Social media’s impact on business:

I recently blogged about how successful companies can build winning reputations. I noted that according to Charles Fombrun of the Reputation Institute, the key factor driving a company’s overall reputation is the perception we have of a company’s products and services.

Engaging in social media can help to positively influence that perception.

A just released study by Wetpaint and the Altimeter Group reported that social media pays off for business. The greater the breadth and depth of social media engagement, the greater the payback.

Key findings incude:

As the number of channels increases, so does overall engagement – the most successful teams evangelize social media across the entire organization to pull in a broad range of stakeholders. These companies view social media as an indispensable tool to help them achieve results, and their approach is conversational.

Emphasize quality, not just quantity – it’s more than setting up a fan page on Facebook and having others write on your wall – you have to build a network and engage with your audience. Post fresh content and respond to comments.

You don’t have to do everything – but decide what’s doable and take the plunge - what you decide to do will depend on your customers and your organization’s readiness – but it’s important to dip your toe in the water – otherwise, you’ll find yourself falling behind.

Make social media part of everyone’s job – in successful organizations, social media is no longer the sole responsibility of a few people within the organization.

Want more info?

Read study co-author Charlene Li’s blog, the full report, or visit the Engagement website.

Photo credit:   Matt Hamm