The easy access and wide reach makes internet one of the powerful media for communication. The advent of social networking sites has made the internet even more powerful as a tool for communication.
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The study takes into account the implications of social media from the context of customer as well as employees. It also analyzes social media as a tool for Customer Relationship Management.
The study also highlights ways to implement social media in organizations. It suggests certain guidelines that must be followed by organizations while implementing social media in organizations. Finally an effort is also taken to include the measurement of success of social media with the balanced scorecard approach.
The term “Social Media” generally refers to media dedicated for social interactions. Social media makes use of various online and web technologies to transform the media monologues into their sociable forms. In the contemporary context social media can be appropriately defined as a collection of web based applications which build the foundations of the internet. Social media has come a long way from being an exclusive element of IT domain to everyday social networking sites like Twitter, Facebook, and blogs etc which command a huge reach and can drastically affect a firm’s business prospects.
Social media has been effectively used by organizations as a tool for reaching out to their prospective customers. The growth of social media has been largely used by many organizations as a promotional tool. Moreover, with the advent of social networking and blogging sites, social media has become an important means of getting customer feedbacks about their products and services. These days many organizations have a dedicated department that handles social media related issues. Organizations need to frame their social media policies so that it provides them with the ways and means to deal with possible opportunities and threats. The spread and easy accessibility of the internet has taken away the luxury that used to exist when non web based sources were used as a social media tool (Kane, et al., n.d.).
The use of social media enables organizations to get
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