Cerebra

Perhaps you’re one of many who view social media as void; questioning its worth and place in business. It is exactly that, superficial, when considered in isolation and with no regard for the underlying business nor its purpose.

Social media and social business are not synonymous. The more established social media platforms (Twitter, Facebook etc) often serve, inadvertently, as guises covering up archaic or flawed business practices . With no house in order, these social platforms only frustrate those involved and hinder the ability to deliver on promises.

A significant impact so far

• 9 out of 10 companies report measurable benefits from social business - [McKinsey Global Survey 2010]
• Social businesses outperform the competition by 57% - [IBM CHRO Study 2010]
• 81% customers received purchase advice from friends and followers through a social site - [ClickZ]
• 49% increase in customer retention - [VCC Case Study]
• 23% improvement in quota achievement - [VCC Case Study]
• 5% reduction in customer defection - [Bain + Co]
• 25 - 125% increase in profits - [Bain + Co]
• 67% less time taking new products to market - [IBM White Paper]

IBM: A Pioneer

“Today’s leading businesses are social from the inside-out. Integrating social technology into the most critical business processes increases workforce productivity, customer engagement and revenue.”

These are the words of IBM: the corporation that foresaw (and is catering to) the evolution from industrial to information-based business and now caters to the demands of pioneering companies.

A case in point is the Australian Bureau of Statistics. By developing internal communities and sharing capabilities, the government institution successfully bettered the work experience of employees; as well as the decision-making capabilities of all stakeholders.

How to do social business

From what I’ve experienced and researched, it all essentially comes down to a handful of elements including people, technology, transparency and tying social behaviour to performance.

A social culture may be injected into every activity; be it how a business gathers data, connects employees, anticipates needs or delivers end-user experience.

No major overhaul is required, but rather a pragmatic internal process of learning and evolution that yields long tail success. Start at the business’ top and work your way down, all the while eliminating communication hurdles and empowering staff with information-age tools that fit their information-age mindsets.

We’re doing it wrong

Perhaps we’re doing things backwards or jumping the gun. Before adopting the tools or channels , should we not be cleaning up house? Which came first, the media or the business?