Social networking, a modern phenomena enabled by an explosion of vastly more interactive Web.2.0 technology, makes it easy and inexpensive for people to choose to associate with any person or groups of people, grow their networks and interact with them simply, quickly, precisely reliably and inexpensively. Â
While Facebook revolutionised the way in which ordinary people now form expansive social networks and interact, similar tools offer organisations more business-like ways to engage and interact with customers and supply chain communities in the same way – for real and long-rage competitive advantage.
Systems that that enable a business to ‘talk with’ rather than ‘talk’ at’ market decision makers and influencers deliver increased market share, higher sales and lower costs for some very logical reasons:
Firstly people with an ability to ‘talk back’ just listen better - so engaged people are easier to inform and influence. And because direct digital reach is a much cheaper medium than advertising, direct mail or calling - communication and selling costs plummet.
Secondly: Engaged communities’ feedback insights, innovative ideas and market intelligence that help a business identify needs, opportunities and threats far faster than the competition. Information in the hands of an agile organisation that exploits it effectively and efficiently before the competition delivers significant strategic and financial paybacks.
Thirdly, people who collaborate with a business to produce ideas and plans co-own them – so they’re more loyal and committed to a relationship with an organisation that ‘partners’ them to organisations that don’t. And finally, because organisations that collaborate with their enterprise communities are few and far between, brand differentiation is profound.
Organisations looking to harness social networking systems and concepts for commercial advantage are on the right track according to leading business trend spotters McKinsey and Company. The ability to interact and collaborate with enterprise communities has been identified as the most significant of the 8 technology trends that McKinsey believe will impact business in the 21st century. [See The Mckinsey Quarterly: Eight business technology trends to watch. December 2007.]
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