Being Social – A Business Must!
“In the long history of humankind those who learned to collaborate and improvise most effectively have prevailed.” – Charles Darwin
My fellow MBA students by now know that I am a big fan of Social Media and believe in its impact on businesses. ‘Social’ and ‘Web 2.0’ are ubiquitous terms which have entered dining-table talk. I even have heard people saying – “I’m totally gonna tag you, you are such a Facebook material ”. In this ever shrinking world, Six degrees of separation has been reduced to 3rd degree contact on LinkedIn.
Whether people like it or not, Social Media has changed the way people collaborate and way people adopt the ideas. Who can forget the Burger King’s “Whooper Sacrifice” Facebook campaign or Google’s ‘Parisian Love’? And then there was ‘Old Spice Man’ and ‘Dove Evolution’ video on YouTube. The ‘Dove’ video got more than 11.4 million views and $150 Million worth of exposure. Not a bad promotion huh!
But Social Media is such a fast changing environment – every month a star is born (new website comes up) which turns into white dwarf a year later and then becomes a black hole. Thus an MBA who is studying Marketing, should understand the nuances of new technologies and innovations in social media marketing. Equally important is the need for ‘freshness’ in Social Media campaigns. Attention spans of customers are reducing daily and marketers are getting frustrated. On the other hand Google and Facebook are still able to attract customers due to new products / services they are bringing out frequently (not judging the quality of services). It need not be an out-of-the-world idea; rather there should be incremental innovations to acquire and retain customers’ interest. Fortunately Web 2.0 provides numerous ways to bring out disruption in the way people work and socialize. As the interest for getting a ‘Like’ on social page increases, I am sure the time is not very far when most of the B-Schools will recognize the power of Social Media in Marketing and will introduce this subject in core curriculum.
Back in our daily life, as put by Elitsa in her blog, we are now heading for Learning Assessment Week (LAW). Identified stakeholders grilling each of the MBA 2012 participants for 90 minutes on our courses so far, general business awareness and a case that will be handed a night before. All the best Co-2012 and FB (for market’s response to the IPO)!PS: “I am learning all the time. The tombstone will be my diploma.” ~ Eartha Kitt For further information on Social Media adoption – http://www.bain.com/publications/articles/putting-social-media-to-work.aspx