Social Media: Use it or Lose it

The concept of using user-generated content in social applications surely isn't a new topic. But how not using it can result in damaging and devastating consequences rather is. The verdict is out that consumers from all types of industries are looking and listening to what other like-minded people have to say about a specific product or service. For example, a leading OTA (Online Travel Agency) states that 40-50% of vacation condo rentals come from referrals of friends and family. With social networks and content sharing bringing together consumers like never before, companies can't ignore the power of this new influential purchase channel.