The Social Economy

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The Social Economy

  1. 1. Unlocking Value and Productivity Through Social Media “SOCIAL MEDIA IS LIKE WATER. ON ITS OWN, WATER DOES SOME THINGS, BUT WHEN COMBINED WITH OTHER COMPOUNDS IT ENABLED THE EVOLUTION OF ALL FORMS OF LIFE.” (SCHINDLER) BOB COLLINS
  2. 2. What qualifies as “Social Media?”  “Social media is the collection of online communication channels dedicated to communitybased input, interaction, content-sharing and collaboration.” (Florida)  Includes Facebook, Twitter, Google+, Instagram, Youtube LinkedIn, Reddit, Pintrest, Wikipedia, Yelp, etc.
  3. 3. Notre Dame’s Definition  “A term used to describe a variety of Web-based platforms, applications and technologies that enable people to socially interact with one another online. These social media sites help individuals find others with similar interests and interact with them through networking and sharing information and knowledge.” (ND communications)  Social media also allows for easy sharing and re-purposing of existing content, thereby expanding the reach of your work and enabling others to share it with their friends and networks.
  4. 4. Why is Social Media important?  1 in 5 minutes online is spent on social media sites (Chui)  500 billion minutes spent on Facebook per month     (Hempel) Last year was 150 billion minutes- 233% growth If Facebook were a country, it’d be the 3rd largest in population, only behind China and India (Schindler) 24 hours of video uploaded every minute on Youtube (Hempel) 95% of companies using LinkedIn to recruit (Florida)  Most importantly- Area to share knowledge and progress as well as improve communication
  5. 5. Users
  6. 6. Time Consumption
  7. 7. Habit Forming Qualities
  8. 8. Offline Influence
  9. 9. Business and Social Media
  10. 10. Notre Dame’s use of Social Media  Currently ranked #1 in making good use of social media (USA Today)  “Notre Dame news, libraries, alumni, and other accounts can be found throughout the social web, including Facebook and Twitter. Even if you’re just a fan of Notre Dame athletics, the school has something to offer you, with Irish Alert text messaging, as well as Twitter and Facebook pages for almost every sport.” (Office of Communications)
  11. 11. Notre Dame Social Media  https://twitter.com/NotreDame 37,000 followers  https://www.facebook.com/notredame  Athletic Teams https://twitter.com/NDFootball 73,000 followers  https://twitter.com/NDlacrosse  Library- https://twitter.com/NDLibraries  Instagram- http://instagram.com/notredame#  LinkedIn- http://www.linkedin.com/groups/Notre- Dame-Alumni-Network
  12. 12. Social Media in Business  2011- 72% of companies reported using     social media for business (Chui) 90% of these reported benefits (Pilbeam) Extremely important for marketing/ advertising- all users “likes” and interests are readily available Companies are advertising to specific audiences and generating sales because of this Social Commerce sales will reach $30 billion/ year by 2015 with 50% of sales coming through Social Media (Pilbeam)
  13. 13. Underutilization in Communication McKinsley 6
  14. 14. What is a Global Social Platform?
  15. 15. Social Media Potential  Study conducted on the potential value of utilizing Social Media  Facilitates easier communication within companies  With knowledge and information more readily available, less time will be spent on research  Companies can better invest time and resources to cater to customers needs as their interests are easily accessible and provide better customer service  Companies can co-create projects and share information efficiently
  16. 16. Global Platform Benefits
  17. 17. Stryker Connect  Allows teams to share projects they are     working on and progress globally Connects over 22,000 employees in 15 global divisions over one platform (stryker) Increases productivity & communication saving valuable time and resources Utilizes “many to many” sharing Real life example of Social Media becoming utilized in business
  18. 18. References Chui, Michael, James Manyika, and Richard Dobbs. The Social Economy: Unlocking Value and Productivity through Social Technologies. Rep. N.p.: McKinsley Global Institute, 2012 "Social Media Guidelines." Social Media Guidelines. University of Notre Dame. University of Notre Dame Office of Public Affairs and Communications, n.d. Web. 06 Dec. 2013. Schindler, Don. "How Can Social Media Be Incorporated into Your Communications at Notre Dame?" Web log post. Social Media Training for Executives. N.p., 18 Apr. 2011. Web. 8 Dec. 2013. "Stryker Connect." Connect.Stryker.com. N.p., n.d. Web. 06 Dec. 2013. Chui, Mitchell. "The Social Economy." The Social Economy: Unlocking Value and Productivity through Social Technologies. McKinsley Global Institute, July 2012. Web. 07 Dec. 2013. Hempel, Jessi. "How Facebook is Taking Over Our Lives” (Features Cover Story)(Cover Story)." Fortune 159.4 (2009): 48. Florida, Richard. "Is Social Media Driving the Economy?" The Atlantic 27 Oct. 2010: n. pag. The Atlantic. 27 Oct. 2010. Web. 3 Oct. 2013. .
  19. 19. References, Photographs & Infographics "20 Colleges Making Good Use of Social Media | USA TODAY College." 20 Colleges Making Good Use of Social Media | USA TODAY College. USA Today, 27 June 2011. Web. 5 Dec. 2013 Haran, Tim. 2013. Photograph. Why Is Social Media Important to Business. 20 Nov. 2013. Web. 5 Dec. 2013. "Infographic: What Makes Social Media so Influential?" Infographics Archive. Dashburst, n.d. Web. 06 Dec. 2013. "Stryker Connect." Connect.Stryker.com. N.p., n.d. Web. 06 Dec. 2013. Chui, Michael, James Manyika, and Richard Dobbs. The Social Economy: Unlocking Value and Productivity through Social Technologies. Rep. N.p.: McKinsley Global Institute, 2012

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