Every single business on the planet is a social network—most companies aren’t organized (yet) in a network like Facebook or Twitter, but are nonetheless a network of people, including employees, suppliers, partners, and customers. Every member of these groups communicates constantly across the network in ways that are increasingly digital, increasingly automated, and increasingly valuable. This highly valuable social network is an incredible opportunity for monetization and it’s time to figure out how to do it.
Monetization Demands Our Immediate Attention
The concept isn’t a new one—those in Sales are a prime example of how we’ve been monetizing social networks forever. Sales reps have been using their network of customers and work associates to drive their business since the dawn of selling.
What’s different about our advantage in this moment is the depth and scale of the opportunity. Every technological advancement, including ubiquitous connectivity, mobile computing, digitized inventories, supply chains, and actual social networking tools, has brought us to the place where monetization of our social network is possible. In fact, it demands our immediate attention and focused effort. Your competitor has the same opportunity and remaining competitive is very likely tied to how quickly companies can shift to a new social paradigm.
While “immediate” and “focused” may seem like strong words, monetizing a social network is no longer optional. We’re early enough with many of these new technologies that the playing field is still fairly level, but it won’t stay that way for long. Many companies are beginning to realize the untapped value of their social networks. A few are further along on the path and are already connecting their many networks to something that can be analyzed, understood, and most importantly, monetized. As the pace picks up, the winners and losers of the 21st century will be decided by who best utilizes their social network.
Discover how companies are monetizing their social network in our webinar, Loyalty Grows Up: Evolving Your Customer Engagement, hosted by Forrester analyst Emily Collins.