a social business consultancy.

It means when organizations understand the meaning of social business and embrace this approach, they truly evolve over a period of time whereas ignoring the realities of social business can make it difficult to survive for businesses.

What Businesses Need to Do to Establish Their Feet?

  • Establish a strong policy to deploy social platform. Take time in defining a strategy about how to go on a social platform.
  • Next is, how to address the communities. Defining your strategy about creating content and identifying influencers.
  • Make an editorial calendar and try to stick to it to ensure timely communication with people on various social media platforms.
  • Seek to involve customers, partners, employees and others as much as you can.
  • Analyze what goes well with people and try to shape your conversations accordingly. Remember you’re addressing the entire community and not just your customers. So, try to provide an all inclusive answer.

According to McKinsey, the organizations adopting the approach of social business through community collaboration and communication can raise their productivity by 25 percent. However, better results take time initially.