Identifying opportunities on social media

Bankole Adedeji
| credits: File copy

In sociology, the ‘Matthew Effect’ is the phenomenon, “the rich get richer and the poor get poorer,” which sociologist, Robert K. Merton, coined in 1968. It was coined in line with the bible verse, “For unto every one that hath shall be given, and he shall have abundance: but from him that hath not shall be taken even that which he hath” — Matthew 25:29.

The first reason the rich will get richer is the ability to identify opportunities. The second step is to take action. The poor sees opportunities, but even when he gets a glimpse, he doesn’t take action. Same with social media. As an entrepreneur, have you been taking advantage of opportunities which abound on the social media space?

The greatest companies have always seen opportunities and have taken necessary actions. Social media bring immense opportunities your way, either for business or personally. A report from Insite Consulting says about 61 per cent of US companies monitor consumer conversations on social media, and 83 per cent of them answer complaints and questions via social media.

Your customers are turning more and more to social media sites to air their product ‘likes’ and ‘dislikes.’ That shouldn’t be too surprising. Social media is becoming an important customer relations channel, and it’s also a great source of intelligence report on both your own and your competitor’s products.

Embracing the social media can make or break an organisation. Social media has challenged conventional marketing. Yesterday’s marketers had the privilege of ‘I-talk-you-listen.’ Now, with social media, consumers are talking and companies that do not listen are quickly “way-laid.” So, the new trend is ‘engaging the consumers.’

How do you intend to engage your customers?

Meet your customers in their leisure period: The average person spends a minimum of three hours surfing the Internet. When I make presentations, I ask my audience how many of them have visited a social media network before coming for my presentation. Almost everyone will raise their hands, some will nod. Surprised? With the infiltration of mobile phones, what do you expect?

Let the 21st century marketing take effect: You need to understand the fact that consumers know more about your brands and those of your competitors more than you may ever think.  To build on this, you need one-on-one marketing, which is what social media platforms afford you. The 21st century is not advertisements and brand campaigns thrown in customers’ faces; mind you, they will throw it right back at you — your face.

Take it further: Relationship is what keeps customers. Often, companies feel once they satisfy their customers, they have a relationship with them already. Unfortunately, satisfied customers leave all the time. Social media give you room to meet, know and create a relationship with your customers.

The Matthew Effect happens every now and then in the social media world. Remember, it says in the latter part of that bible verse, “But from him that hath not shall be taken even that which he hath.” Companies and individuals that are not on the social media platform are missing out and that which they have (their existing customers) will be taken from them.

Even if something is to be taken away from you forcefully, will you just give in? Do you feel it doesn’t affect you as an individual? Why do people un-follow you on Twitter, only to follow someone else? The Matthew Effect is taking shape, unknown to you.

Some companies don’t have social media platforms and the Matthew Effect is taking them by surprise day in, day out; yet nothing is done. The Matthew Effect will not affect you or your business only if you take cognizance of the following:

Recognise that opportunities abound: We are always exposed to opportunities. The door of opportunity is wide open, but he who enters first reaps the benefits. After speaking at an event recently, a top executive of a bank walked up to me and said, “Bankole, we recently embarked on a new product, but as we were about to launch it, we got a complaint from a customer via the social media. That complaint helped us shape the product. It is one of the industry’s leading products today.”

Get on board: Whatever the Matthew Effect says, the reverse can also happen. I’ve seen the rich become poor and the poor become rich; same with companies. There were great companies yesterday which are not in existence today, just because they didn’t make necessary changes. Social media changes all.

Believe: Social media activities are not a one-off thing. Consistency is what keeps you in there; but before consistency comes, believe in what you set out to achieve via social media channels.

You have to make a change, believe in the change you make, before you can see that change manifest.