I have noticed more and more lately that Corporates are starting to pay attention to this revolution. Research shows that Enterprise 2.0 practices and Social Marketing initiatives are taking hold, that those organisations who embark on a trial, of what Im calling Corporate Social Networking, early will achieve competitive advantage from both their internal operations but also the way they engage with their market. The internal business-engine benefits include:

  • Increased employee productivity
  • Efficeincies in knowledge management
  • Democratization of Business Intelligence for improved collaboration
  • Meet regulatory requirements in a timely fashion
  • Repurpose content efficiently
  • Connect people with information and expertise
  • Accelerate business processes and reduce complexity
  • Attrach the right skillset and culture

What this means however is that the traditional hierarchical management systems in organisations need to change, there needs to be an acceptance of transperancy and openness in the organisation that the best idea my come from the lowest paid employee. This challenge is a whole other discussion about human behavior however it does highlight that its not technology that is limiting better business but thinking and behaviors.

The external benefits of early adopters of social marketing type practices are already reaping the benefits as this graph illustrates.

Impact of Best in Class Social Media PracticesNo wonder I have been hearing so much lately. I guess the economic slowdown helps too. You see this form of marketing is not only the cheapest, when done well, its also the most effective. Engaging with your customer in a dialogue and listening to their ideas and suggestions has tremendous benefit for your own business and next gen product offerings, dont forget everyone wants to feel loved, especially customers.

So in a slow down like this, corporations will shave uneccessary and under performing expenditures and aim to review their plans for marketing and advertising. A recent survey from MYOB and ABS have indicated that SMB’s are increasing their efforts in marketing, but not the kind of marketing we are used to seeing, marketing that includes more and more social media tools which help impact the sales cycle effectively,as this graph illustrates:

Social Media impact on the Sales Funnel

The Groundswell is here to stay it seems and for those naysayers who thought social networking was not relevant for business or that it was just a flash in the pan, Im sorry but you were wrong. People power is here to stay now that they have a real Digital Voice.

This quick interview also supports my point that Enterprise 2.0 is here to stay: