Risks and Rewards of Social Media and Networks
Episode Description
Social networks of digitally-connected customers and employees are growing in power and influence each day, but companies are often still blindsided by this phenomenon. Barry Libert, CEO of Open Matters and author of Social Nation, says the reason is that corporate leaders tend to focus on internal issues like operational excellence, but are confounded by external forces such as social networks that they cannot control. In this interview with Knowledge@Wharton, Libert shares a four-step process that companies can use to harness the power of social media and networks. đź“‚ Technology
Brief Summary
Barry discusses social media's impact on corporations, highlighting Best Buy's CEO resignation and strategies for businesses to adapt.
Key points
- The Power of Social Media. Social media has become a formidable force, capable of toppling long-standing businesses like Best Buy.
- Nike's Social Media Success. Nike successfully shifted their advertising budget to social media, doubling their revenues.
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Episode highlights
- The Power of Social MediaSocial media has become a formidable force, capable of toppling long-standing businesses like Best Buy.“Social networks now have much greater power than the businesses that serve them.”1:23Jul 31, 2012
- Nike's Social Media SuccessNike successfully shifted their advertising budget to social media, doubling their revenues.“They allocated it to mobile devices, to social interactions, to crowdsourcing.”8:34Jul 31, 2012
Tension
40/ 100Low tension
