The Power of Social Media: Why Take It to the Board?
The evolution of computer and technology has led to innovations and inventions that have made the lives of people more convenient. It has also led to discoveries and breakthroughs, from genetic engineering to robotics, among others. However, when it comes to the power of social media and its significance in industries, most directors, investors and executives are skeptical about its potential.
The use of social media in marketing and reaching out to a broader target market is an effective strategy. However, its significance to investor and employees relations is equally important. Whether your company uses Linkedin, Facebook and Twitter, social media is an important tool to build relationships with investors, employees and customers themselves. If you are a member of the Board of Directors, it helps to take advantage of social media channels.
Why Do You Need to Stay in the Loop?
If you are not plugged-in and you prefer to stay out of social media, then you are missing a lot of things. Almost everyone is on social media. The people in your network, customers, competition, satisfied and dissatisfied clients are talking about you and interested in knowing where the direction of your company is going. This is why it’s practical and wise to monitor what’s going on in the social media and decipher which topics are relevant as well as the tweets that might not be in your favour. By doing so, your company can find ways to improve your services and products or regain authority of your brand and mitigate whatever negativities have been thrown in your path. By keeping track of social media, your company can also address issues immediately and be in the loop.
The Board Should Play a Role in Controlling Reputational Risks
There are advisors and audit committee chairs who advocate for the use of social media in mitigating reputational risks and getting members of the Board involved instead of just leaving the responsibility with the risk or audit committee. Management executives should go beyond just being aware of company policies on using social media. They should know how this can be used in the business and how employees can help by engaging in social media marketing. Research shows that members of the organisation, including rank and file employees are the faces of the company and can be effective ambassadors. The best way is to have a director who is active in social media and use it as a resource for market intelligence.
Social Media Marketing Opportunities
Not only does social media allow employees to engage in marketing but also extend the reach of the company to a broader audience. With CEOs and Directors communicating with customers on Facebook, Twitter and Instagram, customers feel more special. This can nurture loyalty from existing customers and generate revenues for the company. Moreover, this also becomes a cost-effective type of advertising.
Social media has indeed becoming an integral part of every organisation and this is shown by the increasing number of analysts and investors drawn to it.