Making cash with ‘socialnomics’
Mon 29 March 2010
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Social media blogger Erik Qualman literally shows that organizations can and are making hard cash through social media such as Twitter and Facebook. His Socialnomics09 YouTube videos show fascinating and mind-blowing figures.
William Baker, a professor of marketing at San Diego State University, surveyed 1,600 executives and found that firms that rely heavily on external social networks scored 24 percent higher on a measure of radical innovation than companies that don't.
Unbelievable?
Companies widely engaged in social media also outgrow their peers in both revenues and profit. The difference can be as high as 18 percent as opposed to 6 percent decrease for companies that don’t use social media. Growing a family business from $ 4 mln to $ 50 mln through social media sounds unbelievable, but it isn’t. Not convinced? Maybe this YouTube video will help.
If you aren’t sure about how you can use social media, you might find this video on social media in plain English handy.
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