Archive for October, 2010
On the 26th SMBTS the topic was “Twitter is a news networking site not social networking site“, and the discussions started with understanding the difference between “news” and “updates”. Few of us classified those Updates are News which affects millions of people and holds interest of certain community, where as Updates in general are the day to day activities updated by the users which have very limited scope.
As Twitter is much more popular when it comes to celebrity’s updates, the question arises whether the updates made by those celebrities are news or not. Though everybody had a different viewpoint on this but one conclusion was that those celebrity’s updates are relevant to thousands of follower, they may not be News but they are relevant or entertaining for many. As we proceeded on discussing the trends on Twitter it was observed that many news sites like bbcworld, nytimes, foxnews, mashable etc are much more popular among all audience and are majorly news networking profiles. Apart from daily news other profile which give travel related news like expedia, travelocity etc are all growing. With many example we all realized how easy it became to find relevant news post on Twitter through trending topics, news profiles etc.
At the end we all agreed to that fact that Twitter for news networking is getting bigger then twitter for social networking.
Congratulations ….on completing 25th SMBTS hosted by Compare InfoBase Ltd!! and this Friday we challenged ourselves and the various ideas discussed till date were evaluated on – “Social Media will also pass – implying that Social Media is going to live only as a ‘Buzz’ word and will not contribute to real business in the long run.”
Points which we discussed on “Yes, Social Media will pass on! (For the Topic)”??
- It is difficult for Social Media companies to survive because transforming its membership base into revenue and profit is a big task and it needs constant updating on technology and revenue model
- Here we have an example of MySpace which recently cut almost 500 employees, close to 30 percent of its work force, after the site’s visits dropped by five percent in May from the year before.
- Most of the Social Media business teams are in worry about designing products and services that keep people interested and they can earn money out of it.
- Xmarks and 12seconds.tv are bookmarking site but they have closed their operations.. Why?? Because of “No revenues” They could not make any money. Both companies had traffic and users, and both applications were free, but the problem was, they could not figure out how to make a living off of a social utility and here is the big challenge lies.
- These Social Media not only swallowing up our time, but it’s redefining our choices and driving our preferences-which means that companies that are trying to go it alone in the social media landscape, now have to compete for attention and eyeballs of people that prefer to play inside the walls of these platforms only!
Points which we discussed on “No, Social Media will not pass on! (Against the Topic)”??
- Social Media will contribute to business in the long run as it will become the habit of people to be on Social Media and thereby business will always stay.
- Twitter business page, Facebook fan page has provided so much business presence to various brands and there are examples like Dell, Walmart which derived business and thereby money for them.
- Trends will change, technology will change, Social Media Platforms will change, but these Social Media will continuing contributing to business in some or other way as people will stick on these platforms for their comfort and benefit.
- Social media isn’t just a fad!! Social networks have fundamentally changed how we communicate, connect and market. Social networks have “tipped;” there is now a critical mass of people on social networks. You can’t ignore the numbers.
In conclusion we can say Social Media can be effectively use for businesses, but how to use it in a best possible way for any business remains very important may be they are here for long run or not.