Hi, I’m Jeremiah Owyang, analyst at Altimeter Group, and I’m looking forward to keynoting Social Commerce Summit Europe. I’ll be discussing how companies scale in social business, as well as how companies prepare internally in order to do so. We just recently published our latest report on Social Business Readiness, and I wanted to share the highlights. You can also read the embed below, or here for Bazaarblog subscribers.
We found that social media crises are on the rise – yet most companies are ill-prepared. Companies are quick to deploy the latest social media technology, yet most have not prepared for the threat of social media crises, or long-term effects on business. While the incidence of social media crises is on the rise, we found that more than three-fourths (76%) of crises could have been diminished or averted had companies invested internally.
We interviewed and surveyed some of the world’s most advanced companies in social business, and found most invest in four social business requirements– but are still deficient. Advanced companies establish governance, define real-time processes, foster a culture of learning, and organize into a scalable formation. However, despite these investments, even Advanced companies have yet to tie customer data to the product roadmap and into support systems. Furthermore, they continue to struggle with a fragmented technology set and lack standard measurement frameworks.
To become advanced, companies must climb the Social Business Hierarchy of Needs (I’ll be discussing this at the keynote). Learn from where others have succeeded and failed – companies should follow the Social Business Hierarchy of Needs.
We’ve embedded the report below, and I look forward to the discussion live in London on October 19th.