Putting a value on social media in business

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Costs

Source:  Quocirca

Costs

Can social networking help businesses reduce the cost of achieving certain goals? Certainly the cost of trying to replicate the reach and scale of publically available social networks would be prohibitive. At a campaign level, costs can be minimal. The content itself will still need to be created – and doing this “on the cheap” will generally have negative impact overall. However, once you have high quality content, then publishing it is free, with no republishing, air-time or viewing costs to pay. A multimedia campaign can be cost effectively constructed pulling the capabilities of multiple different social networking sites together. Also, as a means of letting customers know of a product recall, advisory or upgrade offer, social networking can be very effective – but will still need to be combined with other approaches where the law or common sense dictates. Although there are many issues around the use of social networking, the overall benefits based on the capabilities for reach and scale heavily o

 

Clive Longbottom,, founder of analyst firm Quocirca, looks at the business drivers for IT to drive forward social media in business.
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