Impact of Social Media on Companies

http://www.prdaily.com/Main/Articles/How_Mattel_botched_the_call_for_Beautiful_and_Bald_11345.aspx
I read this article (see link above) about a week ago and it really made me think. Social media is taking over the world. Companies need to start jumping on the Facebook and Twitter bandwagon fast or they will be left in the dust. The article pretty much said that Mattel overlooked thousands of customers opinions and requests to make a bald Barbie Doll for young girls who suffer from Cancer related illnesses. I feel as though this is a magnificent idea. It is wonderful and thoughtful yet Mattel disregarded it until it was too late. Another ccompany, the company that makes Bratz Dolls, ended up taking over the idea and making it their own. They will be releasing the dolls, and with every doll purchased, a donation will be made to Cancer Research. I am getting all of this information from the link that I have posted above and I, in no way, shape, or form, researched this particular case. All of the credit goes to Deborah Weinstein who wrote the article, I am just reiterating what I have read.

Regardless, the point here is that companies, especially large companies like Mattel, will no doubt fall very quickly if they do not start taking people's opinions, through social media, seriously. The old ways of businesses are changing and now the consumers have a chance to play a role in their favorite companies. The companies would be a little dense not to take these opinions seriously, because who better to have feedback from than the people who buy your product, right? Companies get FREE ideas and FREE advertising from current and potential customers through social media, it saves them money and time of their own if the consumer's ideas are positive. So, in the end, it is a win win situation, the customers feel good about publicly taking initiative to be a part of their favorite companies, and the companies get ideas and recognition in return. So, if your company is still anti-social media, hop on the bandwagon before "your wagon wheels fall off" and you are stuck in a rut.