Social Media
Social media: A brief history and the implications for business leaders
Introduction
Over the last three decades, the Internet, as well as recent technology innovations, have transformed everyday life. From the way we communicate, to the way we shop for goods and services, the Internet has undoubtedly redefined how we interact with each other and even redefined our expectations. The Internet has not only helped the world overcome what was one of the biggest obstacles in communications, distance, but at speeds never thought possible. Most recently, technologically advanced devices such as smart phones and tablets as well as the continuous access to the Internet via wireless connections, just about everywhere, have accelerated our evolution. The result is a challenging environment in which businesses are relentlessly trying to keep up.
For businesses everywhere, one of the biggest challenges is navigating the world of social media. “Social technologies, in their relatively brief period of existence, have found favor with consumers faster than previous technologies did.” (Bughin, Chui, & Manyika, 2012) “Sweeping cultural, economic, and social changes have accompanied this accelerated pace of adoption by the world’s consumers.” (Bughin, Chui, & Manyika, 2012)
As a result, social media has become an essential day to day tool for all organizations.
For many firms, social media presents the opportunity to reach more and more customers (a new sales channel), serves as an extension of customer service and support (24x7 online), and provides a new means to market products and manage brands (targeted advertising). “As tech companies try to build social applications that click, the business world at large is struggling to figure out where and how social networks fit into their overall marketing and customer relations strategies.” (Knowledge at Wharton, 2011)
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Consequently, leaders must first understand how social media works, develop a strategy
Introduction
Over the last three decades, the Internet, as well as recent technology innovations, have transformed everyday life. From the way we communicate, to the way we shop for goods and services, the Internet has undoubtedly redefined how we interact with each other and even redefined our expectations. The Internet has not only helped the world overcome what was one of the biggest obstacles in communications, distance, but at speeds never thought possible. Most recently, technologically advanced devices such as smart phones and tablets as well as the continuous access to the Internet via wireless connections, just about everywhere, have accelerated our evolution. The result is a challenging environment in which businesses are relentlessly trying to keep up.
For businesses everywhere, one of the biggest challenges is navigating the world of social media. “Social technologies, in their relatively brief period of existence, have found favor with consumers faster than previous technologies did.” (Bughin, Chui, & Manyika, 2012) “Sweeping cultural, economic, and social changes have accompanied this accelerated pace of adoption by the world’s consumers.” (Bughin, Chui, & Manyika, 2012)
As a result, social media has become an essential day to day tool for all organizations.
For many firms, social media presents the opportunity to reach more and more customers (a new sales channel), serves as an extension of customer service and support (24x7 online), and provides a new means to market products and manage brands (targeted advertising). “As tech companies try to build social applications that click, the business world at large is struggling to figure out where and how social networks fit into their overall marketing and customer relations strategies.” (Knowledge at Wharton, 2011)
2
Consequently, leaders must first understand how social media works, develop a strategy
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