This is the fifteenth in our series of key takeaways from some of the presentations and panel discussions offered at the Social Commerce Summit in May 2008. I presented about how to develop your social commerce strategy.
Social commerce growth depends on three key actions:
1. Choose Wisely
To grow social commerce, choose your path wisely. Start with the P&L — it’s the language of business. Show Y=f(x) to P&L, and show off the results — not just to your team, but to everyone. Connect multiple functions: create merchant dialogues, leverage e-mail exchanges, and utilize Web analytics.
2. Accelerate Activity
Be willing to fail fast and encourage learning as a success metric. To ease the tension associated with this, mentally separate the processes that run your business from those of exploration and innovation.
Help is out there. Use it. Create plans to leverage content data and participants. Merchants now make better decisions with UGC — leverage this. Get more from your partners by asking more from the people there to help you.
Sustain established channels by feeding “the school,” rather than individual fish. Find where your school swims, and place the content there. Subsequently revisit the output of your decisions. Is the “squeeze worth the juice?”
Always ask, “What’s next?”
Of course, check our blog for insights from other companies just like you, to see how they do it.