In an effort to keep up with the market and the increasingly digital world, the Wall Street Journal has recently implemented their services on the social networking site, Facebook. Most news networks, such as Fox (http://www.facebook.com/FoxNews) and CNN (http://www.facebook.com/cnn), have already joined in the social networking phenomenon. Decisions like these not only benefit the company, but the customer as well.
With the use of Facebook the Wall Street journal now has the ability to personalize news updates by providing the news that relates to what a person and their friends have “Liked.” Not only can you have access to personalized news, but you also will be able to follow your favorite editors and writers. According to the Wall Street Journal, this move is just another step toward their “WSJ Everywhere” project, which aims to have their news available trough multiple-channels of service delivery.
The Wall Street Journal is making a decisive and important move. They must keep up with the competition as to not fall behind. Companies today must understand and learn to accept that the world of business is changing due to the new advances and innovations of the Internet. The Wall Street Journal understands this change and they know that it is crucial. If they did not recognize this move then they would most likely loose potential customers and maybe even preexisting ones. People who would find having articles shaped around their interests present on their Facebook page, would most likely use a provider such as Fox or CNN instead of the Wall Street Journal. For the Wall Street Journal to make such a decision will not only bring them up to par with the news market, but will put them ahead of news networks who have not made the technological switch. It will increase switching cost and help the Wall Street Journal to prosper in this new age of technology.
The Wall Street Journal is most certainly not the only ones benefiting from this move either. Customers can now have news articles tailored to their preferences. From simply clicking the “Like” button on an article, an array of other stories related to the original article will be readily available. This customer relationship management system uses data provided by the customer to lead to satisfaction. This form of information technology is great in getting customers to promote their new page, and hopefully bring in new readers, viewers, and listeners.
In a world where people spend a large amount of their time on the Internet, something like this is appropriate and even necessary. The idea of customized news will appeal to new and old customers alike, and will most likely increase the amount of subscriptions for the Journal. With the use of technology, the Wall Street Journal can gain a competitive edge and obtain greater net revenue. It is not a mystery why most customers are moving to social networking sites, such as Twitter (http://twitter.com) and Facebook. Corporations know people are constantly checking and interacting with such sites. When an individual logins to Facebook, they will automatically be tuned in to the Wall Street Journal, instead of having to go to another website or obtaining a hard copy. Technology makes it personal and efficient for the subscriber and most definitely leads to a sense of satisfaction for that customer, and therefore the company.
Wasserman, Todd. “The Wall Street Journal Brings Its Content to Facebook.” Mashable Business, n.d. Web. 20 Sept. 2011.