Self-Motivation
David Goggins
Former Navy Seal
Career Development
Bryan Cranston
Actor
Critical Thinking
Liv Boeree
International Poker Champion
Emotional Intelligence
Amaryllis Fox
Former CIA Clandestine Operative
Management
Chris Hadfield
Retired Canadian Astronaut & Author
Learn
from the world's big
thinkers
Start Learning

The Facebook Effect In The Business World

What is the Big Idea?


Social media has been inspiring change in the way business leaders interact with their customer base. And for good reasons. Companies that adopt social technologies can see a 50 percent increase in customer satisfaction, 48 percent increase in business leads, and 24 percent increase in revenue, according to McKinsey. 

"From the Arab Spring to the global Occupy movement, citizens of all nations are more empowered than ever before," writes Marc Benioff, Chief Executive of Salesforce.com, in BBC Business. "Connected individuals have rallied crowds, created vast audiences and toppled political establishments by communicating their message through social networks. We've also seen the impact of the social revolution on business."

Check out McKinsey & Company's research on the marketing power of social media.

What is the Significance?

When Netflix announced it was changing its pricing structure, customers protested with 82,000 negative comments. Within months, the company lost 800,000 customers and two thirds of its market value.

"That's the speed of social," said Benioff. "Everything happens faster than ever before."

Sir Andrew Likierman, Dean of the London Business School says that social media has completely disrupted the way businesses assess their performance. 

"When I started my working life, it was quite easy to be mediocre and nobody really noticed," said Likierman.

These days, businesses can reach beyond traditional geographical boundaries with social media, which means they are more exposed to disruptors and competition who want to gain market share, he says. 

Listen to Andrew Likierman's take on how social media is changing the way we do business:


Rather than shy from this trend, Benioff says leaders must use it to connect and engage with customers. But it takes more than a few bodies with a password to the company's Facebook page. 

"To be transformative, social can't be an add-on. Social must be a strategy that is integrated into business processes across the organization," he said. "New graduates entering the workforce are frequently appalled by the technology their employers use to run their companies."

"They are frustrated by antiquated software systems that were built long before Mark Zuckerberg was even born. They want to collaborate with the best people across their organisation and to have real-time access to information, just like they have in their personal lives."

Updates that show up on the social feed should serve as a "knowledge funnel" of information and it should be a collaborative effort. 

"Work itself is fundamentally social, so why can't our business apps be social, as collaborative as Facebook, as transparent as Twitter, and as engaging as Zynga's social games?"

Photo courtesy of Pan Xunbin/Shutterstock.com

LIVE EVENT | Radical innovation: Unlocking the future of human invention

Innovation in manufacturing has crawled since the 1950s. That's about to speed up.

Big Think LIVE

Add event to calendar

AppleGoogleOffice 365OutlookOutlook.comYahoo


Keep reading Show less

NASA's idea for making food from thin air just became a reality — it could feed billions

Here's why you might eat greenhouse gases in the future.

Jordane Mathieu on Unsplash
Technology & Innovation
  • The company's protein powder, "Solein," is similar in form and taste to wheat flour.
  • Based on a concept developed by NASA, the product has wide potential as a carbon-neutral source of protein.
  • The man-made "meat" industry just got even more interesting.
Keep reading Show less

Navy SEALs: How to build a warrior mindset

SEAL training is the ultimate test of both mental and physical strength.

Videos
  • The fact that U.S. Navy SEALs endure very rigorous training before entering the field is common knowledge, but just what happens at those facilities is less often discussed. In this video, former SEALs Brent Gleeson, David Goggins, and Eric Greitens (as well as authors Jesse Itzler and Jamie Wheal) talk about how the 18-month program is designed to build elite, disciplined operatives with immense mental toughness and resilience.
  • Wheal dives into the cutting-edge technology and science that the navy uses to prepare these individuals. Itzler shares his experience meeting and briefly living with Goggins (who was also an Army Ranger) and the things he learned about pushing past perceived limits.
  • Goggins dives into why you should leave your comfort zone, introduces the 40 percent rule, and explains why the biggest battle we all face is the one in our own minds. "Usually whatever's in front of you isn't as big as you make it out to be," says the SEAL turned motivational speaker. "We start to make these very small things enormous because we allow our minds to take control and go away from us. We have to regain control of our mind."
Keep reading Show less

How COVID-19 will change the way we design our homes

Pandemic-inspired housing innovation will collide with techno-acceleration.

Maja Hitij/Getty Images
Coronavirus
COVID-19 is confounding planning for basic human needs, including shelter.
Keep reading Show less
Scroll down to load more…
Quantcast