The all-knowing Wikipedia defines social media as "Internet-based tools for sharing and discussing information among human beings." But really, social media is about connecting, interacting, and sharing online.
From a promotional and marketing perspective, things are not so clear cut or easy. The biggest problem is that some people think of social media as just one more channel to push sales. You can but you have to do it gently and with your customers interests first. This is not a position for an intern.
(AdAge.com) -- The number of people online who click display ads has dropped 50% in less than two years, and only 8% of internet users account for 85% of all clicks, according to the most recent "Natural Born Clickers" study from ComScore and media agency Starcom. As the pool of people who click on banner ads rapidly decreases, it begs the question: Is the long-used click-through rate now officially useless?
Business failure is hard to swallow. I once founded a small software business that initially achieved some success but failed after we hooked-up with another software business whose products we introduced to our market. We failed because there were no synergies, their technology sucked (Intersolv - formerly Sage Software) and we simply did not change course.
Who would have guessed that we, yeah, me and you, go online to pass time. Huh. I always thought I went online because of the business I was in - internet consulting - business development - web content management - social media.
The ability for members to freely exchange information. Most CMO's and business managers rely on web analytics - they look at quantitative data - to make decisions. CMO's should be changing their thinking about value. Rarely do they have a feel for the qualitative information. You know, the kind you would get from actively participating in a community or talking to customers. Ohhhhhhhh messy. Too time consuming.
CIO Insight, "Collaboration tools which allow employees to brainstorm, plan, analyze, share work and make decisions together are among the most important technologies of 2008.
"Collaboration: Unlocking the Power of Teams" from CIO Insight, By Allan Alter
From McKinsey, "Succeeding at open-source innovation: An interview with Mozilla's Mitchell Baker." This article offers three great tips for any size organization wanting to tap external ideas. Ms. Baker also talks about having a participatory culture.