Social media wields ubiquitous influence over the marketplace, driving and defining how businesses engage with customers in unprecedented proximity.
Naturally, B2C enterprises have swiftly woven social media into their business strategies. But their B2B counterparts are more restrained, using it as merely another conduit for public relations and marketing communications.
B2B enterprises also employ social media to promote professional discourse on industry-focused networking platforms such as LinkedIn, for social recruitment, and to monitor investor sentiment.
But by limiting their interactions to select groups, B2B companies deny themselves the immense potential for public reach that larger networks offer.
A case in point is the mining industry, whose limited presence on social networks does it more harm than good. Never before has it been more difficult for miners to secure social licenses to operate amid increased environmental activism, digitally savvy stakeholders, and mounting pressure on political will to align with the general consensus.
But the industry finds itself defenseless against activists, whose constant clamor on social media propagates public dissent and negative perceptions about mining, often sounding the death knell for mining projects.
But therein also lies the greatest opportunity for miners, were they to exploit the same avenues to skillfully influence public opinion, educate society on the economic and social benefits of mining, and complement on-the-ground community development endeavors with online engagement. The following passages discuss these opportunities and threats in detail.
OPPORTUNITIES
Raise public awareness of pro-community activities
Miners are pursuing the ‘shared value’ con...
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...r overall corporate strategy. Else their attempts at social media engagement could be perceived as non-committal, invoking further criticism from the public.
Communications and compliance
The pressure on companies to constantly deliver timely, relevant and engaging content involves the risks of inadvertent disclosure of proprietary information, violation of company policies and regulatory requirements, and threats to data security.
Companies have to balance the briskness of effective social media engagement with delays inherent in time-consuming compliance procedures.
In conclusion, social media is a double-edged sword, immense opportunities juxtaposed with grave risks. But far from shunning social media, miners need to carefully strategize means to navigate it and confront its risks. Because, as the proverbial saying goes, the greatest risk is the one not taken.
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