Welcome to the latest edition of the Inside Edge--your monthly report on Internet trends and advancements that can turn your business into a more profitable e-Business. A highlight of the Internet era is relationships forged through online communities. As a business owner you have the immense potential to leverage what customers are saying about you and market yourself better. Learn how to use social media online to be more profitable and enhance the value of your brand ... 

"It's clear that when it comes to traditional authority figures – whether they're chief executives or heads of state – people trust them less," Richard Edelman, President and CEO of the leading international PR firm, Edelman. 

The "credible" sources of information today are customers, employees, user groups, wikis, and so on. Empowerment and engagement are the driving forces behind social media. Someone, somewhere online is talking about your product or service; you may not even be aware. Whether or not your company or brand is mentioned, there are definitely valuable nuggets of feedback, information, suggestions and more that can help you accelerate levels of customer engagement. 

At this point you are probably pondering the question, "Is my company ready for social media?" The answer is that no organization is ever "ready" for a significant marketing initiative; it has to become ready for it. Having a company blog is perhaps the first thought to cross your mind and you are wary of the time and effort that could take. However, social media is a lot more than the blogosphere. Content communities, wikis, forums, virtual worlds and social networks are some other forms of social media. 

In a nutshell, social media is media that users can easily participate in and actively contribute to. Consumer Generated Media (CGM) is the intersection between real and virtual worlds. Truly, with the fact that anyone with an Internet connection can share their message with the world, tells us the Web is flat - everyone can engage in open dialogue. This is perhaps the biggest reason why social media has gained such importance. It involves people and it gives them power – the power to voice their opinions and the power of knowledge that comes from gaining insights and feedback. The distinct advantage that social media has over other forms of traditional media is its dynamic and flexible nature. Not only can it change with time and be edited as required by the author (or sometimes by a community of users), it can also be shared, archived and indexed by search engines. 

How can you get actively involved in social networking online? 

Select the most useful online social media for your business. It could be an online forum, a blog, a review site or any other. In the travel industry, for example, where consumer opinions and forums play a major role, various companies offer networking opportunities. From choosing your cab-sharing partner to Instant Messaging another passenger on the same plane to invitation-only ‘meet spaces’ designed to bring like-minded travelers together, all of these are effective networking mechanisms. 

Organizations that have yet to explore any form of social media in a proactive manner are nonetheless affected by it. Every communication tool has the potential to be an entry point into your customer’s mind. For example, if you have your personal profile on Facebook, the views you express on it, what you say about yourself and how you say it could influence people’s opinions about your company. Seems bizarre; your personal life should not have anything to do with your company or its products. This is social media at work and you cannot ignore it. WSI offers a diverse range of tools and technologies to help you leverage social media effectively. Get in touch with your local WSI Consultant to find out how you can make the connection. 

Companies that use social media to educate and inform customers will undoubtedly win over those who don’t. The credibility of information on a website is no longer automatically accepted. There is an “ideological clash” between “official” content (your own website, brochures, descriptions, industry rating, awards, etc.) and CGM-related content (blogs, customer review sites, etc.). What do your customers believe? Establish a corporate policy regarding CGM and it is critical that you monitor and react quickly to postings on blogs, forums, Web-boards, or other influential social media. 

Social media adds a whole new range of tools to your marketing toolkit that you can use to target specific audiences, consumer groups, employees or stakeholders. Facebook already has over 66 million users. Close to a 120 million blogs are tracked on Technorati. YouTube has nearly 75 million videos posted on it. (Statistical data source: whitepaper on Social Media by smashLAB). You can use any of these and more to find out detailed information about the habits, likes and preferences of your target audience, users and employees. 

Listen carefully to the voices on the Web so you can get real, unadulterated feedback. You could even get a peek into what your competitors are up to. All of this is invaluable information that can help you enhance your offering and communicate more effectively with your audience. Contact your local WSI Consultant to get your social networks fired up!