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Social Media: How it is Shifting Power

May 8, 2009

spaceballpower-buttonWho would have thought that by the time were nearing graduation, we would be in a world-wide financial meltdown and in the middle of a social media revolution?  With the advent of MySpace, Facebook, LinkedIn, and Twitter, the whole world is becoming connected.  Online communities are sprouting in different ways. Blogs have become prominent for people to receive information and forums have let people post their thoughts on a product.  With these online communities, businesses must follow them for the power is back in the consumer’s hand.  Corporations do not control what we, the consumers, want.  We now control that.  Online communities have changed the landscape how companies interact with their customers.  Companies now must be open, transparent, and honest.  They can no longer hide behind the walls like they used to.  Companies must EMBRACE this change for if they don’t, they will falter.  By embracing the change, companies interact with their customers, allowing them to have input into a product and quicker feedback responses.  By allowing customers to be apart of the product, a dialogue has been created and trust has been born.  With trust comes customer loyalty.  With this two way interaction, products are more suited for the customer and businesses are better off since they are pleasing their market.  Our guest speaker Monday, Paull Young pointed out, that if you deceive someone, you will lose them forever.  With online communities being a force in the marketplace, it allows companies to be more open and trust to build.  Companies can react quicker to negative or positive responses.  Even though the power is shifting back to consumers, these online communities have created a dialogue that will let companies prosper in these tough times and consumers to be more pleased with their purchase.  Trust and transparency is the way of the new road and if companies achieve this, people will respond. 

 

Erik Kilgorespaceball

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