What are the benefits and dangers surrounding social media?

[king_of_lodoss]

I'm currently (as in RIGHT NOW) teaching a class on Social Media and both its benefits and downfalls. Any and all provided would be greatly appreciated!

[miniaturecrowd366]

Sorry my question may be of your topic. Do you know any ting over New World Order? I can sent you some very impotent information. Thank you for your time.

[Mary Frances]

well, the benefits come when it is absolutely helping your business and the dangers come when you an your business are being destroyed by someone (for example, a competitor) using social media...

[Ferret Guy]

What's Good:

Low hard costs compared to traditional marketing like print, television, outdoor, etc.

Quick, honest, and detailed feedback from the customer.

Allows for deeper engagements with customers.

Similar to great brand marketing and customer service, the benefits of doing social media right can last for years.

Every customer and employee is a potential media outlet: social media is word of mouth on digital steroids.

In the past, companies that had the most money to spend on marketing often won, today it's the company that produces great products and experiences for their customers.

Social media takes time and effort. Many companies aren't willing to do this, hence those companies that put forth the extra effort will stand out.

If you are a progressive company you can use these tools to effectively recruit new talent.


What's Bad:

Often, many benefits of social media are seen in the months to come rather than immediately. It shouldn't be viewed like Google AdWords, which has a quick return. It should be viewed more like brand marketing and good customer service, which pays off in the future.

Tools can quickly change; one day it is MySpace, Orkut, Friendster, and Bebo; the next day it's Facebook and Mixi.

There are a lot of hidden soft costs: it takes time to develop relationships with customers. In the offline world, developing relationships takes time and effort – the same holds true within social media.

May reduce the amount of face-to-face communication we have with one another, diminishing on interpersonal communication skills.

If the customer feels they haven't been treated appropriately, they have powerful tools at their disposal (YouTube, Twitter, etc.) to express their side of the story and negatively impact a brand reputation.

Often we turn over our brand ownership to employees and customers and they can take us places we don't want to go.