Posted on: 24 June 2019

The risks and benefits of social networking

Whilst we may think of social networking as something that we do to kill time in the evening, or a way to keep up with friends, social networking has evolved into a powerful tool for businesses to use. In a recent report, Hootsuite reported that out of the 7.6bn people around the world, 3.4bn of those people were active social media users. This presents some fantastic opportunities for your business.

Although there are plenty of benefits to using social networks in your office, there are also some risks that you should be aware of.

Facebook Marketing

Benefits

A piece of research from Zenith has shown that internet consumption will finally overtake TV consumption for the first time ever in 2019. Statista showed that last year, Facebook’s revenue was $55bn which has been growing year-on-year, showing the huge amounts of money that businesses  are spending on Facebook advertising around the world. This growth is likely because of Facebook’s capacity to reach both an international audience, and target advertisements to your local area, your target audience and a variety of other filters, which means you can reach exactly who you want to reach.

Facebook has 80 million small and medium sized business pages. That’s a 23 percent increase year over year. Of these businesses, 6 million advertise on Facebook.

Facebook isn’t just great for paid advertising. You can also use it for customer service, brand reputation and company news. Use Facebook to promote a more human side to your business that your customers can engage with. By posting information such as raising money for charity, company news or unusual business opening times you give your followers something that they can engage with or that entertains them, rather than feeling like they’re being sold to.

Risks

You should take Facebook as seriously as with any other reviewing system. Negative reviews or comments on your social networks can be off-putting for other potential customers, be sure to actively check incoming comments or messages on you brand page or public brand mentions.

You should also be aware of the internal risks of social media, which you can help to eliminate by having a social media policy in place. Outline how your team will use social media at work if allowed, who can use official accounts, the type of content your company posts, what is done with confidential information and how your team talk about your business online.

LinkedIn Recruitment

Benefits

LinkedIn, known as a professional social network, can be a cost effective way of finding, screening and taking on new employees. LinkedIn influenced hires are two times more likely to be high demand and above average hires.

Recruitment can be a lengthy and expensive process, as you spend time and money looking to fill a role. LinkedIn can help you find talent in your local area to bring into your company, in an easy and cheap way. Simply search for the title you are looking to recruit and the area you are looking to recruit in, and you will find a list of people with the skills you are looking for.

Risks

Use caution when using LinkedIn to recruit though, as you could find plenty of candidates who may look good on paper, but may not fit into your company culture, thereby wasting your time. In extreme situations, you could face problems using LinkedIn, as people could post their religion or age, and use that to accuse you of not employing them on discriminatory grounds.

Business insurance with Premierline

Premierline is a business insurance broker who works with some of the UK’s most well-known insurance providers to find the best business insurance quote for your business. Our business insurance experts assess your needs to find you the right quote that suits your business needs.

To get a competitive, no-obligation quote, get in touch to speak with one of our trained insurance advisors.

Source : Zywave inc – Office risk insights: The risks and benefits of social networking

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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.