The meaning of social media for business development

Internet has changed significantly our life for the last two decades; that is a fact that nobody would question. Internet has affected almost all spheres of humanity and its business implications are especially interesting. In fact, Internet has changed completely entire business industries by making them more efficient, global and customer-orientated. It also meant demise for businesses which could not adapt and which chose to ignore Internet.

Many experts go to extremes by saying that today no business can survive without the heavy support of social media. Well, that could be true for businesses such as textile, FMCG, dining, cars and electronics but social media are definitely something that is not so important for energy suppliers, laboratories, chemical companies, agricultural companies, cleaning companies and many others. The importance of social media for B2B is questionable (especially when a business has few large customers that they meet on a weekly basis) and in many cases, it would be a redundant expense, this is definitely not the case with B2C. Social media are a very powerful tool to reach to your customers and more important, for them to reach your business instantly.

Needless to say, social media opportunities should be explored very carefully. Like any other expense, each dollar invested in social media should have a positive marginal utility to justify its spending. That means that a business should have a flexible and comprehensive strategy that gives opportunities to measure the impact of social media policy, to quantify it and to calculate the benefits on a dollar spent. It could turn out that it was a huge success or that the money was spent without any discernible results.

The conference is held to give examples of best practices which managed and still manage to extract great results with their social media policy, to discuss ways to quantify, moderate and control social media presence, to budget a social media campaign and refrain from unnecessary spending. You can learn how to use effectively the resources that you have. There will be also workshops where you will be able to learn more about social media topics such as videos in social media, SEO for social media, different social media and combinations of different social media for your policy. Social media provides substantial marketing opportunities for many businesses and it is up to them to use them. However, WBA can show you the way that you could follow. And, moreover, we can show you for what not to spend your money, as well.

To address the issue WBA will hold a conference that is open to participants (individuals and organizations) from across the globe.