Business Of Social Media

the business of social media Matthew Buckland matthewbuckland.com GM: M&G Online Presented at the Gordon Institute of Business July 2008

What’s the fuss? We’ve been networking for years As old as humanity, itself

...but online It’s more efficient, cheaper, easier to create communities Do it on a grand scale

Business is about... Connecting people & ideas in the information economy

It’s part of us Networking is a biological urge. Our bodies work as networks.

2 key motives for joining social network: "I want to communicate better with the people that I already know and trust". "I want to increase my visibility so that I can connect with more people".

YOU! We are networking Right now, right here in this room

Take it further online? Extend life online? Grow bigger?

Types ...of social networking & media with business application ...can be external or internal Some types ...of social media with business application ...can be externally or internally focused

“ Blogs good for business”- Bill Gates

5% of fortune 500 companies blog [1]

34% large companies blogging [2]

Conversations betw readers & writers, companies & customers

Attract community via what you write

Direct customer service and comms: CRM function

Influence thinking about subject

Position executive & company as industry leaders

Policy, terms & conditions NB

[1] Anderson C. and Mayfield R. Fortune 500 Business Blogging Wiki [Via wikipedia] [2] JupiterResearch, (June 26, 2006) JupiterResearch [Via wikipedia] TYPES Corporate blogging Niche networks Professional networks ‘Social’ networks Micro-blogging Wikis Intranet 2.0

EG: Specialised doctor’s social/business or media/journalist network

Generalist networks can’t cater for specialist niche demands

As a company you can create, invest in or join a relevant niche industry network

Build relationship with potential business partners, clients, employees, even competitors

Knowledge-sharing and good positioning

TYPES Corporate blogging Niche networks Professional networks ‘Social’ networks Micro-blogging Wikis Intranet 2.0

Examples include Linkedin.com or Xing.com

Entrepreneurs love these

Used to headhunt, form relationships

Can be used to market company

Used by employees to build relationships, but also find employment

These include apps like Facebook

Fun & personal, but also business application

Need to be subtle about business activity

We recruit from private and business networks, why not from Facebook?

30,000 Microsoft employees, 8,500 Googlers, etc.

Relationships are ripe for exploiting for business networking

Short form of blogging, includes Twitter.com

For those too busy to blog, or can’t write 

Could also add social bookmarking: del.icio.us, digg.com and local muti.co.za

Knowledge sharing and collaboration example can be applied internally to your organisation?

Break down silos, create efficiencies

Collaborative publishing: anyone can create, write & edit a webpage

Internal or external –good for “how-to” guides and manuals, documenting experiences

Obsidian: local tech company uses wikis for its diverse, travelling consultants

Beefed up intranets with social networking features: profiles, contact sharing, content sharing, knowledge sharing

Joint corporate directories (centralised & efficient)

SAP solutions, IBM’s enterprise social networking suite, called Lotus Connections

Unlock the latent knowledge & expertise within organisation and employees heads

Openess vs privacy Confidentiality NB for company Manage this tension Companies = “walled gardens”

Driven by internet and mobile communications, networks are turning into the major means of doing business ... Simply put, networks will make the world go round. So controlling the networks of this world will soon count for more than controlling the capital. Netocracy, by Jan Söderqvist and Alexander Bard (2001)

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