Businesses, like individuals grow over time, adjusting themselves to the changes, situations, market demands and business drivers. Organisations mature in their processes, improving continually their products, services and operations. Often the maturity happens by doing, learning and unlearning from their own experiences. However, some other times, maturity could come in through vicarious learning i.e., looking and observing at others and their ways of working. This applies equally well to the social businesses which undergo different stages of progression. Social businesses join networks, identify their goals, create and innovate content and engage people. As they mature, the focus shifts from selling their products and services to building their brand. In this post, I will first touch upon the criteria for defining a successful social business and then discuss how you can drive your social efforts with the social business engine.
1. First define the goals and success criteria
In order to become successful, the first step is to identify and define in clear terms, what success means. The definition of “done” and the success criteria have to be specified and agreed upon well in advance. These will help the organisation, team members and also the stakeholders to understand the progress. To be able to understand whether you have reached your goals, you must first define what the goals are. For social businesses, as I mentioned in my previous posts, the goal is to become a people-focused business. This goal translates into the organisation delivering experiences instead of products and services. Success also depends on how well businesses help change the behaviours of their customers and users.
I think social businesses must focus on the following areas, to become successful.
- Brands, not just products and services
- People, not just customers and users
- Experiences, not just engagement and influence
- Habits, not just one time actions
- Insights, not just metrics and analytics
2. Identify the key drivers – People, content and business
There is no doubt that the social business engine powers your social initiative providing the direction and fuel for your social efforts. I view this engine as comprising three main components- people, content and business. The social business hinges on these 3 key components, and they are inter-related among themselves. People contribute and create engaging content, and this content leads conversations to transactions. Yes, its true that social networks are about conversations. But merely engaging people with interactive content does not help businesses become successful at social business. So, a combination of people, content and business working in tandem would help build successful social businesses. No wonder most successful social businesses have got it right with these three components of the social business engine.
3. Invest in people, the true asset to social business
The way organisations manage their relationships with people shift from one level to another, as they get matured in the social business. The maturity on this component of the social business engine varies from being a novice at identifying the right people within their networks to actively engaging them. In the initial levels, you put the efforts in finding and connecting with the right people in the target networks. You slowly start to follow them and their activities, interact with them in different ways to create some value in the process. But as you reach higher levels of maturity, you go beyond conversations and engage them with innovative content, and encouraging them to conduct commercial transactions. This happens as there is increased level of trust and also there is a sense of give-and-take between the people and you. At the highest level is the goal to influence and delight the people, coercing them to make or break habits, to the advantage of all involved.
Here are some top tips for getting it right with people-focus. Some of these are aligned with our Unified Experience Framework.
- Look beyond customers. Focus on People {customers, users, stakeholders, followers}
- Follow and be followed by the right people on your networks
- Enable people to change their behaviours
- Synchronise people’s online and offline behaviours
- Deliver unified experiences across multiple platforms and channels
- Cut out the noise and care for people’s voices and heartbeats
4. Create meaningful and engaging content
Curating, creating and innovating content is critical for the success of any social business. Curation of the content can happen when there is a value-add done by means of sharing it to relevant people and making changes to it. Social businesses can succeed when they could enhance the content and also innovate. Innovation with content can be done in many ways, based on the industry, size and nature of business. Essentially, businesses innovate when they create different types of content altogether. For instance, Apple created iBooks and gave power to small time authors who want to publish their books, quickly, easily and in a cost-effective manner. Many companies who have been traditionally printing books, started with digital publications. The content is still the same, but these companies innovated with different way of delivering it.
5. Social business goes beyond conversations
Engaging people on the networks with interesting content is key for social businesses, to start with. Also, encouraging people to be involved in meaningful conversations aligned to the business interests of the organisation is critical too. However, as the business matures, the focus needs to be to interactions leading to commercial transactions. Otherwise there is not much of a value-add for the business to be on the social networks. You should start to motivate people to do online transactions, review your products, recommend of their friends so that they become your customers too.
Hope you find the above points helpful in building your social business. As always, please feel free to drop in with your comments and suggestions. Until next post, ciao!
