Many business people I have spoken with think that after this recession, business activities will be done in the same old way; back to incremental growth, with marketing, product development, product support, HR …– they could not be more incorrect!
This attitude reminds me of the old story about the frogs in a pot of water, where there is a flame under the water that is slowly being turned up. The water is comfortable; so the frogs stay in the water. The water is getting hotter and in a few minutes, they are going to be boiled. This comfort level similar to the way many companies are approaching Social Networking, as their competition gets ready to blow them away.
Times have changed. In the late nineties, we thought the web would change everything and it has.
- Are these changes what you expected?
- Are these changes going to fit your current business model?
- Are these changes perfect?
No, No and Please tell me something that is perfect! However, these changes revolutionize everything about a company’s approach to marketing, product development, product support, HR…
First, from a technology perspective, many of us have the equivalent of what was not long ago called a supercomputer in our pockets {93% of the adults carry mobile phones}. Shortly, we all will have mobile networks with high-speed broadband available at all times and many of us do today.
According to Eric Schmidt, CEO of Google “All of the [media] distinctions [will] go away” – Television, radio, the phone system, and the Internet will become one. This kind of connectivity, he points out, is very disruptive, very consumer-focused, and will create many new business opportunities.
Second, think of a future where this computing and communications power is combined with Social Networking. This will allow you to ask your “trusted friends” their opinions on all the products you are considering purchasing, whether for business or for personal use.
This Future Is Now! People are relying on the net for the recommendations of their friends, and business associates regarding products and services. Social networking and information sites like Angie’s List, Yelp, Facebook, LinkedIn, Twitter… are immediately available to all from their mobile phones.
According to Marketing Sherpa, Social Networks are where people trust and get information on products and rely on company websites for technical specifications. A recent Forrester Research report (2009) states that 91% of the technical buyers are investigating products using Social Media before they buy.
It is time for you, as the CEO, senior executive, or business owner, to learn about Social Networking. Investigate how Social Networking can assist your company to be more successful, save you time and money on your existing marketing, product development, product support, and HR activities. Then work with your team to develop a Social Networking strategy for your company. Develop guidelines, processes, and train your team for this new social, connected world.
This strategy cannot be cast in concrete. The technology and benefits are evolving, changing, and improving. The best approach is to develop a strategy built on a strong foundation, GEAR-up for Social Networking, and be flexible to accommodate changes over time. However, do not chase shiny Social Networking objects.
If you decide to stay in your current “pot,” enjoy the hot water while you can. Your competition will benefit from seeing you boil up in the steam.
. It felt like a Friday night beer bash at a start-up with an on-going demo of Wildfire’s web 2.0 products. You could casually move from Socializing to product demo and back to Socializing – very cool! BTW -Wildfire’s products promote companies on social media through contests, sweepstakes, and coupons.
