Social media are communications. While there are a lot of attention given to social media in essence the attention is more about communications than this thing we call social media.
Who Is Communicating?
Doc Searls coined the term “markets are conversations” and markets encompass suppliers, employees, customers and prospects, your market. While markets have always leveraged communications the dynamics of social technology are changing how markets interact with all constituents. When markets dynamics change then all things must change otherwise you will not keep the markets attention. If you can’t keep and expand the markets attention about your brand then someone else is likely to do so at your cost.
A Forbes article by Bruno Aziza titled “Where Social Media Meets Strategy” states :Bad strategy execution originates from communication and engagement failures. The worst symptoms include employees disregarding the strategy and management ignoring employees’ input about their strategic decisions.
Communication and engagement failures inside the organization are analogous to those outside the organization. Since social media has been identified as a key tactic to help organizations better talk with, rather than talk at customers, why shouldn’t these organizations use social media similarly with their employees?
Beyond simply using social media as a mechanism to communicate among employees, leading organizations are using these tools to build better strategies, communicate them better and execute them.
Can Crowd Communications Help Predict Outcomes?
Outcomes of strategy are determined by what goes into building a strategy. What goes into a strategy is data, analysis, knowledge and creative thinking. Communicating with all stakeholders and getting proper and effective feedback is relevant to developing an effective strategy. Predicting outcomes of your strategy is paramount to designing and executing strategies effectively. How can one predict outcomes?
In the past predictions were based largely on past data and assumptions about future events. Today there is an emerging science called “predictive markets” which using technology to determine the consensus, or wisdom, of the crowds. The technology enables “crowds” of people whom have an interest and affinity to outcomes on the horizon. Imagine knowing how the crowd feels about an event, a product, a service before such things have entered the market? Knowing whether your “bet” on the future is a valid bet or not is now predictable because “as the crowds speak, so shall it be”. Still don’t get it? Stay tuned and we’ll demonstrate it to you soon.