The Business Value of Social Networking

Hi MIke,

Like you I too am interested to see how the blog works! 

When we were setting up this year's programme in the Bath Branch we also wanted to coverthis subject and so on the 18th March 2010 we have Profesor Mike Redwood talking, entitled "Social Media - Marvel or Monster?"  Be interesting to learn how your event went and whether there were any clear themes that emerged?

Bob Hussey, Vice-Chair, Bath Branch

Adi,

Is there an archive version of this blog?

Thanks

Abha

CMI Solent Chair

Yes please Adrian.  Can you open 'threads' for all save the June and July events as shown on the website.  You'll note that I have contributed to the Manufacturing discussion you had already openend on our pages. 

Many thanks

Bob

Anyone interested in this event might also want to experience Adrian's 'Social Media 101'  blog. Try the link below.

Stuck on social media? Learn how here.
Join: http://www.managers.org.uk/og/subscribe/11266

John Gaskell

Thanks Adi - new thread now up!  Bob

Social Media – Marvel or Monster?

 On Thursday 19th March 2010 Professor Mike Redwood gave a talk to the Bath branch entitled “Social Media – Marvel or Monster?”

Mike pointed out that it has been estimated that over 60% of children in the US spend over 44% of their time on social networking sites and that FACEBOOK usage costs the US economy $2.5 billion annually.

Even in China the traditional ‘collective’ family culture is breaking down and young people are becoming more individualistic because of the growth of social media sites. The average Briton spends more time on FACEBOOK that any other nationality save the Australians!

“The future is happening faster than you’d expected, and in the wrong order!”

Mike based his talk around five main themes.  For the future “Markets are Conversations”.  There will no longer be a need for marketing campaigns (he cited Pepsi Cola who have cancelled their TV advertisements) by marketers will have conversations with customers, potential customers, suppliers etc.  This meant “Listening to Customers” who would tell you what they wanted and really “Engaging Consumers” in the business of product design and development.  This meant he said that “Businesses (would be involved in) dialogue” both with each other and more widely, and that all businesses would have to engage in “Open conversations outside the silo”.  He cited how easy it was to use forums to learn about customers and their potential wants. 

Mike cited the major changes that we have seen to the travel, music, newspaper and photography industries as a result of digitalisation.

Feedback too was important.  Customers trust what is said on Forums etc., much more than what is said by a company, and an occasional amusing FACEBOOK entry for example well might completely destroy a business.

Already most companies used LINKEDIN as their prime source for new recruits, and the whole digital revolution has enabled businesses to leave the traditional hierarchical management organisation, to de-layer and adopt a more flexible and responsive style using Wikis as the source of knowledge.

Mike finished by urging the meeting to adapt to and adopt this open style of working as the digital revolution is with us and will never go away. 

A lively discussion period followed the meeting.