The King is dead … Long live the King!
Signifying an immediate transition of power, this phrase is used to commemorate the passing of power from one royal leader to his (or her!) successor.
We are at a transition point with respect to social business. The old regime is passing away and transitioning to something new. I’m not predicting a demise of any of the major social business players, but the rules of the game are changing — and social business professionals should be aware of these changes.
The first sign that something important was changing in social business came during my interview with Blake Chandlee of Facebook. He intentionally referred to Facebook as a digital company, not a social one. When the 600-pound gorilla of the social media world begins to think of itself as something more than just a social business, something important is going on.
Another important signal came from the results of our 2014 social business report. While this report showed that businesses were beginning to derive value from social business initiatives, this value was directly tied to the company’s social business maturity. The single biggest driver of social business maturity, however, was whether and how the company used and analyzed data from their social business initiatives.
In other words, the key to social business success was not necessarily something related to social business directly but involved how companies used data and analytics to understand social business. This connection between social business and analytics is further underscored by Twitter’s recently announced partnership with IBM to deliver better business intelligence from social data. Key social business companies recognize they also need to excel at analytics.
Mobile and Wearable Technologies
In another important sign, Taco Bell recently shut down its popular Facebook, Instagram and Twitter accounts (temporarily) to announce its new mobile app. The move is symbolic of companies looking beyond a simple social media presence to find more direct ways of connecting with customers.