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Yoda position

Social media has the potential to transform the way firms do business, but practitioners must develop a comprehensive strategy to reap the full benefits, says Julian Summerhayes

29 June 2010

Social media is not yet fully defined – it seems to have different meanings depending on who you speak to. Some see it as communicating across the spectrum of many to many. Others see it as viral marketing, also known as dandelion marketing, and others simply see it as another form of online networking.

Currently, there are two distinct camps around social media: those who want to wholly embrace the technology and platforms, and those who can’t see the point and have no wish to engage.

Rapidly expanding

Over time – probably in the next 18/24 months – I believe that all firms, of whatever size and specialism, will have little choice but to incorporate social media into their business development and marketing activity. This is not to say that firms will ditch their offline activity – sponsorship, attending or hosting events and producing brochures – but, by then, there will be an overwhelming body of evidence to demonstrate the ef...

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