Sunday, August 03, 2008

Every Business Can use Social Media

I am going to start (as I am able) blogging about specific social media strategies for specific verticals. Someone asked how you would implement social media strategy for a credit card, and so this will be the first business I will discuss.

When trying to apply a social media strategy for your business, the first thing you need to do is look at it from the eyes of your customer. As the holder of a credit card, what would I want to be able to do, that I can not using one of my other cards?

The first "Social Credit Card":

SocialCard can be used just like any other credit card in my wallet, however the SocialCard is much more unique. SocialCard send information about all of my purchases into a database that is the hub of the SocialCard's social network. Now because there are many users of the SocialCard, all of this data is aggregated and known within the social network.

This information can be what is purchased,product or service category, specific product,price,where purchased, when purchased,purchased with what,etc. Why is that information unique and helpful? Just as one example, wouldn't it be nice to know in real time, what gas station in my area has the cheapest gas? What e/retailers have the lowest price on an item I wish to purchase? What is the "in" restaurant lately?

The amount of studies and value one could receive from such a network is endless. Lets not stop there. How about applying the *power of crowds* to a reverse auction within the SocialCard network. In this example, one might be able to post their wish list. With the power of many who also want the same item, there is a value for retailers to then 'bid" for the business. So if I sell 42" Sanyo plasma TV's, I would be much more likely to give the best price when quoting 5000 units, and not just one. I would make my money up on volume, not margin. (I will add more to this post as time permits, but this should at least give you something to think about). What would you want your SocialCard to include? Send me an email...let me know.

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