3 November 2012

Social Business

I was only recently introduced to the term "social business" as a result of a talk given by my local IBM office.  Whether you are a stand alone affiliate marketer or a large corporation, its fair to say that from a business point of view we tend to think of social media as a marketing tool only.  But the true social business uses a more integrated, across the board approach that includes:
  1. Human Resources.  Linkedin is the platform of choice here used by recruiters not only to recruit those seeking jobs but to recruit passively through recommendation.  Creating a better employee fit has lead to a 26% increase in revenue per employee.
  2. Marketing.  81% of purchasers now receive product purchase advice from friends and followers on social media sites.  Having the right content on your site that addresses potential customers' problems will create customer engagement, create trust and build your brand.  Getting customers to review your products will create more trust for the next customer to buy.
  3. Sales.  Social businesses have seen a 49% increase in customer retention through connecting with customers and relationship building in dedicated communities. 
  4. Customer Service.  Customer feedback can be analysed and responded to faster.  If you have a gripe about a product you have bought, send a tweet about it and see quickly you will get a response.  Social businesses want to resolve these issues quickly as they know the damage that can be caused to their brand. 
  5. Product and/or Service Innovation.  A 66% reduction in time to market have been recorded using social media.  Receiving test group feedback to a new product or service introduction is easy with social media.  A crowd sourced initial response can be used to tweak your product or service resulting in higher sales. 
  6. Supply Chain.  Social integration with suppliers is also vital.  It leads to quick problem solving and gives more opportunities for future product/service development and collaboration. 
Remember:
If you are a web designer or app developer bring social media into all tools. 
Put social sharing buttons on the top right not bottom right of the landing page. 
Create content that will interest crowds and that individuals will want to share.
Social media networks are putting more people on line than ever before.

I would like to hear how social your organisation is and where social media has made the biggest improvement.  Many thanks, Chris.

PS I came across a more clinical term for "social business" today.  It is "behavioral economics" :)