With the amalgamation of Social Media into general marketing strategies, ‘Being Social’ is no longer seen as an option but rather a requirement in the business world. The most trusted form of marketing has for decades been word of mouth and social media offers this on a number of platforms for businesses to readily engage.
A study performed by McKinsey & Company last year, revealed that there is $1.3 trillion in untapped value to be gained by businesses through the use of social technologies. They found that businesses should use Social Media to enable better collaboration and communication within their organizations, as it was evident that only 3% of enterprises are currently doing this on a large scale.
As people’s perceptions of social media change, it is no longer viewed as just networking rather it is seen as building a brand. Starr Knight in her article on The Future of Social Media notes that,
Despite Facebook declining, it seems social media overall, will continue to rise. Social Media usage is up 38% over the previous year and is likely to increase to around 50% by the end of 2013. The increase in social activity is mostly down to smartphone users and we all know the mobile market is booming.
Over the past decade Social media has brought about huge changes to the world of business, going from a simple broadcast platform, to a highly sophisticated network of connections. It would appear that the Future of Social Media is guaranteed, the direction it will take is anybody’s guess and will be largely dictated by demand.
Lessons for others
Ms Knight when looking at the future of Social Media noted the following 3 considerations:
- Tribes – We as humans, by nature, are social despite the many years spent relying on mass marketing. We will be using social media as a way to have conversations and build a community or tribe that share the same interests.
- Relevancy – Something that will always be crucial to social media is how relevant the content is that you are sharing.
- SoLoMo – We are in a new era now where being Social, Local and Mobile are an important part of being on social media.
Therefore, it would appear that the future of Social Media is in the hands of its users.
Web references:
- The Future of Social Media By Starr Knight
- McKinsey & Company
- An insigt into the furture of Social Media
Submitted By: Carrie Murphy-Rodgers, SMBP Student, University of Waterloo
To contact the author of this entry please email at: cjmurphy@uwaterloo.ca
If you have concerns as to the accuracy of anything posted on this site please send your concerns to Peter Carr, Programme Director, Social Media for Business Performance.