Answer to Question #231007 in Management for Noman

Question

The use of social media has become a routine part of marketing for many companies. Now, some companies are turning to social media as an environmental scanning tool. Companies can use software tools and analytic techniques to learn about competitors, suppliers, and customers from social media sites like LinkedIn and Twitter. It is important to use a strategic approach to the process to avoid becoming overwhelmed and to have the flexibility to respond quickly to trends or other intelligence that is revealed in the social media sites

Part 1: With so much information available through social media, how can businesses focus their efforts to scan for relevant information? Part 2: How can a business determine if information gathered from social media is reliable

Answer 1

Part 1

Identify and track key performance indicators (KPIs)

Using KPIs helps an organization focus on key information on social media; this should be based on the organization’s business strategy to effectively and efficiently leverage the key indicators that determine the role of the trending information in the company’s marketing strategies.

Part 2

Businesses can determine the credibility of the social media information by following the source to evaluate its purpose, the motivating factors, check who posted the information, the date of upload and the content. Assessing the source of information helps to avoid quick and irrelevant judgments that may mislead the company’s decision making and marketing strategies. It is also essential to check other’s comments on a particular post to determine its credibility.