Why the Corporate World Needs Social Media: Why the Corporate World Needs Social Media The Need for Social Media: The Need for Social Media When it comes to social media you can understand why corporate organisations have been reluctant to delve in. Customer relations have been frosty at the best of times and who needs another PR disaster with a social media faux pas? However it is for this very reason that the corporate world needs social media. Embracing the social world and developing real relationships with customers can go a long way to improving the tarnished image of the industry. Some organisations have already made the move to embrace the digital marketplace taking advantage of a general slow uptake from the industry itself to establish a strong online presence; utilising social media for effective corporate PR and client communications. Establishing a Social Profile: Establishing a Social Profile Dealing with sensitive information like finances requires organisations to put in place effective controls and systems before undertaking a social media campaign. As a first step to ensuring proper social media etiquette, educate all staff members on the fundamental essence of each social media site. Establish a corporate code of conduct for social media use both professionally and personally. Secondly , social media messages, though often casual and informal, should be treated no less important than any other corporate message. That means maintaining a strong brand image, consistent voice and professional decorum at all times. Delivering a Social Strategy: Delivering a Social Strategy Take advantage of the raft of opportunities available to the organisations that best utilise the social media tools. Customer relationship management is one of the most effective uses for social media From a B2C perspective sites like Facebook and Twitter offer huge opportunities and savings in customer relations. Consumer oriented firms can utilise the tool not only for corporate communications and advertising but for customer service, handling complaints, feedback and queries. LinkedIn is a dream tool for B2B companies allowing organisations to create and develop personal relationships with other organisations and clients both current and potential. Whilst interaction and communication is the essence of social media sites, they also provide organisations with an enormous bank of data on the marketplace – data hugely beneficial to the financial services industry. Harvest and analyse data on consumer demands, fashion trends and public opinion on a variety of topics. Collecting a Return: Collecting a Return The preconceived belief that social media is difficult to track financial returns from is a likely obstacle for those organisations within the financial industry, used to balancing investments to a tee. However, the fast moving social world is here to stay and whilst it may be difficult to track the exact benefits resulting from social media, what will become very clear for some is the cost of failing to adopt the medium.