Wednesday, September 8, 2010

Social Media Is Just Not About Customers

While working on the Social Media element of a Business Plan's Marketing strategy, many Entrepreneurs focus on the customer.  While the customer is king, we can not forget the other constituencies that Social Media touches.  Businesses of all sizes have long understood that building relationships with customers is key to success.  What is less recognized is the importance of the Social Media relationships across the entire spectrum of constituents.  Many organizations recognize and utilize Michael Porter's Five Forces SWOT analysis from an overall strategy perspective, it is often forgotten about in Social Media Implementations. Suppliers, Distribution Channels, Employees, etc. are all considered.  The stronger your relationships across all constituencies, the likelihood of your success increases.  These constituencies need to be considered in your Social Media Implementation:
  • Customers
  • Employees
  • Suppliers
  • Vendors
  • Distributors
  • Stakeholders
  • Governments
  • Outside Agencies
With the openness of the Social Media, remember and consider these other constituencies as they are likely listening to you as well as your customers.

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