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Power of Social Media

In: Business and Management

Submitted By bombombastic
Words 444
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Who uses twitter? Who has a facebook account? These were the questions people asked just 8 years ago. Today, the more common question is who doesn’t? The influence of social media today is so pervasive that people use it while travelling, eating and even while doing business. As future business leaders, it is crucial that we are not only able to harness the power of social media, but understand the risks involved.
So what is the power of SM to businesses? For one, social media allows information to be spread quickly and widely. What is posted on twitter or facebook can be seen by all others on the platform instantly. Moreover, social media gives voice to consumers as efficient 2 way communication between companies and consumers in now possible. Lastly, social media encourages the formation of group identities as people can find like-minded individuals online.
Let us take a look at how fashion label Kenneth Cole Production, capitalizes on these characteristics. KCP has established itself on popular social media sites facebook, twitter etc. Latest activities of the label are released on these sites to notify all followers instantly. Moreover, these sites provide a platform for consumers to give KCP reviews quickly and conveniently. Lastly, KCP taps on the large number of advocate groups online by tying discounts with support for social causes. In doing so, KCP promotes itself as a socially responsible company and thus gains the support of these advocates.
However, Social Media is a double edged sword and has to be used sensibly. In 2011, Kenneth Cole himself posted a tweet on the company’s twitter page alluding to the riots in Cairo. The tweet generated an immediate backlash from netizens with many calling the tweet insensitive and a fake twitter account was even created to mock the designer.
Fortunately, the company responded quickly by taking the tweet down…...

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