Profiting From Online Social Networking
Below is a MRR and PLR article in category Business -> subcategory Networking.
Profiting From Online Social Networking
Introduction
This article is the second installment in our series sharing insights from the Internet Retailer Conference held in Chicago from June 5th to June 7th. During the conference, Peter Kosciewicz, Director of E-Commerce for the Eastwood Company, and Chris Saito, Senior Director of Shopping Products for Yahoo! Shopping, presented on the topic: "Social Networking: The Peer Persuasion Marketing Tool."
The Shift in Marketing
Kosciewicz describes today's web as an "architecture of participation," driven by social networking tools like blogs, wikis, RSS feeds, and podcasts. Research by Forrester shows a decline in trust for traditional marketing. In 2002, 78% of people believed ads were a good way to learn about products; by 2004, that figure had dropped to 46%. Trust in companies also fell dramatically in the same period. Social networking addresses this trust gap by leveraging recommendations from real consumers. According to Datamonitor, 85% of people trust word-of-mouth advice from friends and family over corporate messages.
Harnessing Social Networking
To capitalize on social networking, start by fostering a community around your site. Utilize tools like blogs, customer reviews, and forums to engage your audience. However, this strategy requires high-quality products and services. If these aren't in place, reconsider using this approach.
Kosciewicz offers four key principles for integrating social networking:
1. Guide but don't control.
2. Never censor.
3. Embrace the negative.
4. Avoid paranoia.
If you restrict open discussions by deleting negative comments or competitor mentions, you risk damaging your reputation. Instead, view criticism as valuable feedback to improve your business. Keep your community informed about changes based on their input. Don’t fear discussions about competitors; confidence in your superiority should take precedence.
Building Influential Communities
Within your community, some members will naturally emerge as influential voices. These individuals are often more active and engaging. Cultivate relationships with them, as they can become powerful advocates for your brand. Maintain genuine interactions and offer value, such as product samples, to reinforce their connection with your brand.
Measuring Success
Quantifying the impact of social networking can be challenging due to the lack of direct links to sales. Focus on tracking metrics like traffic to review pages and referral links to gauge the effectiveness of your efforts.
Conclusion
Social networking offers a robust marketing opportunity, provided you deliver quality products and are open to genuine customer engagement. If you need assistance developing a social networking strategy, feel free to contact Work Media at 1-888-299-4837 or email info@workmedia.net.
You can find the original non-AI version of this article here: Profiting From Online Social Networking.
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