"People don't do business with companies. People do business with people."
These are IBM's words, but really, the notion has become the collective wisdom of marketing muckety-mucks everywhere.
The word of the century almost has to be "social," yes? And now, we have "social business." Perhaps it's not a term you hear everyday. I believe you're about to.
So here we go. Take this little test and get a quick read on what you do and don't know about social business. Your future may depend on it.
1. What is a social business?
A) An organization that systematically engages all the individuals of its ecosystem to maximize its value
B) A business that sells products and services to enhance your social life
2. Which is NOT a characteristic of a social business (according to IBM)?
A) Engaged: The business connects people, including customers, employees, and partners, to be involved in productive, efficient ways
B) Transparent: Boundaries to information, experts and assets are removed to help people align every action to drive business results
C) Automated: The business believes technology must replace human interaction to accelerate progress
D) Nimble: The business has information and insight to anticipate and address evolving opportunities
3. Spending on social business software (apps) is expected to:
A) Decline steadily
B) Grow over 60% per year the next five years
C) Reach its peak in 2012 and level off for the rest of the decade
4. Which of the following would a social business professional aim to do?
A) Reach people where they live and work
B) Enable people to engage productively in a business context
C) Monitor and analyze social data to discover new business insights
D) All of the above
E) None of the above
5. Social business and social media are the same thing.
6. Challenges social businesses face include:
A) Lack of collaboration across business units
B) Unclear roles and responsibilities
C) Keeping up with the rapidly changing social media channels
D) Purchasing large lists of email addresses from brokers
7. Which is a goal of the "center of excellence" (the social media team)?
A) Creating standards around the company's use of social media
B) Increasing Facebook's stock value
C) Fostering organization change overnight
8. Which actions indicate an organization is making progress in its social business transformation?
A) Company leaders are mandating teams collaborate
B) Social business is a line item in marketing, operations and IT budgets
C) The HR department includes "social media" in job descriptions
D) Social media measurement and monitoring tools are in place
E) Specific workflows collect external customer feedback
F) All of the above
9. Recent global research indicates a decline in trust of:
C) Social media
D) A & B
E) A, B & C
10. Which is NOT a benefit of social business?
A) Improved product development processes
B) Lowering the cost of healthcare
C) Access to new ideas and feedback from the marketplace
D) Easier development of new business models
E) Attracting better talent
F) Increased efficiency
Have a look at your answers. Evaluate your understanding of social business. And refer to the sources listed for valuable information and insights from expert sources on the social business transformation organizations around the world are making today.
Understanding and involving all the constituents of the business ecosystem is vital. Reference: http://www.socialbusinessforum.com/what-is-social-business/
Social businesses are engaged, transparent, and nimble. They may employ valuable automation tools, but value people first. Reference: http://www.ibm.com/smarterplanet/us/en/socialbusiness/overview/index.html
Spending will grow at a compound annual growth rate of 61% to become a $6.4 billion market in 2016. (Forrester: http://www.forrester.com/Social+Enterprise+Apps+Redefine+Collaboration/fulltext/-/E-RES59825)
All are important goals of social business professionals, according to IBM. Reference: http://www.ibm.com/smarterplanet/us/en/socialbusiness/nextsteps/index.html
Social businesses is defined in question #1.
Purchasing large lists of email addresses from brokers is called SPAM. It's an ineffective and unethical marketing method. Learn tons more about the keys to becoming a social business from Radian6 here: http://www.socialbusinessnews.com/whitepaper-5-keys-to-becoming-a-social-business/
Creating standards is a key goal. Though billions are preoccupied with Facebook's stock value, it is not a goal of the center of excellence. The social business transformation will not happen overnight. Reference: http://www.britopian.com/2012/03/25/4-considerations-for-the-social-business-center-of-excellence/
Learn more at http://www.slideshare.net/Britopian/smart-business-social-business-a-playbook-for-social-media-in-your-organization and from "Smart Business, Social Business" by Michael Brito of Edelman Digital.
As you might expect, research indicates trust is declining in government and business, but rising for social media. Great infographic: http://www.slideshare.net/EdelmanInsights/trust-bar-fin
As much as we'd all like to see healthcare costs go down, if such a thing ever were to happen, it's unlikely social business could claim the achievement. Excellent resource: http://www.socialbusinessforum.com/what-is-social-business/
Do you have questions about social business? Answers? Stories? I'd like to hear from you.Would you like to hear more from me? I blog at The Point and contribute at SMT regularly.