Social media: The most important change in business or the biggest waste of productivity? Looking back, 2009 brought about some better examples of the value that social media brings to businesses yet social is still very much an unknown quantity to executives and hard to execute by practictioners. In short, it comes down to the economics of social media or, Socialnomics.
In order for social media and social networks to be truly transformational in the corporate world, they need to show value. Many of the efforts of 2009 were experimental while there were a few glimmers of hope including Ford Motor Company and the acquisition of Zappos (a buisiness built almost entirely on social media). We have discussed the need to move from campaigns to conversations and the importance of hiring an agency that has the skills to best serve your company. For a better understanding of some metrics, Erik Qualman has put together a widely viewed video on the idea of socialnomics. Socialnomics 09
Most of the digital experiments using social media for businesses has happened on two primary consumer networks: Twitter and facebook. In looking into the future, what will be the goto networks next year? What does it take for these networks to entice companies? It’s apparent that size does matter. How about quaility though. Does it matter if the digital network has elements of quality without the quantity of users? Consumers are using social networks to connect with old friends and get access into “a day in the life of” whoever they follow. Will that be enough in the future though? What will consumers require out of their digital interactions with brands? So many questions and not enough answers.
To explore the value and economics of social media we went to the source. Charlene Li has been the source of information for many of us since her days at Forrester, her bestselling book Groundswell and now with her company Altimeter Group. Charlene has influenced corporate executive boards for many years and this week we have an opportunity for her to help shape this discussion. So what does 2010 and beyond bring for the industry? That’s what we will discuss:
Topic: The Future of Socialnomics
Q1: What social networks will prevail in 2010?
Q2: How will consumers use them in the future?
Q3: What will the value metrics look like for consumers / businesses?
This week’s chat will take place Tuesday December 15th at noon EST. Follow along using #sm38 or on our Live site.