Companies seek to grow business through social media

Social media, first introduced as online versions of everyday chatting and gossip outlets, are evolving to embrace more serious aspects of life like making money and advancing careers of professionals.

Companies are seeking closer ties to their existing and potential customers through social media like Twitter which allows for relatively informal interactions through short messages.

A look at “Twitterworld” shows companies and investors are waking up to the potential of a ubiquitous world.

Aly Khan Satchu, an investor and analyst, has perhaps the most followers on Twitter, at over 3500.

An increasing number of companies, from media houses to investor groups at the Nairobi Stock Exchange (NSE) have also opened accounts on the social media to extend their online influence.

But Facebook is by far the most popular social media in Kenya and globally where it has 400 million users.

The NSE currently has about 900 fans on Facebook.

The public use the bourse’s site to ask investment-related questions and get information on the performance of stocks, bonds, and other investment vehicles.

Investment-oriented groups have established social media platforms from where they discuss investment strategies.

At the individual level, professional and start-up businesses are looking at expanding their network for career advancement and business opportunities.

While social media grows, debate about their benefits to businesses and individuals continues.

Some business leaders think their importance in business is rising.

At a past discussion on the value of social media, the CEO of Deacons Kenya (a fashion house), Muchiri Wahome, gave his thumbs up for new media.

“We used to have a problem of shoplifting at our stores,” he said, adding that after the company staff launched an appeal against the vice through social media, it slowed down.

Other analysts say Facebook and Twitter can be leveraged to promote a company’s brand.