The Business of Social Media

Jay Osterholm
Jay Osterholm Founder and CEO , The ODM Group

Posted on November 8th 2011

The Business of Social Media

The astonishing growth of companies such as Facebook and Twitter has prompted many businesses to stake their claim on the social media landscape. Needless to say, these social networking platforms have shown some serious staying-power. However, with nearly 79 percent of companies owning a profile on a major social networking site, it is no longer enough to just have a Facebook Fan page, a Twitter handle or a LinkedIn group.

Moving a company into a social business model today requires a solid commitment to a social media mindset – a new way of thinking – that impacts every marketing decision, interaction and conversation.

Impact the long term value of your social media efforts by understanding the 5 ways your business can benefit from "thinking social." 


 

Social media is the fastest growing marketing channel in the world. According to new research, companies will increase their social media marketing budgets by 34 percent through 2014.
From Fortune 100 to small and medium sized companies, marketers have found innovative ways to build out a social media presence in a few short years.
The astonishing growth of companies such as Facebook and Twitter has prompted many businesses to stake their claim on the social media landscape. Many companies use
Facebook to reach out to customers or YouTube to demonstrate new products. Needless to say, these social tools have shown some serious staying-power, especially given that nearly 79 percent of companies own a profile on a major social networking site.
But, is that enough?
If you ask me, no. It is not. Social media is just one dimension of social business.
The concept of “social” spans light-years beyond just social media, and in order to unleash the true benefits of social media, companies must become social to their core.
Too many companies, adopting social media are simply implementing at the tactical level. Changing a strategy and supporting tactics requires fundamental collective changes in thought. Thus, moving a company into a social business model requires a solid commitment to a social media mindset – a new way of thinking – that impacts every marketing decision, interaction and conversation. It is no longer enough to just have a Facebook Fan page, a Twitter handle or a Linkedin group.
This leads us to the million-dollar question of,
“What does social business really mean?”
To be a social business, companies must plan to have a long-term relationship with social media. Excelling at this requires companies to become customer-centric.
They must embrace and engage in conversations with customers where they are talking about the brands.
The most successful social businesses grow their company based on public conversations, feedback and even complaints. Ongoing participation, and listening, in the social-sphere can have a tremendous effects on all aspects of a company.
However your business chooses to go social, it is important to plan carefully, remain focused on your customers, and more importantly, continue the conversatio
Jay Osterholm

Jay Osterholm

Founder and CEO , The ODM Group

Founder & CEO of The ODM Group. Thanks for taking the time to read and respond to my articles.

The ODM Group is a strategic communications agency that develops fully integrated advertising, public relations, and digital platforms. For us, it’s all about solving tough marketing problems. 

We excel at creating compelling connections between our clients’ brands and their target consumer groups. What differentiates us from other agencies is our breadth of experience as well as innovative marketing methodologies that combine creativity, technology, and industry savvy to produce definitive and measurable results.

Never taking client relationships for granted, we continually seek to align client expectations with business outcomes. We are dedicated to our clients’ ROI, supporting a return on investment through campaigns that produce a marketing return on influence.

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