By Matthew Don, Chief Innovation Officer, Doremus
We all read a lot about social media. It has certainly impacted the conversations that marketers have with their key stakeholders. But social media is only an interim objective for marketers. More interesting for businesses today, especially in the current challenging economic environment, is the role of social in business.
What defines social business?
In the context of this article we are interested to the role of social networks, technology and computing in enterprise collaboration for workers, customers and business partners.
What are social businesses?
Social businesses are companies that identify the enormous value of human networks. They commit resources to build the technological infrastructure needed to realize and tap into those networks' potential offerings through mining a wealth of big data. Social enterprises do so for the purpose of garnering information about their category, their competitors, their personnel, their partners, customers and their employees.
Becoming a Social Business
Social business starts with a social audit. A B2B social audit consists of three main components:
- Mining a social graph, segmenting data and building personas
- Influencer Identification
- Language Analysis
By mapping and classifying conversations that are relevant to a client, companies can better discern the most influential subjects, topics and conversations. This information, when compiled and analyzed judiciously, is the guide to more effective creative messaging and more efficient media placement. It can influence outreach to real influencers, and can also be used to track advertising campaigns and marketing strategies.
Does all this information really produce concrete, actionable “knowledge” that can beneficially help marketers make more informed choices? The short answer is that it does, and has.
Using Big Data gleaned from social media, a marketer learned that a huge sector of its core customer base was ecologically minded. This insight was used to create an online advertising campaign, part of which highlighted the ecological benefits of the marketer’s product. The result was a huge success: a breakthrough online campaign that enlightened current and future customers as well as captured their loyalty because they learned, through the campaign, that the marketer was not only a manufacturer, but also a “kindred spirit,” aware and doing something about the environment.
What are the steps to start social business transformation?
Go for Big Data. Businesses that integrate big, unstructured data into their decision-making are able to take advantage of changes in the information landscape. Knowledge that lingers in the ethers of the social web can be mined to better analyze rich spheres of influence.
Get Networked. Marketers can enhance their offering by using social networks as the tipping point for conversation about their brands.
Go Real Time. Companies must be ready to adapt and adjust so they are ready to capitalize on short-lived opportunities. Not doing so comes at a staggering price. Tools such as automated social monitoring that detects breaking events and sends this information quickly helps marketers act upon a “window of opportunity” before it closes.
As the social world, and the technological means to tap into it, expand and become more finely targeted, companies that have a knowledge and appreciation for social business are poised to prosper…big time, and in real time.
Wednesday, October 10, 2012 at 9:00AM 
