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Published 30 October 2012 06:17, Updated 21 November 2012 08:44
While many businesses are still grappling with the longer term implications others are forging ahead with developing social business strategies which are beginning to change the way businesses operate.
An MIT Sloan Management survey of global business executives shows that 86 per cent of managers think “social business” strategies and tactics will be vital in the next few years. The findings show the areas of greatest change would be in “managing customer relationships” and “innovating for competitive differentiation”.
With the rise of social CRM (customer relationship management) and the feverish talk around big data, there is little argument that social media offers unprecedented access to market data. What’s more, the space is still immature so the full impact of social media communication combined with marketing automation is yet to be fully realised.
While many businesses are still grappling with the longer-term implications, others are developing social business strategies. As a result best practice principles are starting to emerge.
It’s now essential to get a well formed social media strategy in place. Focus on best practice techniques, and ensure metrics are aligned with broader business objectives, and a return on that effort can be assured.
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