By “work”, what I really mean is “does it deliver a return on your investment of time and money”. Your business needs to deliver shareholder value and social media already gets a bad rap for being a huge time waster. So does it really add any value and why?

Like any other business function, social media does require an ongoing investment of time and money, but the financial returns are significant. Furthermore, social media represents a new way of doing business that is rapidly becoming the norm.

Making Closer Connections

Being a celebrity can certainly help you make connections, whether people have seen you on the silver screen or in the sports arena. Having connections can also make you a celebrity, on a local, national, or global level in a group of like-minded individuals. Social media can highlight your reputation and is a means of conveying understanding, admiration, and trust. Engaging in a dialog with your group can have dramatic effects on your bottom line. An example of this is the Lupus Foundation of America and their 790% increase in donations through Facebook. It’s not necessarily the number of connections that is most important, although that can help, but rather the strength of the connections you have. And building this strength is dependent on knowing who you are and your role in the marketplace.

Propagating Memes

A meme is a concept or idea that spreads quickly from person to person. The strongest memes are informative, insightful, interesting, or funny. The reason memes spread quickly is because ideas worth sharing are shared more often, resulting in a compounding of growth. You’ll note that the effectiveness of memes does not lie in your ability to broadcast a message to the largest numbers of people. It exists in the ability of people to share the message with each other. In a way propagating memes is easy – be unique.

Innovating Beyond the Boundaries

Companies have a bad habit of thinking that innovation occurs within the confines of its own walls. Perhaps the occasional questionnaire gets sent out or the odd focus groups here or there. But listening and responding actively to feedback can be one of the most important ways to engage with your market and obtain innovative ideas.

Businesses need to ask themselves – “who are we? what do we stand for? do we have any ideas worth contributing?” By answering those questions, you’re well on your way to making it work.

Does social media work for you? Tell us about your success stories!