Have you implemented Need Hierarchy Theory in Social Media?
Social Media Theory is the new approach which is widely accepted by all organizations. One can easily apply Need Hierarchy Theory in Social Media.
The buzz around social media is increasing day by day. It has crossed all the geographical and age barriers. It's not restricted in the circumference of specialists. Social Media Theory is the new approach which is widely accepted by all organizations.
Abraham Maslow introduced the pyramid of Need Hierarchy Theory. The pyramid consists of 2 levels- lower level known as Basic Needs and Complex level as Social Needs. The theory states that people are motivated to fulfill basic needs first before moving on to other needs. One can easily apply this theory in Social Media.
Have you ever wondered about the success of social media? Why does Facebook have more than 400 million active users? What made Facebook become a $10 billion business? Why more than 3 million images are uploaded on YouTube and Flickr every day? Why are over 900,000 thousand blogs posted daily? The answer to this success lies in Maslow's Need Hierarchy Theory.
Enterprises are now using this theory in Social media in order to capitalize the market. Social media, In accordance with the Maslow's Hierarchy has been found largely related to various external and internal factors of production in an organization so as to optimize the use of resources and profit generation.
They are applying this theory in the following areas:
- Cost savings - Saving can offset the cost of enterprise system. This co-relates to Maslow's hierarchy of physiological needs. The $$ saved cover the cost to purchase.
- Revenue generation - Revenue generation is another area of concern. The benefit is more focused on new products and services. Getting ideas from customers and employees that lead to new revenue generating products/services helps the enterprise in expanding its business. Customers have great ideas in their minds, and provide good direction for new products. On the other hand Employees too have new ideas with them but lacked effective means of making them known to a wider audience. And this thing can be compensated by sharing of thoughts/ideas between employees and customers via Social Media. The reason revenue generation is above cost-cutting is that there is an uncertainty about the revenue, from where it will come or what new idea would lead to increase in it.
- Customer satisfaction - Happy customers are the key to success. Having customers suggest their ideas is a valuable approach to improving products and ideas. Customers who are not satisfied can lead to negative publicity for companies.
- Employee satisfaction - The ability to find the right person to help with an idea or project. Highly engaged and connected employees are essential for the growth of an enterprise. Their ideas may become the projects for the enterprise which in turn gives high level of satisfaction to the employees as well as new platform for the organization to work upon.
- Innovation culture - Ideas that are discovered and turned into action have produced favorable results in terms of business value. Innovation culture can be measured by Principles of Innovation Management which flourish inside an organization. This leads to creation of equalization among employees as well as generation of new ideas at all levels of organizational structure, which are oriented towards the short term and long term goals and objectives of the organization.
- Organizational agility - The last stage Organizational agility is equivalent to Self Actualization, the top of Maslow's Hierarchy Theory. It includes seeing changes in the market quickly, shifting resources in response to new opportunities, mixing incremental and disruptive innovation, moving on from initiatives, programs, markets, products that no longer work, employees can recognize opportunities and threats themselves, and act accordingly.
Similar to Maslow's pyramid, in the social media counterpart first of all satisfy your basic needs than social needs and ultimately you will achieve Social Optimization. Do your basic needs sync with your social media needs? Identify where do you stand? Consider your needs and find what you require to fulfill them.
The author is a business researcher with CheckBuzz, a social media monitoring company. About CheckBuzz : A Social Media Monitoring Company, which tells brands/corporates what bloggers, journalists, powerful consumers, or even ordinary people are saying about them. Having a healthy experience of 3+ years, this company gives its solutions on Social media consulting, Social media marketing and Social media monitoring.
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