Business of social media

I did a presentation, below, at a Gordon Institute of Business Science (GIBS) forum event on the business of social media. I spoke with Vincent Maher, Andy Hadfield and Ananzi boss Mark Buwalda.

These days, social media is a big part of online media strategy — or rather, website strategy in general. Media see the obvious advantages — but it’s not so widespread in a corporate business context. Some businesses are embracing social media and web 2.0 opportunities with varying success. For example, there are a few Fortune 500 Companies that have embraced blogging as a marketing and CRM tool.

If you think about it companies are “walled gardens”, which is the antithesis of a more collaborative and open social media culture. It’s a tension that companies need to manage, because realistically speaking it would be naive to think that you could have complete openess in a company. My advice was embrace the best that social media has to offer, but don’t compromise your core business principles. It’s pretty much the same for us in the media: Embrace social media but don’t compromise your core editorial principles.

Networking comes naturally to human beings. Add the internet to it and we can do it more efficiently, and on a massive scale. I suggested GIBS should take their forum events and build a social or business network around them. In fact there is a big business opportunity for GIBS to build and be at the centre of an online business network. Go on.

Comment (1)

  1. Thanks for the article on Social Bookmarking! Very informative… and timely! Keep them coming.

    Monday, August 25, 2008 at 11:03 pm #