BCL13  What is Social Media and How will it Benefit My BusinessWatch our Live Show every Wednesday 6pm UK HERE on Business Connections   What is Social Media and how will it benefit my business? -Business Connections Live Programme 13
On this edition of Business Connections Live Steve Nicholls explains the big picture of what Social Media is. 
Steve Nicholls explains that Social media is 

a connected network, 
a Global Brain, 
and a simple way of connecting and exchanging user generated information. 

Why is Social Media important to business?

Social media in essence is not a technical issue it is a people issue
It's about your website and your channels to market as a 24/7 showcase of your company -- so it is very important that it is "responsive" on all platforms-- Tablet, Mobile...
It's about how you communicate through your company internally and externally on every aspect of your business
Social media's ability to disseminate information very widely, very fast and its interactive nature of instant and broad feedback (e.g. twitter...), has changed the nature of marketing and reputation management  and the reduced costs of setting up and being in business have transformed industries worldwide.  

There are strategic risks  that have to be managed, for example: 

New competitors coming from nowhere in your industry
You could become a failure stat -- like Kodak, BlockBuster video and HMV who did not respond to the changing market. However, Netflix, Apple and companies like them have pre-empted the market and continuously adjust their sales strategy to stay ahead. 

One area where a business can increase its presence is by using video. Video is king, and a few sales videos on YouTube can save the cost of several salespeople. This is critical to the small business.
Social Media provides numerous opportunities: Your best strategy is to start with the end goal in mind as Social Media supports business goals
Here are some examples of companies (take a look at their sites) that have done just that:
1. Market Presence --e.g. Groupon, Naked Wines -- these companies have introduced a new way of doing business
2. Communication -- e.g. SalesForce.com uses video promotion, Pro-guitar shop (USA) -- started out as a Ebay shop started with $400
3. Communities -- Alibaba  - bring buyers and suppliers together. / Morph suits -- Fan page for "small" business
4. Collaboration -- Yammer internal comms, Elance to hire temporary resources to get things done for you at low cost
5. Collective Intelligence -  99 Designs - competitions /.. Kickstarter  /Indegogo for funding
Steve Nicholls is the author of the best-selling book Social Media in Business, a celebrated international speaker, and Digital strategist who consults with business executives to facilitate implementation of winning social media strategies. 
He is featured as a social media expert in CNN, Wall Street Journal, Bloomberg BusinessWeek, BBC, Huffington Post, and other key media outlets.  Steve recently designed social media programs and educational tools for the University of Baltimore and Brooklyn College in the USA.
As an experienced senior business executive, Steve is unique among social media experts in his ability to bridge the language gap between those developing new technology and the senior executives who need to implement them to keep their company's competitive edge.  
Beginning his career as a project manager in skyscraper construction, 
Steve possesses the unique ability to assist companies in creating and their own unique blueprint for social media success. 
After watching this edition of Business Connections Live you will have some of the necessary tools your business needs to for a firm social media strategy incorporating your business goals and some of the newer technologies that can give you the edge.
For a list useful websites and more information that will help your business grow please go to http://businessconnectionslive.com/
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