Firms are facing a common set of social business challenges. The five largest impediments to progress are:
An executive leader has not been appointed to own, facilitate and influence social business
Firms do not have an overall social business strategy that includes measurement and flexibility
Organizations are balancing competing priorities with social business and social business gets de-prioritized
There is an absence of a business case or strong value proposition which has impeded social business progress or led to abandonment of the program
Process re-engineering changes are challenging to make, particularly when the organization requires education and training to effect the social business transition
In speaking with start-ups, mid-sized firms and enterprises which have not yet fully embraced social business, Socially Savvy has seen that some firms are piloting social programs, while others are simply waiting to discover what market leaders and fast followers do.
Firms that have had their Social Moment – the moment when the organization recognizes that social business is mainstream and integral to business success – will not just lead, but may interrupt their markets.
Social business will be the new norm for communication and customer collaboration as the next generation of consumers comes of age. Tomorrow’s customer will make decisions by conducting their own research and asking trusted networks of friends, family and colleagues for advice.
Social business is an imperative for organizations to deliver upon the promise of the brand and customer service. In addition to the needs of external customers, social business will also be the means through which internal employees, third party agencies and distribution partners interact with your organization.
The social business current is shifting quickly and organizations need to begin their social journey in earnest to remain relevant. Peril is not too strong a word to describe the fate of firms that do not take the first step to develop their social business strategy and charter the course forward with social business.