Before I proceed I want to share with you a personal sorry that occurred recently.

I was disappointed at mediocre internet banking infrastructure of the two banks #hdfcbank, #icicibank and the unhelpful call center of #jetairways. The numerous attempts to the call center that either put me on hold for a good 20+ minutes or were unable to understand the requests yielded no results. Such waits and both frustrating and costly. I did what was the next step. Vent out my frustration on a tweet.

In less than 12 hours, I had ‘messages’ #icicibank #jetairways requesting for more details. In less than 24 hours of me providing my contact details, the representatives called me and promised to fix the issue. One bank #hdfcbank, just chose to be unheard and non-present on twitter. Needless to say thy just lost my $10K investment that I was planning to do to their competitor.

As a customer, I was delighted that a 140 character tweet could achieve what a 20min international phone call or a 300 word email could not. Harnessing its power,  let’s get serious.
Unfortunately, most companies are still treating social media like just another teenage fancy. When in fact, it’s so much more.

Where can Social Media help?

• customer service, building loyalty
• public relations, networking, thought-leadership
• and yes, may be customer acquisition, too.
• And because I’d hate to see it all not add up, I’ll add this tiny bit of advice. Do not assume that social media is the answer to every problem
• If your product sucks, social media won’t fix it.
• However, if your customer service sucks, social media can help.
• If your repeat business sucks, social media can help.
• If your company’s word of mouth sucks, social media can help.

So, here’s what you need to do:

Define your company’s online marketing strategy.  Hope is not strategy

Stop thinking “campaigns”. Start thinking “conversations.

Your customers are queuing there. Your resistance to social media is futile. Millions of people are creating content for the social web. Your competitors are already there. Your customers have been there for a long time.
If your business isn’t putting itself out there, you are putting yourself out of business?

• “Why do we as a business need to be there?”
• “Facebook is for friends and Twitter is there for celebrities, not for real businesses”.
• “We are a professional organization, not some startup”

In this two-part series, I will share how social media can change the business dynamics and help you get closer to your prospects and customers. In part 2 of this series I will share my own personal example with an airline and a bank on how they leveraged social media to solve customer problems.
Well are businesses really social?

Many years ago when Avinash Kaushik, an Analytics Evangelist of Google quipped “social media is like teen sex. Everyone wants to do it. Nobody knows how. When it’s finally done there is surprise it’s not better”, it seemed like just that.

Now almost a decade later and wiser, Wikipedia defines thus – “Social media are media for social interaction, using highly accessible and scalable communication techniques. Social media is the use of web-based and mobile technologies to turn communication into interactive dialogue”,

Why should I care, you may ask?

Well, I can give you not one but six trends that possibly can change your perspective.

• Because 3 out of 4 Americans use social technology.
• Because 2/3 of the global internet population visit social networks.
• Because visiting social sites is now the most popular online activity
• Because time spent on social networks is growing at 3x the overall internet rate, accounting for
• Because social media is democratizing communications. Big time.
• Because social media is like word of mouth on steroids.
• Because, social media is a force to be reckoned with! If facebook were a country, it would be the world’s most populous country just ahead of China and India.

If all this is great stuff, how does it affect my business, my customers or my prospects? I will cover these in my next issue, and I leave you with this thought –
93% of social media users believe that a company should have a presence in social media.
93% of these users want a dialogue, not a monologue on social media and believe that companies should not treat social media as yet another channel for broadcasting bulls*t.

Well now that I set the grounding on the basics of Social Media, I will take up in my next post on how businesses can leverage social media in my next issue.