The use of social media like Facebook, Twitter, LinkedIn and Blogs for business purposes, generally labelled Social Business is achieving growing attention in the business community, but most businesses report that they are really at a very preliminary stage in developing it. This according to a study released by Deloitte and MIT Sloan Management Review. Barriers have been lack of a proven business model, lack of a strategy and other priorities.
Nevertheless, this is destined to change quickly. Social media is a very powerful tool, not only for communicating with stakeholders, but also for interacting with customers and others. In addition, and this is a big factor, social media is a critical source of big data, a phenomenon that is in process of revolutionizing the business landscape. Use of bog data for customer relationship management and strategic analytics is rapidly becoming a competitive necessity.
See the Deloitte/MIT study here.
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