How social media is going to change the company? Anthony Okuogume, Yliopettaja Kauppa & Kulttuuri KTAMK 21.09.09 Brändistä...
How social media will change the company? 21.09.09
Honestly, the Effect will be Tsunamic! 21.09.09
Why  Tsunamic  Effect? <ul><li>One Example; </li></ul><ul><li>The future workers, owners and customers of  ’companies’ wil...
Take a Look at these Figures! <ul><li>According to a research   ( The Pew Internet & American Life Project ,2007)   ; </li...
Growing up on Social Media! <ul><li>Young people today are the authors of the new digital revolution that is changing firm...
A New Economic Culture? <ul><li>Is the  ‘economy of social production’   and the backbone of the new  ‘networked informati...
Online Network Communities: The New Market place? 21.09.09 Free at Last!
Social Media:   The Holy Grail   of marketing communication <ul><li>Social media will allow firms to connect and communica...
Social Media:   The Holy Grail   of marketing communication <ul><li>For example, on millions of blogs and social networks ...
Freedom Atlast! <ul><li>Companies no longer have monopoly of information and are now increasingly have to deal with a very...
21.09.09 Look!
<ul><li>FOUR Ps </li></ul><ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Promotion </li></ul><ul><li>place </li...
Factors that will challenge our views of business organizations and their operating models : <ul><li>Social production: ma...
Making Money With  “Free” <ul><li>Offering open and free products allows a firm to gain rapid market share, turn out profi...
21.09.09 How to Make Money - May Be A Fortune - on Twitter “ The eligibility criteria &quot;Money Making : 1.Your Twitter ...
Crowd sourcing <ul><li>Social media and the power of the masses are already being utilised in several services. </li></ul>...
Uusi kenkä- ja laukkusuunnittelukilpailu !   21.09.09 Suomen Messut kutsuu tuoreet kenkä- ja laukkusuunnittelijat sekä ala...
Thank you ! 21.09.09
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How Social Media Is Going To Change The Company Final

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How Social Media Is Going To Change The Company Final

