The Future of Social Business (Infographic)
A data visualization initiative by Get Satisfaction raises some questions about differences in definitions and approaches to social business and social commerce among different companies and industries.
A recent infographic (developed by Get Satisfaction) brings to light some interesting facts surrounding where executives believe social business will be in the next few years. We’ve culled some of what we found to be the most thought-provoking insights:
- Popular social business platforms have formed to address key needs for the businesses that utilize them: community, collaboration, social publishing and social commerce
- 57% of executives interviewed expect an increase in revenue or sales upon implementing social business
- Among respondents, the industry taking the most advantage of social business was reportedly the Technology sector at 17% of respondents. But we wonder: where was CPG, fashion (retail), personal electronics and auto?
- In terms of internal strategies by which to ingrain social business within the company, almost half of respondents prioritized creation of measurements to capture profit and ROI. This single tactic took precedence over applying social insights to product roadmap (34.7% of respondents) or developing a listening/monitoring solution (29.7%)
- Most (46.7%) of responding businesses will first want to see social elements implemented onto their websites. Other external strategies will then include developing ongoing dialogue with customers (43%) and specifically implementing social commerce initiatives (22%)
This infographic, while informative and conversational in its approach to presenting different tactics by which to bring social business elements into an organization, still demonstrates to us that there is no consensus on precisely what ‘social business’ entails – what makes a business ‘social,’ and how this may or may not be different than ‘social commerce.’ Is social simply a feature at this point, or still something that organizations are still trying to embed throughout their company and go-to market strategy? And how does ‘social’ differ in its definition, objectives and tactics across different companies and industries. We’re sure there’s an infographic for that somewhere.