Social Media REALLY scares some businesses

It’s the technological boogeyman of the moment. What businesses can do to overcome the fear.

Social Media you’ve really come a long way. You’ve grown from geeky young kid to awkward teenager. And now you’ve really made it: You’re a young adult and you really, really scare a lot of business owners and managers.

Social Media is the technological boogeyman of the moment.

What if my employees give away company secrets? What if they harass someone? What if they waste time?

In an earlier age it these questions were all asked of other “new” technologies: first the telephone and then the personal computer. It seems each age has a piece of technology that frightens business.

A recent survey found businesses fear Social Media. Sophos, a British IT security firm, found that”Two thirds of businesses fear that social networking endangers corporate security”. The basis of this fear is that business owners believe employees will reveal too much personal information and too much company information – thereby endangering the company.

But its more than that. Businesses – at least some of them – actively dislike the idea of Social Media because customers have all the power.

Mary Ellen Slayter writing on SmartBlogs.com explains Why business is hostile to social networking and says Social media makes the top people at any business nervous because it makes them feel vulnerable.

But, really there is nothing to fear. Here’s what businesses need to do:

Review existing company policies: Is there anything in the existing company handbook or the employee policies that needs new language to cover any situation in Social Media? It’s unlikely. Harassment, revealing company secrets and being unprofessional look and sound the same regardless of where they happen.

Reinforce the policies: Make sure everyone who works for you understands that the employee policies apply for all interactions and in all places where they can be perceived to be representing the company.

Train and empower your employees: Encourage your workers to engage in the community – in person and online. Make sure everyone knows that they have the power to help the business by the way they behave in public … and yes, Social media counts as in public. Give them great information about your business and encourage them to help tell your story.

Walk the walk: Many top executives talk about open communications and welcoming feedback … it’s time to live up to that. Encourage employees to communicate with you and be sure to respond. Also: engage with your customers yourself. Start a blog. Sign up for Twitter and or Facebook. You will be surprised how much your customers appreciate the access.

Monitor your brand name and competitors in Social media: This seems obvious, but most companies do not yet understand that conversations about them are happening all the time in the Social Networks, they just aren’t aware of them. Either make kit someone’s job or hire someone to do it for you.

Relax: Really! Now! Would you think twice about your employees using a PC or a telephone. One day you WILL laugh about how you were once so worried about your employees being on Social Media.

5 Reasons Social Media Matters to Business

1. Customers are increasingly there … in huge numbers
The phenomenal growth in the numbers of people on Social Networks and consuming Social Media can no longer be ignored. The recent Nielsen report on the five fastest Social Media (Global Faces and Networked Places) portals found that:

Twitter is now the fastest growing Social Media app. It grew 1,382 percent in the past year and has more than 7 million people tweeting away.

Facebook has more than 65 million people friending away and grew 228 percent in the past year.

MySpace and its teen-friendly vibe get roughly 75 million unique visitors a month (putting it ahead of Facebook’s 57 million).

LinkedIn and its business-networking members now number more than 33 million.

Wikipedia and other wiki-like information portals now have nearly 4 million contributors signed up to add to the information pool.

If these Social Media destinations have populations rivaling good-sized countries ... countries whose populations grow several hundred percent each year ... don’t you want to do business with these new “countries”?

2. Employees are there … more than you think
These vast populations include many of the people who work for you (and those who wish they worked for you).

According to survey data from 2007 (the most recent available), more than 75 percent of employees at U.S. companies are online, but not doing company business, for part of their business day. Of these, more than a third check in on social networks.

According to a Kiplinger Report story from July 2008 a growing number of U.S. employers have realized the value of social networks and have begun setting up internal networks where employees share ideas, best practices and future plans.

If your employees (present and future) are there shouldn’t you be there?

3. Competitors are there … and talking to your customers
A quick search on Facebook for the term “IBM” finds more than 500 groups dedicated to talking about and talking for IBM. A search for “New York Times” also finds more than 500 groups.

Check Twitter and you find a similar trend: More than 90 Twitter accounts have IBM as part of their name. The New York Times’ main Twitter account touches nearly 400,000 followers and that number is growing quickly.

Try it now: Search for your competitor on Social Media platforms such as LinkedIn and Facebook. See what they say about themselves and see what they say about you.

4. Intelligence is there … you will gain important insights
You can simply follow the streams of conversation in Social Media or deploy Social Media monitoring tools such as the one offered by Techrigy to know what people are talking about and whether they have a positive or negative view of your company and its products.

This type of intelligence cannot be had anywhere else. It also allows insight, response and reaction in real time.

5. Money is there … for the making and for the taking
People use Social Media for all kinds of purposes, but in one way, shape or form it’s about sharing information.

This information is a currency that can, and often does, influence spending decisions.

If Social Media is become THE place to share information it is also becoming THE place to learn before buying.

In an age where traditional push media (newspapers, magazines, radio and television) are losing audience at an alarming rate, Social Media and its pull - or sharing - approach is booming as a place for people to connect and get things done. Shouldn’t you and your business be there?