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This is Chris Redgrave for Zions Bank Speaking on Business.

In today's world, social media is now a part of the business model. It's not a question of whether you'll choose to participate … it's whether you'll be involved and control it or if you let it control you. Nobody knows this better than Dave Oldham, the co-founder and CEO of NuVi in Sandy.

NuVi provides social analytics, or social listening and engagement monitoring. This means they help brands engage with social media platforms and take action on what they learn. This is software to help companies listen, monitor, engage and empower themselves to find solutions to the problems they discover.

Despite the young age of the company they've already worked with some major players like GM, BMW and Gatorade. In fact, the first big project they did was with Gatorade. The company knew people were talking about them on Facebook and Twitter but had no way to monitor what was being said. Connecting with NuVi gave them a platform to find the conversation and join it.

The software NuVi offers — operated through the cloud of course — collects all mentions of your company online. The comments come across the screen as bubbles. To see what's being said, you click on the bubble and it shows the comment, who said it and which social network it came from. Larger bubbles show people with a strong following. This platform provides your company a chance to respond to comments.

The reason you want a social media monitoring system in place for your business is because you want to respond in a timely fashion that shows you care about that person's business. Dave says it's starting to permeate through all aspects of business from customer support to product development. That's why the work NuVi is doing is so important.

Social media has become a critical component in customers' purchasing decisions since 78 percent of people say they'd trust a peer's recommendation while only 14 percent trust advertisements. At NuVi, Dave says it's a requirement for businesses to be socially and digitally savvy, starting from the top down.

For Zions Bank, I'm Chris Redgrave, speaking on business.

NuVi Sandy, UT

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