What is Social Business?

Social Business is a business strategy in response to the demands of key stakeholders: to optimize the outcome of business goals and objectives.

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Definition of Social Business

"Social Business, applies to any company in any industry, is the key to success in the Social Economy. A Social Business works to creates mutual value among customers, employees, management, suppliers and partners by leveraging culture and social tools that enable collaboration, information-sharing and engagement. A key perspective is looking at the enterprise not as an independent, self-contained organization but rather as an agile element in an intelligent ecosystem characterized by connectivity and openness." [1]

To make this very clear - Social Business is not JUST about adding social media into your marketing plan.  Social Media is part of the overall strategy.  It is a tool/tactic similar to a cog carefully and thoughtfully placed within a well-designed machine.

The challenge and confusion for many organizations, especially medium to large companies, is that their are so entrenched in doing things the 'old way' .  The old way is a rigid form of communication that is typically one way, there are many rules and policies that are outdated, and no one is willing (or capable) to make the changes that are needed to introduce this 'new way' of doing things.  This is not because they don't see value in this way of doing business, or think it is important, but they just don't know how to get started.  They lack the big picture vision or the ability (or power of position) to make the needed changes.  If you are a B2B business or a B2C business, your strategy will be different, but the same principals apply.

There is no longer a choice to adapt to this style of doing business.  

The only decision to make is how to go about making the changes needed. “9 out of 10 companies report measurable benefits from Social Business.” — McKinsey Global Survey [1] Resources and references listed below are worth reading.  They offer insight into the 'art' of social business and how to get started.  I say 'art' because  Social Business is a fluid model that is constantly changing as the demands of our market change.  As new technology is introduced it will change even more.  One thing to remember is that the social needs of people never change, and that is a good starting point.

Related |  What is Social Business?  Part 2

Enjoy the journey! Do you consider your business to already be social?  If there are any tips to share, please comment below!

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Resources & References

(As seen May 28 2013)

• [1] www.socialbizsummit.com - What is Social Business? - Link is not available as of 1/22/2015
• Defining a Social Business Strategy - Altimeter Report
• Social Business - allthingsic.com 
• Social Media and Business Impact - Brian Solis 
• The Social Media Fog is Rolling in - Malcolm De Leo

   

"To be great, you must let go of good!"  

A paradigm shift of remarkable proportions... what an exciting time to be in business.