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“ A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content.“ - Andreas Kaplan and Michael Haenlein* * Faculty at ESCP Europe. ESCP Europe is both a high-level school of management with international scope and a large-scale European institution. My Definition of Social Media Applications that facilitates social conversations i.e. content generation, content sharing, and content consumption by the masses is social media .
Old Spice Bodywash sales are up 55 percent in the past 3 months and sales doubled in the month of July , making Old Spice the #1 body wash for men. http://www.nmincite.com/?p=1138 Old Spice Man went on a viral video montage, generating more than 40 million views in a week among 186 videos , snagging the top subscribed sponsor channel of all time. The campaign used the advertising character “The Man Your Man Could Smell Like” in a series of direct responses to consumer questions and comments via Facebook and Twitter. http://www.youtube.com/user/OldSpice
In 2008, the company was ranked at the bottom of the latest American Customer Satisfaction Index, a service that tracks consumer opinions of more than 200 companies and is the focus of a massive concentration of public animosity offline and online, culminating in one such example, ComcastMustDie.com.
Frank Eliason discovered that by doing a search for the word "Comcast" (and occasionally "Comcrap"), he could find tweeters who just happened to mention service complaints he could address. In December 2008, he celebrated the handling of his 22,000th tweet.
Socially Statistics (Aug 25, 2010) McKinsey research conducted in Germany finds that motives such as a desire for fame and a feeling of identification with a community encourage collaboration and participation. Such findings, we believe, offer insights into the way companies might tailor their Web 2.0 offerings.
It’s the time to talk directly to the customers In the late 1990s, the Internet advanced digitized communication in a way that dramatically changed the course of business; social media is poised to have a similar impact. – Gartner
Gartner: By 2015, the 20% of enterprises that employ social media beyond marketing will lead their industries in revenue growth. Yankee Siemens Social Medial Whitepaper
Social Media helps to discover an Outside-In View of Business Process Access — fluidly find, and reach, people and resources, when and where we need them. Attract — find people and things that we did not know we were looking for, so we can connect to new ideas and people. Achieve — orchestrate "creation spaces;" environments that effectively integrate teams within a broader learning ecology, so that performance improvement accelerates as more participants join. Image source: http://webpages.charter.net/jmorton2506/images/outsin.jpg
79% of the Fortune 100 are present and listening, using at least of one of the main social platforms to communicate with their customers. Source: http://www.istrategy2010.com/blog/social-media-in-business-fortune-100-statistics/ & Public relations firm Burson-Marsteller Fortune 100 Social Media Statistics: 20% of Companies are using all four of the main social technologies (Twitter, YouTube, Facebook, and Blogs) 82% of the Fortune 100 update and engage with customers on their Twitter account per week. 50% of the Fortune 100 have a YouTube account and upload 10 videos on average a month.