Social networking is not only to build your online brand presence but if harnessed in the right way, a company can utilise it to gain valuable consumer insight to further improve their business. There's a lot of talk about social networking as a way to interact and converse with our customers. But it is only when we convert these conversations into something, that it begins to benefit a business. A significant part in this value exchange is to listen. As a brand, yes we should talk about our products, but communication is a two-way street. A company can save hundreds or even thousands of dollars in market research just by listening to their customers. Encourage feedback on your products/services and build a community around your brand through frequent interaction. At the end of the day ROI (return on investment) is what keeps businesses in operation, so take advantage of what social media platforms affords a business!
