{"id":4912,"date":"2021-12-05T15:35:27","date_gmt":"2021-12-05T15:35:27","guid":{"rendered":"https:\/\/www.britopian.com\/?p=4912"},"modified":"2023-11-19T08:22:18","modified_gmt":"2023-11-19T08:22:18","slug":"social-business","status":"publish","type":"post","link":"https:\/\/www.britopian.com\/content\/social-business\/","title":{"rendered":"The Social Business Model Must Deliver Value to All Stakeholders"},"content":{"rendered":"
I don\u2019t like to argue definitions. It\u2019s a waste of time. The discussion around organizational challenges and potential solutions to complex business problems matters. My clients never come to me and say, \u201cHey Brito, how do you define social business?\u201d And it\u2019ll never happen that way either.<\/p>\n
Some organizational challenges I experienced firsthand when I worked for the enterprise were when employees were misusing social media or the lack of collaboration within the organization resulting in disjointed communities, content, and community management<\/a> practices. These are some of the challenges of enterprise social media<\/a>.<\/p>\n So as much as I dislike definitions, this is the appropriate place to insert one.<\/p>\n Social business is the blueprint for the transformation of an organization\u2014bridging the external with the internal, resulting in a more connected way of doing business and shared value for all stakeholders.<\/em><\/p>\n The keyword here<\/strong> \u2013 is a shared value for all stakeholders<\/strong>.<\/p>\n <\/p>\n As much as a social business model can help solve many business challenges, it must also provide shared value for the entire organization. The following social business model was created to illustrate this point:<\/p>\n (1)<\/strong> Certainly, the business value is when customers and partners purchase your products or services. Increasing sales, revenue, and market share are suitable for businesses.\u00a0 There is also value when they indirectly sell your products through customer advocacy<\/a>.\u00a0 And lastly, customers love to give feedback, even when it doesn\u2019t always make business sense.<\/p>\n So, here we have a one-way value exchange (customer to brand). There is value if your company makes good products or services and customers buy from you.<\/strong><\/p>\n (2)<\/strong> To complete the value exchange externally, brands must build engagement with their customers. Several studies and research reports support this, and it\u2019s also an intuitive way of acting, just as it is with any relationship. As a result, brands provide meaningful content, solve specific customer issues, help customers make smarter purchase decisions, and even just say thank you.<\/p>\n The two-way value exchange is completed when an authentic conversation occurs between a brand and its customers. <\/strong>This is what\u2019s referred to as a social brand. Most companies are social brands. They are using social media technology<\/a> to build community and add value to the conversation. However, some brands certainly do it better than others.<\/p>\nWhat is social business?<\/h2>\n