The Higher the Risk, the Higher the Reward!

There are many reasons why department stores are very successful when selling things online. Unfortunately, there are still a lot of risks associated with doing business virtually. Ryan Ku (2017), explains that the bigger and more successful the business, the more likely the dark side of humanity will try to destroy and steal whatever they can from you. Hackers are constantly trying to pry open any security vulnerabilities for successful companies every single day. In the regular stores, security officers and employees can be walking around to make sure everything is going smoothly in their store and nothing seems out of the ordinary.

risks-ahead

http://scorefrederick.org/the-risks-and-rewards-of-forming-a-business-partnership-with-friends-or-family/

In the online world, there are many security precautions that need to be taken. Some of these include:

  • Always have completely up to date operation systems, applications, helper programs an security software.
  • Should always be running a full security suite that protects against malware phishing, spam and other threats.
  • Have passwords for your computer and every account you have on a site.
  • Have remote tracking incase of theft or stolen computers.
  • Full security scans once a week.
  • Require two-factor authentication for any sites that allow it.
  • Many more.

If companies fail to abide by all of the rules set above, they are giving hackers a chance to ruin their businesses.

Even after all of these risks, it is very difficult for a company to succeed without an online presence. So many people are online for numerous hours every day and the pros truly outweigh the cons in this situation. It might be worth hiring an extra employee for your company to ensure everything is going smoothly and constantly up to date on everything that is needed to be.

According to April Crichlow (2015), some of the biggest risks companies face when they decide to ignore social media and not use it to their advantage include:

  • Risking being out of the loop.
  • Not being able to respond to negative comments on your business and explain your side of the story.
  • Missing positive comments and being able to analyze what your company does well.
  • Giving your competitors competitive advantage in your industry.

So many companies nowadays have such strong online presences, and without them who knows where they would be? What store can I use as an example for this? You guessed it, Target! According to Lucy Hitz (2014), between Target’s Twitter followers, Instagram followers, Facebook fans, YouTube subscribers, Vine followers, LinkedIn followers, and Pinterest followers the total comes to over 140 million. I think one of the main reasons they have done so well in the social media industry, as mentioned in previous blogs, is that they don’t just have one site on each social media platform. They have Target Style, Target News, Target Deals and more. This allows customers to follow what they actually want to see and not clog up their news feeds with information that will not pertain to them. This would be a great strategy for more companies to do! Though it may cost a little bit of money up front to promote your business online, it will likely pay off in the end if you follow the “rules” discussed above.

screen-shot-2017-03-05-at-6-21-38-pm

As they say…. the higher risk, the higher reward!

 

References:

Crichlow, A. (2015, November 27). 4 Biggest Risks In NOT Using Social Media. Retrieved March 05, 2017, from http://www.digitalistmag.com/customer-experience/2015/11/24/4-biggest-risks-in-not-using-social-media-03811255

Hitz, L. (2014). How Target Markets to 138 Million Followers. Retrieved March 05, 2017, from http://simplymeasured.com/blog/target-on-social-media-how-the-retail-giant-markets-to-a-social-audience-of-138-million/#sm.0000uv2j2pppxelmsac2nlowm9q5m

Kh, R. (2017, January 25). Hidden Risks Involved in Social Media Marketing For eCommerce. Retrieved March 05, 2017, from https://maximizesocialbusiness.com/hidden-risks-involved-social-media-marketing-ecommerce-23314/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s