October 20, 2014 - Comments Off on How social technology is changing business dynamics
How social technology is changing business dynamics
There have been a lot of blogs recently about the impact that change and big data is having on the CXO domain. These blogs have stimulated debate around how technology creates strategic shifts – especially within the Chief Information Officer (CIO) and Chief Marketing Officer (CMO) roles, where one is driven by technology and the other by competitive positioning.
To put it another way, the massive scale of cloud and big data, coupled with the speed of the internet, is creating a ‘cross pollination’ between the two roles.
The merging function, responsibilities and contribution of CIOs and CMOs means that it’s never been more vital to communicate and co-operate clearly. It helps businesses to make quick decisions so they can align their objectives in terms of value, risk and time to their return on investment.
In essence, the business of the business is becoming ever more digitally driven – which is also driving innovation, techniques in new technology and, with it, increasing change and risk. This will only exacerbate if the trend is ignored.
The diagrams above highlight an example of the areas that overlap between the CIO and CMO, which are driven by social media and mobile technologies. It creates a social ‘pull’ that has changed the landscape of business dynamics.
This needs intelligent co-operation between the two teams to monitor sentiment and manage perceptions, proactively, in real time. If done on a personal level, it will create ‘evangelists’ who express – in their own words and to their own networks – how they feel about the brand, product or campaign.
In other words, they’ll inject a new energy into campaign management through brand advocates.
In today’s competitive environment where success and failure can change quickly, digital experience is tightly connected through social media commentary with physical interaction, such as in-store promotions. When used intelligently – and with the empathy gained from social insights – the individual can feel empowered by useful services and interaction, rather than the traditionally pervasive ‘spammy’ intrusions they normally suffer. This enhances their brand experience and creates another positive point of difference for the brand.
Harnessing the intelligence from this raw data quickly and engaging in personalised dialogue with highly influential individuals is crucial to the success of the campaign – particularly because word-of-mouth recommendations carry so much weight in buying preferences.
The information can also be used to tailor the digital and physical content so that it supports the tactical and strategic goals of the campaign more effectively.
This change in dynamic is with us now. It pervades all CXO domains to such an extent that it further dismantles the traditional ‘silo’ driven barriers. However, the real key to unlock this power is found in analytics tools that provide real-time intelligence to make maximum impact.
To understand how this is already providing value to major blue chip enterprises, give us a call.