No doubt about it, social media is a powerful technology. Two billion people are already online. E-commerce sales are $8 trillion a year. Its greatest virtue is that it breaks down the barriers between companies and their customers. Companies can find out what their customers think of them through their tweets and respond quickly. All this information is wonderful if companies can interpret it. Workers are already over loaded and often can’t make sense of the data they are being fed. And that data deluge is expected to grow more than 40 times by 2020.
So what does this mean for the already overstressed small business man? A problem could arise if most of the tweets and other comments come from mostly angry customers. It would be easy to pacify these while neglecting the average customer, the non-customer (the biggest source of possible growth) and the elderly who seldom tweet.
The trick will be in using this technology to the best advantage by extracting useful information from it. It can provide great opportunities, but can also bring problems. Businesses will need better filters, editors and social media managers to help them with the flood of data. We can help you with some of this. Give us a call.