Let’s Get Down to Social Business
By 2014, the market for social enterprise tools, software and services is predicted to reach $4.6 billion worldwide. This new generation of technologies is rising up to meet a growing demand for connectivity and transforming all aspects of business. Amid the chaos, new markets and leaders will emerge. Journalists will embrace them, and PR pros will manage the process. Let's dive into the ballooning popularity of social business.
What is it?
"Social business" is a meta-trend comprising several component trends : social media; e-commerce social technology.
Designed out of emerging cultural change and outreach, it fosters a unique and effective kind of collaboration at the enterprise level.
Popular social business platforms
- Community (GetSatisfaction, Dachis Group, Lithium).
- Collaboration (Atlassian, Jive, SocialCast).
- Social publishing (Involver, WordPress, Tumblr).
- Social commerce (Bazaarvoice, Zuberance, Power Reviews).
Execs chime in
According to a Jive Social Business Index study of over 900 U.S.-based executives:
53% - believe that they have to adopt social business or will fall behind.
57% - expect an increase in revenue or sales after implementing social business.
71%, 51% - 73% of executives and 51% of millennials have downloaded at least one web-based app for work on either a mobile device or computer.
Tech takes advantage of social
Industries engages in social business (percent of respondents).
- Education - 2%.
- Retail - 4%.
- Utilities/energy - 6%.
- Manufacturing - 8%.
- Technology - 16%.
- Healthcare/medical/biotech/pharma - 11%.
- Financial services - 11%.
* According to samples of organizations with at least 5.000 workers worldwide engaged in social business.
From the inside out
To be most effective, social business must use social computing comprehensively inside an organization and outside to its end-users through customer-facing activities. (percent of respondents).
- "What internal social strategies will you focus most on in 2011?"
Creating ROI measurements - 28.3%.
Internal education and training - 37.3%.
Determining an organizational model - 23.7%.
Apply social insights to product roadmap - 34.7%.
Getting buy-in from stakeholders - 32.3%.
Developing a listening/monitoring solution - 26.3%.
Getting tools and technologies in place - 26.3%.
Increasing budget/headcount - 24.6%.
Policies and procedures - 22%.
Almost half of respondents agree that creating measurements of progit and return on investment are most important internally.
- "What external social strategies will you focus most on in 2011?"
Website integration - 46.7%.
Developing ongoing dialogue with customers - 43.3%.
Listening/learning about customers - 37.7%.
Fostering word of mouth - 36.9%.
Formalizing an advocacy program - 24.6%.
Social commerce - 22.1%.
Mobile/location - 20.5%.
Collaborating with customers - 19.7%.
Providing direct customer support - 16.4%.
Enabling peer-to-peer support - 13.9%.
* Based on Altimeter Group survey of corporate social strategies in 2010.
Externally, most businesses want to see social elements being implemented into websites.
SOURCES: Altimeter Group | 2ONet.com | Forrester Reasearch | Adoption 2.0 Council TechCrunch | Dwyane, Jeremiah, "Social Business Stack for 2011. " | Jive
Created by Column Five