Social media is maturing. As many companies have successfully integrated social media in their communication/business strategies and as many more are planning to do so in very near future, it is no longer perceived as the risky investment but more as a necessity in order to keep a competitive edge in the market and maintain the dialogue with consumers. It actually seems that social media adoption is becoming a quality standard of a transparent, customer centric and accessible company. Actually, just like adoption of Corporate Social Responsibility (CSR) strategies has been representing very similar values for over 30 years now. It is quite interesting to compare these two trends and possibly build on the existing knowledge of CSR management when planning social media strategies as they ultimately both are driven by very similar ideas of building competitive advantage through transparency, advocacy, stakeholder’s engagement, adding value to the communities and the empowerment of communities.

A lot of large corporations have been enjoying the benefits of CSR strategy, but that’s the problem of CSR as it is often perceived as concept suitable only for larger organizations, because of the extra costs attached to these activities. Social media is changing this situation. It has reduced the cost of communication and provided an opportunity to every company to manage/address its stakeholders more efficiently. Read the full story