The Real Impact of Social Media for Business

THE DAY THAT ONLINE ADVERTISING BEGAN October 25, 1994. The site: HotWired The client: AT&T The offer: Who knows? Who cares? The dimensions: 468x60 ‐ this is still the default size for web banners the world over!

THE PROLIFERATION OF ELECTRONIC MEDIA Addressable Voice Mobile Email Mobile Email SMS SMS IM IM IM IM Email Email Email Email Direct Mail Direct Mail Direct Mail Direct Mail Direct Mail Telephone Telephone Telephone Telephone Telephone TV TV TV TV TV Radio Radio Radio Radio Radio Print Print Print Print Print Display Display Display Display Display Website Website Website Website Search Search Search Search Online Display Online Display Online Display Online Display Paid Search Paid Search Paid Search Landing Pages Landing Pages Landing Pages Microsites Microsites Microsites Online Video Online Video Online Video Affiliate Marketing Affiliate Marketing Affiliate Marketing Webinars Webinars Blogs Blogs Podcasts Podcasts Wikis Wikis Social Networks Social Networks Mobile Web Mobile Web Behavioral Social Media & Ads Virtual Worlds Widgets Twitter Value Dis‐continuum Value Continuum

When entering social media, brands give their customers a voice which will never stop

Dealing only with the 'media' in social media is like ignoring this voice

But listening to this voice will change the way that business is done…

This is a “campaign” focused on the Media aspect of Social. $3 million in revenue is NOT living up to the promise of social for a $25 BILLION dollar company. WHERE’S THE IMPACT? Dell Outlet has booked more than $3 million in revenue attributable to its Twitter posts. Source: Twitter 101

Customers do not want to be companies' friends, fans or followers. They want to share their experiences

While listening to conversations, companies can now learn from every single user’s experience

COMPANIES can gain new invaluable knowledge from these conversations… and BestBuy is a great example!

SOCIAL MARKETING RECIPE Reach Response Relationship The “Social- Revenue Cloud" PULL Respond & Educate Include and share “ownership” Brand Loyalty •Creating a deeper level of stakeholder Continue the conversation on the Start customer website Openly inviting customers to conversations influence and shape their anywhere own experience.

So we know there are formulas to use the social grid to connect with your customers in a way that’s meaningful to them… BUT WHERE’ THE REAL IMPACT?

HERE’S THE REAL BUSINESS PROBLEM SOCIAL PLATFORMS CAN SOLVE. “ If HP knew what HP knows, “ we would be three times as profitable. Lewis E Platt, former CEO of HP

Co‐creation of value, knowledge sharing and collaborative learning is the future of business Actually, it’s always been the way business is done. We just need to continually get better at it.

KNOWLEDGE is the source of wealth. Applied to tasks we already know it becomes PRODUCTIVITY. Applied to tasks that are new it becomes INNOVATION. Peter Drucker Management Challenges of the XXIst Century ‐ 1999

Traditionally companies are organized in silos… leaving knowledge workers “in the dark”

71% agree that it is easier to locate "knowledge" on the web than to find it within their internal systems. AIIM Industry Watch Collaboration and Enterprise 2.0, 2009 People are “lost” within their own organizations

There's a huge opportunity to leverage skills and expertise you already have in your company, but the problem is finding it. Rick Hutley, VP Internet Business Solutions at Cisco

But in truth, social software isn’t really about the tools. It’s about what the tools let users do and the business problems the tools address. Jakob Nielsen, Usability Guru

All businesses are media businesses, because whatever else they do, all businesses rely on the managing of information for two audiences ‐employees and the world. Clay Shirky, author

The great promise of The Social Enterprise is to uncover and tap into the hidden talent of your organization’s employees by letting and encouraging them to enter the stage… and this is already happening…

Enterprise use of Social Computing Platforms will have the biggest impact on business. Benefits include enhanced customer service, the ability for your company’s employees to speak with “one voice,” the ability to eliminate “institutional friction,” allow organic collaboration and eliminate silos and let the wisdom of the crowd (your employees) to help guide your business.

Every department of organizations can, and will, learn this way R&D, Design, Marketing, Human Resources, Corporate Communications, Public Relations, Training, Procurement, Production, Manufacturing, Operations, Delivery, Sales, Logistics, Customer Service, …

“Social Networking will be the biggest enterprise 2.0 priority by 2013” Forrester Research

“ The largest enemy of change and leadership isn't a “no”. It's a “not yet“…Change almost never “ fails because it's too early. It almost always fails because it's too late. Seth Godin, Author

MANY THANKS FROM YOUR PRESENTERS Since 1995, George Benckenstein has been Since his career began in 1992, Babur Ozden has acted as CEO and COO of instrumental in the success of digital product development initiatives from startup Internet, mobile, Web and SaaS companies incubation to corporate integrations of new including Berggi, DataCert, Lensec, and media. He's also led digital charitable Superonline—one of the very first wave of initiatives interacting with Nobel Peace Internet companies and currently one of the winners such as the Dalai Lama and most recognized Internet brands in Turkey. Desmond Tutu and has consulted for major He’s a senior advisor to DFJ‐Mercury and a companies including Virgin Mobile and member of the James Baker Institute of Adidas. George holds his MBA and MS in Public Policy and the Rice Alliance for Marketing from the University of St. Thomas. Technology and Entrepreneurship. http://www.linkedin.com/in/baburozden http://www.linkedin.com/in/benckenstein

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The Real Impact of Social Media for Business

by George Benckenstein on Jul 09, 2010

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The Real Impact of Social Media for Business — Presentation Transcript