Social Media websites have grown phenomenally in recent years. Millions of people use social media sites like Facebook, Twitter etc. to connect with their virtual friends and share important tit-bits of their life. Wikipedia estimates that 1. 5 billion people use social Media websites. This speaks of the enormous power of social sites in terms of its reach.
The popularity of social media websites has been such that users have become addicted to the virtual network of friends. Medical councils have even initiated the debate on impact of such sites on human health. These social media sites allow the person to build his own virtual network of friends. The plea for moderate use of these sites has fallen on deaf ears.
It is no wonder that large corporations have begun taking notice of social networking sites. They are actively utilizing the power of social sites to communicate with their customers. The consumer is no longer at the mercy of companies if he is not satisfied with their services. He just has to post his experience on the Facebook wall or share his experience with a simple tweet. Since the communication these sites has potential to become viral, it alerts other consumers about non-responsive company. A complaint on social sites evokes faster response than writing an email to the company.
Companies on their part have begun brand protection exercise. They have become active participants on social sites like Facebook, Twitter etc. Kentucky Fried Chicken successfully re-launched its French fries product with the help of Twitter and Facebook. It is worth mentioning that Kentucky Fried Chicken had failed to launch the product successfully during its first launch. The strategy of Kentucky Fried Chicken was simple. It organized a contest which became hugely popular among the users which saw the phenomenal jump in the sales of fries.
The potential of social sites is unlimited. It is a goldmine waiting to be tapped. Not only it has the power to build instant brand recognition but it can be a fertile ground for acquiring highly targeted customers in shortest possible time.
Large corporations are not behind either. Dell Corporation successfully utilized Twitter to promote its promotional campaigns. The company created a special offer exclusively for Twitter users. It is believed that Dell Corporation was able to generate revenues to the tune of $ 10 million from Twitter alone. This example demonstrates the viral power of social sites which can catapult a brand into top league in no time.
Social sites have enormous power in terms of reach and audience. It has the potential to make or break a brand. These sites have changed the way people interacted with each other. It is because of these sites that the balance of power has shifted from producer to consumer. A company who tries to sell sub-standard product can be exposed instantly on social sites. If the raw power of social sites is leveraged properly they are potential goldmine where the next rush will begin.
