Uncategorized Institute for Media and Entertainment on 30 Aug 2010
Q&A Services Pick Up: What’s in It for Businesses?
This July, Facebook began beta-testing its new Q&A feature, joining the likes of Yahoo!, Answers, Ask.com, Quora and Aardvark (recently acquired by Google) allowing users to seek answers to their questions from their social network or the online community at large. Indeed, as more and more Q&A services enter the market, businesses should pay attention and get into the conversation.
Here’s why:
For one, online search is evolving. To optimize their rankings in search results, businesses must keep up with the latest keywords to use, as well as where to use them. Search engines like Google and Bing now include “social search” – a type of Web search that aims to deliver more relevant results by drawing content from a user’s social network – including Q&A forums, blogs, subscribed RSS feeds, status updates, tweets, etc. This gives businesses plenty of opportunity to build and manage their brand presence online, especially considering the huge amount of data shared on social networking sites (Note that as of June 2010, Americans now spend most of their online time on social networks compared to other online activities like gaming, e-mailing and watching videos, according to research firm The Nielsen Company).
Secondly, while users are indeed amping up social networking activity, they are also searching for advice from credentialed sources, not just their peers. According to The 2010 Edelman Trust Barometer (a trust and credibility survey by public relations firm Edelman), when it comes to getting information about a company, trust in “conversations with friends and peers,” along with trust in traditional media, declined over the past year in the U.S., U.K., France, Germany and the BRIC countries (Brazil, Russia, India and China). On the other hand, trust in a CEO as company spokesperson is recovering, while academics, industry experts and financial analysts continue to be seen as the most credible sources of company news.
This means that so long as companies don’t appear self-serving and don’t resort to market-speak, they might earn “brownie points” by offering their knowledge and expertise in Q&A forums and by cultivating a wide network of expert spokespeople who can address consumer questions regarding topics that relate to the company, its products and the broader industry in general.
Third, Q&A discussions can reveal consumer preferences and other valuable data that companies can use to generate leads and provide targeted advertising. Facebook’s “self-service ad system,” for example, already allows companies to deliver ads to a targeted group of users, based on their profiles and the stuff that they “like.” Facebook’s new Q&A feature, which will allow users to add polls – e.g., Which is better for your 8-year old cousin: Nintendo Wii or Xbox? – can only enhance the site’s algorithm and improve product recommendations, benefiting advertisers and consumers alike.
Of course, as in any good conversation, listening is key. Businesses that want to make the most of social search and Q&A sites should take the time to understand not just what’s being asked, but also why, so as to provide the best service to consumers, and to make the most sense when they do speak up.
Top-ranked IESE Business School's Institute for Media and Entertainment (IME) is the leader in media and entertainment executive education. Our intensive programs for executives and thought leaders include Advanced Digital Media Strategies, and the world's first global Advanced Management Program in Media and Entertainment (Media AMP). These programs attract executives from top media companies around the world, including Time Warner, Google, Disney, Fox Entertainment Group, NBC Universal, MTV Networks, and many others. IESE-IME helps media professionals gain industry-specific business knowledge and real-world insight to help them think like CEOs and advance their media and entertainment careers. For more information, visit www.ime.edu
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