What is Social Media?

The short answer is social media is user generated content.

It is comprised of:

  • blogs
  • microblogs (e.g. Twitter)
  • wikis
  • social networking (Facebook, MySpace, LinkedIn)
  • video sharing sites (e.g. YouTube)
  • photo sharing sites (e.g. Flickr)
  • social bookmarking (Digg, StumbleUpon, Del.icio.us)
  • message boards
  • forums
  • user reviews (e.g. Amazon)
  • content aggregators (e.g. FriendFeed)

Is social media right for my company?

Instead ask yourself this: “Should my business be sharing who we are and what we do with the world?”. The answer of course is “Yes”. That’s why you are in business: so more and more customers can find you, buy from you and tell everyone they know how great you are.

Some statistics on social media

McKinsey & Co estimate that 2/3 of the economy is influenced by personal recommendation.

86% of Australians said a referral from a “friend” in social media would positively influence their purchase decision.

Products and services now find customers in social media.

67% of mobile internet traffic is for Facebook. Imagine what that means for bad customer experiences!

There are 200,000,000 blogs and 34% of them talk about products and services.

Just 14% of people trust advertising and 78% of people trust consumer recommendations.

Social media friends are now estimated to be worth as much as $3.60 each before they purchase!

Facebook alone with 800+ million users generates more traffic and influence than Google.

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