|Date: 2024-02-21 Page is: DBtxt001.php txt00003472
EMERGENCE OF SOCIAL MEDIA
Forrester Research Report ...How Social Media Is Changing Brand Building
Download Forester report How_Social_Media_Is_Changing
Peter Burgess COMMENTARY
I was alerted to this material by Google ... I am not sure whether this is because I have been involved with Google in the past as a Beta tester of some of their new initiatives, or whether it is simply because I am a human being on the planet with an Internet presence!
In any event the Forrester report is interesting, and suggests that the old advertising industry has a long way to go to become fully engaged with social media.
Many years ago I used to write 'research reports' for a think tank/publisher (International Resource Development) specializing in emerging new technologies that were likely to change the way business gets done. One of these was a study on 'Bar Code Technology' which morphed into a newsletter on the subject (not written by me) as the topic became bigger and bigger. I remember being told that some of the projections we made then (in the early 1980s) were ridiculous ... and as it turned out, they were half right. What we had thought were very high outcomes for the technology turned out eventually to be ridiculously low, not high.
My sense is that what is starting in the Social Media space is now quite modest compared to what it is going to be in the future ... and relative to the early 1980s, the future will arrive a whole lot sooner than it did then.
Looking back I am very concerned that one of the big problems of the last fifty years will be resolved. Technology has enabled an amazing improvement in productivity, and this, in turn has made it possible for everyone on the planet today in 2012 to have a material quality of life that is much better by an order of magnitude than at any time in history. This is fantastic ... in theory.
In practice the vast surplus arising from increased productivity has been hijacked by the investor and executive class leaving rather little of the surplus for the benefit of the vast population that is in poverty and hungry. In large part, the reason for this is that the conventional wisdom of the money profit laissez-faire capitalist market economy which worked with Adam Smith's invisible hand in 1776 in a shortage economy, does not work as well in a modern highly productive surplus producing economy.
The reforms to this system proposed by Karl Marx proved to work even less well ... but that does not mean we should stop trying to improve the system, especially since the technology tools we have available now are orders of magnitude more powerful than in previous times. Accordingly it is high time to include a social valuadd metric into corporate business accounting as well as all economic activity. With a social valuadd as an integral part of the routine analysis of economic activity, investors can choose between activities that produce money profit with social value destruction and activities that produce less money profit but produce social valueadd.
Most of what is needed to measure social valuadd has been developed and is already in use around the world, but not integrated into the core money profit accounting systems of the organizations. This makes reporting optional at the convenience of the organizations. With TrueValueMetrics, these measures become part of the core business accounting system, and not merely an optional 'add-on'.
How Social Media Is Changing Brand Building
Written by Tracy Stokes with David M. Cooperstein, Corinne Madigan and Matthew Dernoga
May 7, 2012
Social media has fundamentally changed how consumers engage with your brand. But that doesn’t mean it can replace traditional brand building. Instead, the two are inextricably intertwined. This Forrester report details how you should be using social media to:
MORE ... HOW SOCIAL MEDIA IS CHANGING BRAND BUILDING
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