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Published on Friday, 18 February 2011 11:13
That's what needs to happen in order to cost-effectively solve broad business problem and co-create e.g. a new product choice, a marketing campaign or a new service experience. Enterprises need to start taking advantage of the
"wisdom of the crowds" available though social media information, or risk
missing out on huge opportunities to boost business, according to the MIT Centre
for Digital Business.
In order to get to this level of social media information integration within the companies, business culture has to change to achieve that highest level of benefit. Below you see a Social Media Framework that embodies how strategy relates to investment, value and culture. (
Link to bigger image, thanks to @
BZPAT)
When we relate this to the TV industry, it alligns to this article, where we analyzed Social TV's potential in adding insights for companies. Companies like Bluefin Labs are increasing the insights by the correlation between the shows and ads audiences are
watching on TV and what those audiences are saying about that content
via social media streams. As reported in that article, this technology is a type of ultimate focus group, continuously extracting information in a P2P environment where "honest" interaction can be monitored, without worrying about socially-favorable answers and diverts.
On a strategic level it alligns with Gartner's Strategic Technology Areas for 2011:
The TV industry has potentially one of the biggest focus groups, in terms of interaction about TV, "TV shows will be the most common conversation topic around the world and the subject of more than a billion tweets,"according to Deloitte. Think not only of this area of communication, but also on business issues as Customer Service and new product identification which can be extracted from the crowd.
A step further would be involving customers and giving them a sense of ownership of the brand. Once the consumer owns the brand, they already bought the product. Co-creation
processes brings the best of both worlds, at the one hand, customers
influence internal processes, involving them means a
better adapted proposition to the needs of the audience. On the other hand, the business part, co-creation brings cost-savings. "Businesses can use information available from social networks to solve the
broadest problems in a cost-effective manner", McAfee said.
The time has arrived to act upon concrete changes in the (social media) landscape. Not only are signals by Gartner important, but the timeframe of benefiting the most out of social media is a lengthy one. (see Social Media Framework above).
