jump to navigation

Deep flows the River between Social and Business… July 25, 2012

Posted by Sanooj Kutty in Enterprise 2.0.
Tags: , , , , ,
trackback

It’s been quite a while since the world has been gripped by the Social Media fever . However, as is the case with any new concept that catches the masses by their eyeballs and wallets, social media too has turned into a big Gold Rush with many following suit.  Suddenly, plenty of creative designers, copywriters, and account managers have now turned into peer-recognized and self-proclaimed social media specialists.

Yet, like every time the dust rises, it also has to settle down. When it does settle down, are we going to see despair as we did with the Dot Com bust in the 1990s? For everyone’s sake, I hope not, but, somewhere deep inside I sense a repeat of history.

Can businesses reinvigorate themselves from the inevitable social media overkill when the time comes? Yes, it can and this will be the time when they wake up to Enterprise 2.0. Coined by Andrew P. McAfee, Enterprise 2.0 is defined as “Enterprise 2.0 is the use of emergent social software platforms within companies, or between companies and their partners or customers.”

However, the future will not be just about Enterprise 2.0 platforms; this will also be a journey of how the corporate world adopts its Customer Engagement Strategies. Customer Engagement sees itself metamorphose itself over 4 key stages, namely, Initiation, Integration, Intelligence and Value Creation.

  • Initiation – being the welcoming stage for the customer
  • Integration – stepping it up to engage the customer to consume the products or services
  • Intelligence  – used to accumulate past learning and understand the customer’s engagements
  • Value Creation – to develop an ongoing relationship through knowledge gained from the previous 3 stages.

Today, we can witness a trend where Initiation and Value Creation are being actively promoted on the Social Media ecosystem through interactive products like events, games, competitions, etc. Obviously, these are conceptualized from the Intelligence gathered over time through proven methodologies. However, a weak Integration presence would result in many customers being bored of all the fun around without any real work being done.  All Play and No Work can also make Jack a dull boy.

So, what does all this mean? This means that until Social Technology evolves in such a manner that customers can execute business transactions via these platforms, they will over a period of time go the way of Newsletters and Raffle Draw tickets as just another marketing gimmick.

This evolution has been defined very eloquently by John Mancini of AIIM in this info graph published in his OccupyIT manifesto.

Image

Yes, Facebook has taken interaction with the customer to different experience, but it still lacks that most important activity between a customer and a provider and that is the “business transaction”. Naively portrayed below is my vision of the future and where I believe the future should move to.

Image

A world where one can log on to online banking, traverse to a single transaction and engage in a query or clarification with customer service.

The future is not just social and it’s not just business, but in a nutshell, it will and must be socio-business.

Advertisements

Comments»

1. Sajith - July 25, 2012

An interesting article

In my opinion, there would not be a single entity like Facebook or Google+ through which business would evolve, rather each organization will develop their own conglomorate where there would be able to communication and deliver to the mass.

I agree with your concept of “Soci-Business”, but the fundamental is how much the business can tap this area.

Organization needs to develop a model in adapting the “soci-business” model, and as of today very few of them use it intelligently. The model not only should be intelligent but should be able to penetrate the markets specifically.

This means in an internet savy market (mature market), the “socio-business” market should be able to define what they need from the organization.

But it not so internet savy market (immature amrket), organization should be able to drive the market and keep the market focussed rather.

Sanooj Kutty - July 25, 2012

Sajith,

I think there will be the possibility of both, akin to buying an Apple product from an Apple Store as well as a high street retailer in a shopping mall.
For businesses to tap this area, there are two challenges that they must address, first an intrinsic one of being able to accept social platforms as one of their distribution channels and not just a marketing medium. second, and perhaps the most challenging is extrinsic as it comes to a matter of security and privacy.

With regards to the virgin markets with minimal internet penetration, you are right, but then again, for those markets you have your brick and mortar world. Its not about replacing your conventional approaches, but, more about engaging your customer more and getting more out of those who are active on the social media and that in itself is a significant market.

2. sajithsoman - July 25, 2012

Reblogged this on sajithsoman and commented:
In my opinion, there would not be a single entity like Facebook or Google+ through which business would evolve, rather each organization will develop their own conglomorate where there would be able to communication and deliver to the mass.

I agree with your concept of “Soci-Business”, but the fundamental is how much the business can tap this area.

Organization needs to develop a model in adapting the “soci-business” model, and as of today very few of them use it intelligently. The model not only should be intelligent but should be able to penetrate the markets specifically.

This means in an internet savy market (mature market), the “socio-business” market should be able to define what they need from the organization.

But it not so internet savy market (immature amrket), organization should be able to drive the market and keep the market focussed rather


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: