OK. I admit it. I tweet multiple times a day, I have 2 blogs, and I love social. My passion is reaching customers and having them connect with my company in new and smart ways. As such, I experiment, learn from my peers, and measure these new tools for marketing. As an executive at IBM, I have found that these Social 2.0 techniques drive down costs and increase revenue.
IBM’s 2012 CEO Survey revealed that 57% of CEO’s identified social business as a top priority and more than 73% are making significant investments to draw insights into data. And more than 1,700 chief marketing officers reveal 82% plan to increase their use of social media over the next three to five years.
This shift of consumer to business networking, known as “Social Business” has become the next big challenge for organizations which are quickly learning that social networks are no longer the new water cooler but rather their new production line, a place where employees, partners and clients connect to share vast amounts of knowledge. The big winners will go those who harness the ability to capture and analyze the knowledge their social network creates and share it throughout the business to accelerate innovation, out-market competitors and remove boundaries internally and externally.
Consider the Social Graph. A Social graph is a graph that depicts personal relations of internet users Understanding the connections of your clients helps you see the networks, where clients are isolated and where connections can drive revenue.
For example, chief marketing officers (CMO) are looking to gain insights from both internal and external data from sources like Facebook, Twitter and public forums to react more swiftly to customer trends and build their brands. HR Leaders are looking to build communities to improve recruiting and talent management services.
By interacting with the video game, students can make real-life business situation decisions. They can see the results of their decisions right away, and if they make a mistake, it’s much more private than “failing” in front of a classroom of their colleagues. Because a love of gaming is shared around the world, professors have told us the game can help to bridge cultural barriers While it’s too soon to measure the full implications, there’s a new business environment emerging.
We cannot ignore the changing group dynamics and social implications. In fact, we should tap into the most innovative ideas to redefine the fundamental nature of educating the market. Just as games present us with situations that invite players to make choices, consider the advantage of using graphics and decision-making steps of games in business. Using Social Media, we could allow decision makers to immerse themselves in the real-world simulations, judging cause and effect before making decisions.
The arrival of Social Business has created an emerging battleground for IT vendors. For example, financial analyst firm CLSA recently cited enterprise social software as one of the top tech trends in 2013 and Forrester Research reports that the market opportunity for social software will exceed $6 billion by 2016.
Here is our Monday Social Business Coffee Break and I am thrilled to host Clarisa Felts, the fearless HR & Collaboration leader at Lowes! Her famous quote is: “Social didn’t transform our culture; it revealed it.”
I was just at the IMPACT conference, and a new term came up — A business in motion! I loved it. It is dynamic and a living organization! A business in motion is ready to meet customers on their terms, with a complete understanding of each customer, used to create deeper, more meaningful engagements.
Here’s what I learned about in terms of the imperatives for a Business in Motion! 5 key imperatives:
Put mobile first, because this is the first point of engagement for your customers, partners and employees.
Social Everywhere. Reinvent the way you work in the market — this is the new norm.
Reinvent your design and business processes to meet new expectations for instant, seamless and insightful interactions
Adopt a flexible and secure integration model so that back-office systems can keep pace with rapid change
Be Insight and Data Driven to uncover opportunities, build efficiencies and make informed decisions
My dad was placed in the hospital for emergency brain surgery. I got the news while in Vegas, and booked the first flight out. I had to wait for the plane for over 6 hours — hoping to get home in time.
I was going crazy in the wait — and really needed to talk to someone.
So I did something I usually don’t do — I posted something very personal on Facebook about my dad. Much to my surprise, within minutes I had response from friends all over the world. The outpouring was overwhelming — over 500 comments plus dozens of calls.
I had calls from friends that I had not heard from since High School.
Prayers poured in
Comments of encouragement came in texts, comments, tweets
And I didn’t feel alone
No one gave up either — days and weeks went by ….. and the love flowed in through twitter, facebook and beyond.
I talk about the power of social in business — and the power there is very strong and real. But this personal impact — priceless.
Happy Monday and welcome to our Social Business Coffee Break!
Today we feature Caterpillar Inc. a leader in building the world’s infrastructure, and in enabling progress for millions of people around the globe, .as a Best Practice Social Business!
96% of companies don’t link internal & external efforts – Dachis Social Business Council, August 2012
And if you do link them together as per McKinsey’s Web 2.0 Survey – calculating the average benefit increase of Fully Networked compared to only Internal or External — showed that “Fully Networked” companies achieve 3.6X higher benefit increase.