Future Implications

A lot has changed with social media since it originated and it will only continue to change and progress. Companies have to roll with the changes or they will be stuck forever behind the competition. Social media will only continue to increase as a vital part of a company’s makeup.

7912618_f260With the presence of ever changing technology and social media, human behavior has come to expect certain things. In order to stay ahead and competitive, companies must learn to adapt. Smart phones and tablets are everywhere. Instant gratification and instant access to everything is now the norm. We are always connected or wired.

Technology enables us to access any piece of information in seconds and because of this human behavior expects instant gratification. Companies will have to up their response time to consumers. Consumers have flocked to social media for their voice for complaints. A recent study by Simply Measured showed that only 30% of brands have a dedicated customer service handle on Twitter. The average response time currently is 5.1 hours. Only 10% of companies are answering within one hour (1). If this doesn’t change, companies will see more unhappy customers, a loss of sales, and public shaming on social media. Consumers have high expectations. 53% of consumers expect a response and that percentage jumps to 72% when they have a complaint (2). Response time is key. Companies will have to invest in 24/7 monitoring.

Ten years ago we didn’t have Facebook, Twitter, LinkedIn, Reddit, YouTube, Pinterest, etc. Can you imagine what we will have in another ten years? New platforms will pop up and they will need to be evaluated. Social media isn’t going anywhere. It’s only going to increase and companies need to prepare for it.