The “social” aspect of economics

If you want to try and understand the impact that social media has had and will have on economics, you need to watch Erik Qualman’s video, which I have posted below.

If that doesn’t make you think, perhaps you just don’t get it. Or if you would rather read the facts, try Erik Qualman’s book, Socialnomics, which is an Amazon Best Seller.

Why is this important? If you watched the video, you should have seen some really interesting statistics presented. The two stats that stood out most to us were the first two presented:

  1. Over 50% of the world’s population is under 30-years-old
  2. 96% of them have joined a social network

That means that of the over 3.5 billion people on this planet are under 30 and of those, 3.4 billion of them are on a social network of some kind. Let’s make this more local. In the United States, the population is 310,232,863 and 161,321,088 are under 30. Of those, 154,868,245 are on a social network. 150 MILLION! That’s just the 30 and under crowd.

Another statistic that stood out was the fact that on Facebook, which has over 400 million users, the fastest growing segment is women 55-65 years of age. What does this mean to you if you are a business or a brand? If you are not involved in social media marketing, you are being left in the dust.

You may be asking yourself, how can things like Facebook and Twitter help me and my business? Well, if you watch television at all these days, you most likely have seen the Toyota ads running which show videos from loyal Toyota customers that have posted their praise of the company’s vehicles on their Facebook page. Obviously, Toyota is in the process of doing image repair after all the recall and car problems they have had of late. This is where social media works.

It’s no so much a platform for you to sell your widget or service, but more a platform to connect with your customer and  let them see the human side of your business. Your best off using these platforms as a “customer service” portal than a selling portal. People, more and more, are using services like Twitter and Facebook to share their reviews of a certain product, service, or company and most of the time, it’s because they are unhappy with it. If you are not on these platforms, monitoring them for these types of comments, you are unaware they ever were posted and perhaps unaware you have a unhappy customer out there.

If you do monitor these networks, you can quickly respond to complaints and take care of the problem before it gets out of hand and spreads like wild fire, leaving your company wondering why the phone isn’t ringing any more.

It’s time to get in the game and realize social media is more than just a “fad” today. It is how information flows from person to person, state to state, country to country and if you aren’t taking part in it, you will look back on this time and say to yourself, “I should have listened!”

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