The value of using social media for business purposes is a never ending pursuit of old markets trying to adjust to a new market.
Time will change the value because technology is advancing and then
changing how social technology is being used. Given the dynamics of
change many people and organizations wonder how to create value today
that last tomorrow.
The "Parts" of Value Creation
In an earlier post we discussed "Which Part of Social Media Sells?" and we shared our thoughts on the different parts of social media. Once you decide to use social technology, for whatever purpose, the processes required include:
- Administration & Management of personal and organizational presence on the web.
- Listening and Learning what your markets needs, wants, desires and intentions are.
- Thinking and Planning what you should do to create value for the market you aim to serve.
- Engaging and Measuring whether you are effectively and efficiently exceeding your markets expectations for value.
The return on investment of time and cost related to the four processes above is directly reflected by the quality of the decisions required in each process. In order to maximize the return on investment each process needs to be maximized to its fullest potential.
Which Part Creates the Most Value?
Each process within the system of social media adds value.
The first value is making yourself available to the market where the
market is. Initially this is an administrative and technological task
for increasing your presence throughout the web.
The second value creation is by listening and learning how your
market behaves and what influences the behavior. First you have to
understand before you can be understood.
The third process is where the most sustainable value is created over and over. Thinking about your market's intent and exceeding the expectations is how you can create sustainable value for the market.
If your intent exceeds the markets expectations then you will know
based on what, where, when, how, who and why the market responds to you.
Markets shift and technology is changing the way markets interact. Subsequently your "system of engagement"
must change based on how the market operates and responds. This
requires a never-ending fluid exchange of information and knowledge
shared between each process illustrated.
Social media isn't what creates ROI rather a return on anything in
life reflects the quality of our thinking. A wise man once said "as a man thinketh so is he".
As more and more markets migrate to use of social media what, where,
when,why, who and how you use it is transparent to the marketplace. That
means your actions, or lack thereof, and your intentions are seen by
everyone. The only thing that can improve your actions is your
thinking.
New knowledge helps change how and what we think. What are your thoughts?
This post is an introduction to a series titled "Creating Social Media Value" which will run over the next thirty days. We will dive into the elements of each process within the "system of social media". Stay tuned.