3. “ 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 .
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5. Social media is the number one activity on the internet Time to reach 200 Million users mark
8. 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
10. 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.
11. 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.
15. 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
16. 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
17. 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
18. 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.
Social media is designed to be disseminated through social interaction created using highly scalable and accessible publishing techniques. User Generated Content User Consumed Media Conversations can occur in multiple ways including: Content Generation, Content Sharing, and Content Consumption
Facebook tops Google in internet traffic
“ The Man Your Man Could Smell Like” – Procter and Gamble Ad agency Wieden + Kennedy and Isaiah Mustafa took the campaign to a new when it started answering questions posed by fans on Twitter and Facebook with personal video messages. They made a commercial character come to life through social media. But they took it to the next level with the YouTube channel interactivity. Old Spice put together around 200 video responses, some within minutes of receiving questions from celebrities and laypeople alike. The stats are impressive: 92,000 Twitter followers, nearly 700,000 likes on Facebook and just over 9 million channel views on YouTube. The brand has seen a 107% increase in sales in the last month. Build a Community Personify the Brand Listen and Engage in Active Conversation Be Quick to Respond - Almost Real Time Be Creative Allow Freedom to Teams
Internal employee interactions
Don’t wait for your customers to come to you. Reach to them. As authors of the book, "The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion," explain that "to succeed now, we have to continually refresh our stocks of knowledge by participating in relevant 'flows' of knowledge — interactions that create knowledge or transfer it across individuals.“ The times may always have been 'a-changing', but they just seem to change faster these days. David Armano, vice president of Edelman Digital, a marketing company, is a social media leader, said in 2009 that the one thing your company will do in 2010 is have a social media policy and actually enforce it. According to Nielsen’s newly released May 2010 data, three quarters of U.S. online users visit social media sites regularly spending about 5.5 hours a month visiting social networking sites at the workplace alone
Social media provides the tools to enable these capabilities and interactions, and to get that outside-in perspective more easily. Instead of viewing social media as a new outbound communication channel, business leaders should explore how social media can provide them with a new source of input and allow them to engage in a conversation with social networks. For example (as noted in Table 1): An R&D team would use idea management applications, or crowdsourcing, to garner ideas from customers or partners and augment their own engineers' thinking about product design enhancements. A sales manager would encourage the sales team to scan social media sites, such as LinkedIn, for leads; and to assess the influence of prospects using social network analysis tools, such as Trampoline Systems and 7 Degrees.
Organizations tend to design critical business processes with an "inside-out" mind-set that focuses on what happens within the confines of the enterprise. In today's hyper-connected world, businesses cannot afford to take such a narrow view of the enterprise. Business function leaders should examine how they currently reach out to interact with other internal business functions, business partners, customers or prospects and, in some cases, even the social Web. An "outside-in" perspective is needed to balance the inside-out viewpoint. Dell ideastorm is a space to bring reach to customers for their new and innovative ideas. In almost three years, IdeaStorm has crossed the 10,000 idea mark and implemented nearly 400 ideas! IdeaStorm was launched in February 2007 as a way to talk directly to our customers.
