Social Networking impact on Companies strategies.

Monday, May 3, 2010

Social Networking the big thing that exists in the virtual world as of now. Well the sites like ORKUT, Facebook, twitter has made an enough impact on the market, celebs, sports, retails industry etc. These sites are so effective now for example, media is eyeing on these sites for what celebs are chatting around. Any controversies around these sites filled up with huge comments around.

For example recent Contraversy of IPL , Tharoor was giving comments on twitter to the public which was acting like an unofficial media to publish his comments to the people. Now these sites both positive and negative impact on the people using these sites.Well as of now i am gonna share only positive thoughts about these social networking sites.

Concept of social networking has shown way to many entrepruniers as new way to interact. And also in the segment of retail industry this is shown an impressive impact. Now this social network has created its own platform where companies are forced to follow these sites to know about the feedback or their place in the market or puclic view about their products.

A few days ago, a customer from Jammu & Kashmir wrote on M&M vice chairman and managing director Anand Mahindra’s Twitter page about the delayed delivery of a Mahindra Scorpio. The effect was instantaneous. Mr Mahindra replied with just two words ‘Arun, Vivek?’, referring to his senior executives Arun Malhotra and Vivek Nayer. That’s the power of social networking.

“Earlier, if you were happy or unhappy with a brand, there wasn’t any platform to discuss it so openly.Now there are some websites like which is very effective in sharing the reviews about the products used by the consumers. There were limited avenues. Even for brands, connecting with consumers was never as easy as it is today,” says Saloni Nangia, vice president at management consulting firm Technopak Advisors. Social media has provided the perfect powerful medium to express positive or negative feedback.

Traffic to these social networking sites has been dramatically increased in past two years.Facebook has nearly 14.1 million unique visitors which is very near to orkut 18 million visitors. Twitter is a very huge platform too. Looking at these companies comedown to these sites and start advertising and also companies like dell is registered with twitter and people who following Dell will get messages instantly if Dell annouces any discounts or any other new launch. This can be very effective in increasing the sales for a Company.

Traditional product management doesn’t apply to social network/media since the primary relationship is no longer user-to-platform, but user-to-user.

Jennifer L Aaker, General Atlantic professor of marketing at the Graduate School of Business, Stanford University says, “Traditional product management doesn’t apply to social network/media since the primary relationship is no longer user-to-platform, but user-to-user. Therefore companies need to think about themselves as a market regulator, setting the rules and users creating whatever they want within those limits.”

Well companies are creating communities for the users to interact with them and conduct promotional activities etc. This concept was not only helpful for the virtual world players but also to the mobile world. I mean many of the big players of Mobile industry is opting for Social networking now, harldy we can see any mobile in the range of Rs 5000 to Rs 7000 without a social networking option.

I think there are many industries which needs to use the concept of social networking yet.May be this concept is so simple yet very powerful, this concpet can say like simplicity is always effective.

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