The SEC isn’t amused by the Twitter hoax that led to a quick and serious drop in financial markets yesterday and we may see an investigation.
Frankly it’s also a little troubling that some of these computer programs can move so fast to sell off stock just based on key words in a Tweet. Maybe we need to start thinking about a financial transaction tax.
We covered a post back in February on how SEO services can contribute towards the growth of online business. Social media is an important aspect of any search engine optimization strategy, and with all the recent changes going on in the functioning of search engine algorithms, presence on social media is more important than ever.
Social media may look like a mere term from far away, but it can make a huge impact. There are more people present on social media at any particular hour than the number of those watching television commercials, TV shows and other forms of advertisements combined. A 2012 social media marketing industry report revealed that 60 percent of a company’s marketing department is spending all working hours to increase social media presence.
The use of social media has also increased by a whopping 230% since 2007, powered by smartphone applications that allow people to use the platforms from anywhere and at any time.
Here are top 3 reasons why online businesses will live and die by their presence on social media modern age:
1. Consumers use it for research
Consumers, shoppers or anyone looking to buy products and services from an online company will turn towards social media for research. They’ll look over at the platforms where the company is present, check the comments of existing customers to see what they have to say about the products, check out videos and tutorials, and most importantly, see if there are any offers and discounts on what they’re looking for.
A survey conducted by Lies Damned Lies Statistics revealed U.S retailers considered social media as important as online shopping itself. Consumers are greatly influenced by social media, and a single positive or negative comment coming from Facebook or a Tweet can greatly influence their spending decision.
2. It builds reputation
Online businesses can use social media to build their reputation. New customers are likely to be influenced by a business that have a decent amount of following on Pinterest, Twitter, Facebook and other social media sites compared to a business that doesn’t even have an account present.
Through presence and engagement, social media can be used to build reputation. It’s also possible that competitors may try to defame the reputation by paying someone to leave anonymous comments, but that’s also manageable through online management services like the ones listed in this LinkedIn Reputation.com overview.
3. Direct relation with customers
Social media allows internet based businesses to build direct relationships with new and existing customers. No longer is a customer required to pay for expensive phone calls on a landline number or wait for weeks to get a reply from a customer service representative, while companies no longer have to ask customers to wait in line or give a specific date on when their queries will be answered.
Social media has brought both customers and businesses together. Customers now get almost instant replies to their queries left on social media, and businesses are able to engage directly and build relationships. It’s also cost effective, as online companies don’t have to pay for market research to gather customer data and interest; they’re now directly able to communicate with customers and answer their questions, ask their likes and dislikes and consider their suggestions.
Any online business should consider social media it’s not next to impossible to achieve long-term business success without being present socially.
Walmart has a reputation of being one of the best run companies in the world, but that reputation may be in jeopardy. This article details how Walmart’s obsession with cost-cutting and reducing employee headcount is destroying the customer experience. The company literally doesn’t have enough employees to get products loaded onto the shelves. Product is sitting in storage at the stores while customers can’t find that product on the shelves.
Walmart may be the poster child of companies that have been obsessed with cost-cutting since the recession began. It’s a tough balance, but perhaps some executives will read this an realize that sufficient investment in employees is critical for success.
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David Stockman has a new book out pretty much ripping everyone on the debt. He has a real problem with the bailout, takes on the Ryan budget along with the Obama administration, and predicts another crisis.
He loses credibility in my opinion when he discusses how we could have used bankruptcy through the crisis, and then he also goes back to the gold standard.
Here’s a very interesting article out of Cleveland on how certain older homes can be rehabbed into loft-type homes by ripping out most of the walls and most of the second floor. It works with certain older homes that are constructed in a way that makes this treatment feasible.
This offers an excellent alternative to demolishing the home. We’re talking about older homes that are worth basically nothing and then can be rehabbed in this way for under $10,000. Then they can be rented for around $500 per month, which seems like a very interesting investment.
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