Social Business

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The Paradox of Leading a Social Business

Among the findings of the MIT SMR and Deloitte 2014 report: as companies begin to reach maturity in social business processes, many of them are finding that traditional management practices are being replaced by a new kind of leadership. In a social business environment, communication practices between customers, employees, and managers are greatly altered — and the way management responds must change, too.

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An Audio Summary of “Moving Beyond Marketing”

An audio briefing by co-author Gerald C. Kane of the 2014 research report by MIT Sloan Management Review and Deloitte. The report indicates that that measurement sophistication is finally taking hold in social business. More than 90% of “socially maturing” companies actively measure their social business efforts. The authors explain why C-suite leadership is crucial to reaping value from social business.

Image courtesy of Flickr user Michael / Hello Turkey Toe. https://www.flickr.com/photos/helloturkeytoe/8782246559
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After a Social Media Gaffe: How to Recover and Not Dig a Bigger Hole

It was late at night when a staffer from the American Red Cross accidentally sent a personal tweet from the organization feed. Unfortunately, it was a tweet about beer. Immediately, there were thousands of tweets in response saying, “The Red Cross is drunk.” Wendy Harman, director of Red Cross information management and situational awareness in disaster cycle services, says that what happened next was a product of being prepared for social media mistakes and trusting that a little humor would help.

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Moving Beyond Marketing

The 2014 research report by MIT Sloan Management Review and Deloitte finds that measurement sophistication is finally taking hold in social business. More than 90% of “socially maturing” companies actively measure their social business efforts. The authors explain why C-suite leadership is crucial to reaping value from social business.

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Be a Good Sport With Social Media

Reaching out to customers on social media platforms can be a double-edged sword, particularly when the subject is sports. As airlines KLM and Delta discovered, there is a fine line to be walked between supporting the home team and offending a multitude of potential customers. Social media expert Gerald Kane offers some lessons derived from the Twitter errors made during the 2014 World Cup.

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Rejuvenating a Brand Through Social Media

When Nestlé UK invited customers to vote for a new chocolate bar flavor, the company’s target customers participated in droves. By leveraging social media for the Kit Kat brand, the company was able to build positive word of mouth through consumers who became brand advocates; increase sales; and generate a higher return on investment. The process followed a four-step framework that any company can use to extract valuable information from the vast amount of data generated by social media.

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The American Red Cross: Adding Digital Volunteers to Its Ranks

The American Red Cross has become an excellent example of how to use social media to connect people during the three cycles of disaster: preparedness, response and then recovery. Its digital volunteers help calm people in the middle of events, and its community mobilizers help coordinate services afterwards. “We want to blur that line about who’s a Red Crosser and who’s not, to say, ‘actually, this is up to all of us,’” says the organization’s Wendy Harman.

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Audi Puts Its Future Into High (Tech) Gear

Cars have made the transition from offline to fully networked, which makes them social vehicles, able to communicate about traffic patterns and weather. The next decade will see cars integrate more fully into consumers’ lives, says Audi’s Ricky Hudi, head of electronics at the fast-growing unit of Volkswagen. The goal for the industry: making upgradable cars, so that cars will no longer lag years behind consumer technology trends.

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Reimagining Customer Service at KLM Using Facebook and Twitter

For KLM, social business arose as a spontaneous response to the Icelandic volcanic eruption that spewed ash into Europe’s airspace for days, halting all air travel and stranding thousands of passengers. Since the abrupt birth of the airlines’ social business strategy, e-commerce senior vice president Martijn van der Zee has made the company a model for using social in customer service.

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The Multiplier Effect of Social Business Tools

Mondelez International’s brands include some well-recognized names, including Oreo, Ritz, and Cadbury. Yet as Mondelez’s vice president of global media and consumer engagement Bonin Bough explains, even a powerhouse like Oreo must work to engage its customers — and in the modern era, that means using social media. In his interview with David Kiron, Bough describes the company’s innovative methods for expanding its reach.

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How to Avoid a Social Media Fiasco

If you think social media crises are uncommon things that happen only to other companies, you’re kidding yourself. A panel at the 2014 South by Southwest festival highlighted some of the most prominent recent fiascoes and offered a compelling view of just how commonplace these events have become. Five key takeaways from the panel offer suggestions for keeping a company from being the next entry on the steady parade of social media disasters.

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Finding the Value in Social Business

A recent survey by MIT SMR and Deloitte shows that companies are starting to derive real value from social business — with the payoff concentrated most strongly in companies that have reached a certain level of sophistication in relation to their social business initiatives. The higher a respondent rated his or her company on a “social business maturity” scale, the more likely he or she was to report that the company is deriving business value from its social business initiatives.

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Tying Customer Engagement to Employee Engagement

Turning an organization into a social business — one that knows how to use new forms of collaboration and communication via social media — is a challenge for any operation, but it’s especially challenging for multinational, highly regulated companies. Boston-based financial services company State Street has become an industry model for how to use social business to make the business more innovative.

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The Art of Selling with Social Tools

“Our lives have increasingly migrated online in recent years, so why wouldn’t [sales] reps want to connect with customers on the social media front as well?” That’s the logic of Hearsay Social, whose platform lets sales people keep track of what their customers are posting on Twitter, LinkedIn and even Facebook. Says Gary Liu, vp of marketing, “social media can be used very effectively to enhance real-world interactions.”

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Intro Video: Making Social Business Work

A video introduction to “making social businessCompanies are getting better at managing social tools. A new survey finds that 40% of companies say theyíre getting value out of social business, double the rate of a year earlier. Behind the increased usefulness of social business are companies that have leaders committed to making the technology work, putting it into corporate strategy planks, and developing ways to measure social business and to reward employees for using the technology. But at many companies, social business remains stuck in first gear.

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The Problem With Online Ratings

Studies show that online ratings are one of the most trusted sources in e-commerce decisions. But research suggests that these ratings are systematically biased and easily manipulated. The heart of the problem lies with herd instincts — natural human impulses characterized by a lack of individual decision making — that cause us to think and act in the same way as other people around us.

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On the Evolution of “Social Business”

Social business means different things to different people. Some see it as business-oriented collaboration. Others, as a way of mobilizing people to do good. Still others dismiss it as “goofing off” or wasting time. However you look at it, social has the capacity to radically alter how business is done — whether it’s for-profit business or more altruistic ventures, or (as is the case with a growing number of companies) a little of both.

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