Today, Oracle Sr. Director of Product Management John Nolt had the opportunity to address those gathered at the MediaPost Social Media Insider Summit in Lake Tahoe, where the future of social business is being thoroughly discussed and prognosticated.
The view of social business is far different today than it was just one year ago, when many organizations were still viewing social as that marketing thing that may or may not be worth serious, long-term investment.
That marketing thing is now not only an imperative, it’s becoming the “enterprise thing.”
Social is not about pitching your stuff. Social is how the public builds its perception of you, how it lets you get to know them, and how it wants to interact with you for any number of reasons. And it’s about the resulting overall customer experience that wins you raves or slams…very public ones.
Social has flipped the customer/corporate dynamic on its head by empowering consumers with an always-connected, always-on, very loud voice. And those empowered consumers are only getting more numerous and powerful.
Businesses see these undeniable changes, yet far too many still believe it doesn’t necessarily call for a revolutionary reimagining of the enterprise. “This is the way we’ve always done it” is a powerful, seductive force.
Gleanster & YesMail’s “Customer Lifecycle Management” study showed marketers continue to struggle to incorporate cross-channel touch points and data, even though optimizing customer engagement is the #1 perceived source of revenue growth. 8 out of 10 organizations fail to utilize available customer data that could improve personalization and relevance.
Tracking, understanding and predicting a customer’s journey is more critical than ever. Customers don’t care how you want things set up internally, they care about being known and having a seamless brand experience across every touch point.
If eyes stay closed to this social business revolution, change will come to the organization anyway. You just won’t be directing those changes to your benefit. The Oracle-sponsored Economist study “Cultivating business-led innovation” shows companies with cross-collaboration, taking advantage of disruptive technologies, are the most successful.
At Oracle, we believe the silo corporate structure is an endangered species. A holistic, unified approach is called for, with social capabilities woven throughout the fabric of operations. Here are 8 prime best practices to get the ball of change rolling: