Stephen Baker in his Business Week article - Is Twitter worth $1 Billion highlights the conundrum of placing a financial valuation on the business whilst the commercial model continues to remain unclear.
Meanwhile business owners and managers are trying to establish how to capitalise upon the increasing range of technologies.
However in the rush to "join in" it appears that many businesses are falling into the trap of Ready Fire Aim.
Working on the basis that "Strategy without action is futile, and action without strategy is fatal", the key question that need addressing are
- What do you want to achieve, before determining the tools to implement it.
- How do you measure, monitor and manage your activity ongoing.
A precursor to strategic objectives is understanding your market and social media can povide an insight into a subset of your existing & propective customers. But how important is that subset ?
An interesting tool is the Forrester's Social Technographics® that classifies consumers into six overlapping levels of participation in Social Media - Creators, Critics, Collectors, Joiners, Spectators and Inactives - Further info click here
It provides a simple high level snapshot that won't povide all the answers, but will help identify some of the questions to address
Let us know what you think or to contact us to discuss how your business should / could benefit from Social