How Fortune 500 Companies are being "Social"
While more and more of society is trending towards being "social" so are large corporations and "social" is contributing to their bottom line. Companies like Frito Lay and Wal-Mart utilize social media as a new age approach to consumer research. Whether a company is launching a new flavor or deciding on which products to shelve, the social media platform is being a highly successful tool. Companies can better understand the consumer interest and gain a plethora of new ideas. Estee Lauder found out which discontinued items to bring back based on consumer feedback on social media voting forums.
Wal-Mart bought the social media company, Kosmix, which is a technology that absorbs Facebook updates, Twitter posts and Walmart.com search terms. It was later renamed WalmartLabs. One success of the unit, was finding out that popular cakes on lollipop sticks (cakepops) were becoming a trend in some Starbucks chains and there was much talk about them. These findings prompted Wal-Mart to carry cakepop makers in their store. Other examples of utilizing the research is finding regions where popular foods or items are most popular and developing generics and/or other marrying products.
MicroStrategy a company that has it's own App, Wisdom Network allows access to 13 million private Facebook users once they gain permission. Mr. Mark LeRow, senior vice president for products at MicroStrategy has said, "this is like the biggest focus group some one could ever have imagined."
According to a new study from the University of Massachusetts Dartmouth for the Center of Media Research 66% of fortune 500 companies have a Facebook page, 62% have a YouTube account and 73% have a somewhat active Twitter account. The lowest % of social media category was that of the Pinterest, coming in at 2%.