  1. 1. How social media is going to change the company? Anthony Okuogume, Yliopettaja Kauppa & Kulttuuri KTAMK 21.09.09 Brändistä kaveri? –Mopaali- ja eLVa-hankkeiden aamiaisseminaari 16.9.09. .
  2. 2. How social media will change the company? 21.09.09
  3. 3. Honestly, the Effect will be Tsunamic! 21.09.09
  4. 4. Why Tsunamic Effect? <ul><li>One Example; </li></ul><ul><li>The future workers, owners and customers of ’companies’ will be made up of people who have grown up on social media! </li></ul>21.09.09
  5. 5. Take a Look at these Figures! <ul><li>According to a research ( The Pew Internet & American Life Project ,2007) ; </li></ul><ul><li>Some 93% of teens use the internet, and more of them than ever are treating it as a venue for social interaction – a place where they can share creations, tell stories, and interact with others. Their ”only private space” in the world. </li></ul><ul><ul><ul><li>Social media through online social networks makes it possible for people to connect and network on an imaginable scale! </li></ul></ul></ul><ul><li>55% of online teens ages 12-17 have created a profile on a social networking sites such as Facebook or MySpace. </li></ul>21.09.09
  6. 6. Growing up on Social Media! <ul><li>Young people today are the authors of the new digital revolution that is changing firms and society in general </li></ul><ul><ul><li>E.g., Napster, was created by a teenager. </li></ul></ul><ul><ul><li>Although it no longer exists, but its legacy; free online file sharing still lives on and continues to transform the media sector today! </li></ul></ul><ul><li>Facebook, Google and many more are no exception! </li></ul><ul><li>Young people dominates online social networks and are socialising and collaborating on everything from: </li></ul><ul><ul><li>Evaluating companies and their products to governments and their actions </li></ul></ul><ul><ul><li>To self-organising and have become an online force (see, Tapscott & Williams, 2006). </li></ul></ul><ul><ul><ul><ul><li>E.g., the election of Obama as the US President </li></ul></ul></ul></ul>21.09.09
  7. 7. A New Economic Culture? <ul><li>Is the ‘economy of social production’ and the backbone of the new ‘networked information economy’ (Yochai Benkler ) </li></ul><ul><li>According to Don Tapscott & Anthony Williams, (2007) it is based on self-organized collaborations; </li></ul><ul><ul><li>It will ”change the way we invent, build, market, and distribute products and services ” </li></ul></ul><ul><ul><li>” Its greatest impact today is in the production of information goods—and its initial effects are most visible in the production of software, media, entertainment, and culture” </li></ul></ul>21.09.09
  8. 8. Online Network Communities: The New Market place? 21.09.09 Free at Last!
  9. 9. Social Media: The Holy Grail of marketing communication <ul><li>Social media will allow firms to connect and communicate with customers better than before </li></ul><ul><ul><li>It has value beyond traditional marketing communication. Such as the power of the word of mouth! </li></ul></ul><ul><li>Firms will come to know their customers better and with co-creation, inputs of customers knowledge and satisfaction can be achieved at a greater scale </li></ul>21.09.09
  10. 10. Social Media: The Holy Grail of marketing communication <ul><li>For example, on millions of blogs and social networks sites like Twitter and YouTube, people talk about products or service experiences, preferences, and what matters to them most. </li></ul><ul><ul><li>All a business can do, is to listen, understand, and prosper. </li></ul></ul><ul><ul><ul><ul><li>They can use the insights gained to uncover, generate or proof new service concepts </li></ul></ul></ul></ul>21.09.09
  11. 11. Freedom Atlast! <ul><li>Companies no longer have monopoly of information and are now increasingly have to deal with a very informed user groups or buyers. </li></ul><ul><li>In prosuming, companies can no longer act autonomously in developing products & production proceses (Prahalad & Ramaswamy, 2004) </li></ul><ul><li>Now, users seek to exercise influence over every part of the business system (Prahalad & Ramaswamy, 2004) </li></ul><ul><ul><li>E.g., the sale of Manchester City FC and Facebook’s redesign. </li></ul></ul><ul><li>On online social networks, people organise through preferences, causes or by personal relationships </li></ul><ul><li>Online social network is a ’wedia’ (EGO, 2008) and it is not dominated either by the producer or the prosumer! </li></ul>21.09.09
  12. 12. 21.09.09 Look!
  13. 13. <ul><li>FOUR Ps </li></ul><ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Promotion </li></ul><ul><li>place </li></ul><ul><li>The new situation </li></ul><ul><li>From product to co-produced value and shared </li></ul><ul><li>From price to shared investments </li></ul><ul><li>From promotion to more interactive communication </li></ul><ul><li>Online social networks </li></ul>21.09.09
  14. 14. Factors that will challenge our views of business organizations and their operating models : <ul><li>Social production: mass collaboration </li></ul><ul><li>Crowd sourcing (eBay innovation?) </li></ul><ul><li>Prosumers </li></ul><ul><li>‘ New Alexandrians’ ** (E.g., Google books): Culture of sharing and open source </li></ul><ul><li>Wiki Workplace </li></ul><ul><ul><li>Self-motivating ‘knowledge nomads’ </li></ul></ul><ul><ul><li>Hierarchy as we know it will disappear </li></ul></ul><ul><ul><li>No more tightly scripted and controlled structures </li></ul></ul><ul><ul><li>Leadership will be earned not appointed, </li></ul></ul><ul><ul><li>What you can do will become the only basis for participation </li></ul></ul><ul><ul><li>Openness and sharing - the underling organizational culture. </li></ul></ul>21.09.09 **( Tapscott & Williams, 2007)
  15. 15. Making Money With “Free” <ul><li>Offering open and free products allows a firm to gain rapid market share, turn out profit and competitive advantage. </li></ul><ul><li>Ways money can be earned from ‘free’ </li></ul><ul><ul><li>Advertising: </li></ul></ul><ul><ul><ul><li>Purely ad-supported contents </li></ul></ul></ul><ul><ul><ul><li>Ad supported free contents, and contents without ads for a fee </li></ul></ul></ul><ul><ul><li>Premium content: </li></ul></ul><ul><ul><ul><li>Free basic content, with a fee for extra features </li></ul></ul></ul><ul><ul><li>links to online shops, donation buttons on the site, or Google’s adsense and etc. </li></ul></ul>21.09.09
  16. 16. 21.09.09 How to Make Money - May Be A Fortune - on Twitter “ The eligibility criteria &quot;Money Making : 1.Your Twitter account must be at least 4 months old. 2.You should have at least 200 followers However, actually making money using your tweets need some strategic thinking, in terms of content and  the quality of your followers; since the  pay out would be directly proportional to individual tweeter's passion and expertise, and the history of link clicking by the followers “ Source:http://www.abhijitkar.com/life/2009/09/how-to-make-money-on-twitter.html
  17. 17. Crowd sourcing <ul><li>Social media and the power of the masses are already being utilised in several services. </li></ul><ul><li>In crowd-sourcing. Users can be used for creating content, and product development and design </li></ul><ul><ul><ul><ul><li>eBay innovation </li></ul></ul></ul></ul><ul><li>The role of end users for successful delivery of innovation - “Prosumer” </li></ul>21.09.09
  18. 18. Uusi kenkä- ja laukkusuunnittelukilpailu ! 21.09.09 Suomen Messut kutsuu tuoreet kenkä- ja laukkusuunnittelijat sekä alan opiskelijat uuteen kenkä- ja laukkusuunnittelukilpailuun. Kilpailu tuo esiin uusia ideoita ja mielenkiintoisia ratkaisuja kenkien ja laukkujen designiin, kannustaa alan suunnittelijoita ja tukee suomalaisen kenkä- ja nahkateollisuuden kehitystä K-KENKA use crowd-sourcing to know what the customers wants and also, for new product design & development and for strengthening its presence in the marketplace & to ‘connect’ with customers!
  19. 19. Thank you ! 21.09.09

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