The 90’s saw the inception of the modern social network. Since then we have witnessed the emergence of social media from being a tool to connect and network with friends to being potent marketing, brand management and sales weapons for organizations. In essence, social media is transforming from being casual networking platform to platform with focused business, professional and personal interests.
Smartphones, tablets and other mobile devices are heavily influencing the internet usage – and the same is true when it comes to influence on social media. Mobile and tablet apps now allow users to utilize the native features like camera, location and share content to networks anytime, anywhere. Due to this, the information available on the social network has become as real as it gets.
Organizations are identifying these opportunities and challenges presented by social space across multiple channels for effective targeting. Social-Local-Mobile (So-Lo-Mo) strategy is no more a choice for enterprise marketing but has become integral. We are bound to witness new and more innovations in this space in the near future.
Wider participation in the social space is generating humongous amount of data which is easily available for consumption. Social analytics is starting to take the center stage in deriving meaningful outcomes from the crude data. Organizations are harnessing the readily available sentiments and social data on consumer behavior to develop and target innovative products, as well as cross sell and up sell products to consumers. Organizations adopting to the power of social analytics are definitely getting the competitive edge in their respective business space – adding to the popularity as well as seriousness in the adoption of social media strategy for organizations.
The biggest improvements in the years to come will be the merging of virtual and the real world. Gadgets, appliances, wearable computing devices and other consumer products are gradually getting attached to the network, giving rise to “Internet of Things”. This is definitely widening the scope of social networking and in turn opens up new business opportunities.
The power of artificial intelligence combined with social analytics from social media and internet of things will provide powerful inputs for strategies and innovation that can bring in radical shift in business outcomes, as well as present new business and automation opportunities. The line between the physical and virtual world are getting blurred at a very fast rate.
What are your thoughts on these? Do share your comments.