I recently had the privilege of presenting at the GDOL Digital Talkfest in Istanbul. The focus of the event was very much in line with my current work. GDOL tracks the new generation of consumers who do everything online and the impact they now have on popular culture, society and ultimately business. I refer to this generation as Generation-C.
The digital landscape continues to undergo a significant shift that will have profound effects on business this year. The challenge is that hardly any business leaders noticed. That’s not their fault however. Even through the impact of technology on business and consumer behavior was widely reported, in depth reports on what to do next or how this will affect their business specifically were scant at best.
Disruptive technology is the bearer of tremendous opportunity and equally a harbinger of obsolescence. Technology’s impact on society and business is substantial, if not underestimated. As technology continues to become part of everyday life, it becomes disruptive in how people communicate, work, and connect. The evolution of society and technology happens with or without adaptation or understanding. And, it’s contributing to a very real phenomenon of Digital Darwinism, a situation where organizations are faced with a need to adapt to markets and customer behavior or risk a loss in favor, competitive advantage or worse, irrelevance.
It’s inevitable that I will get the question. You’d think by now that I would learn to expect it…that I would prepare for it…or have a response that would be purely second nature. But I don’t. I’ve no standard answer that automatically inspires anyone in the moment to take action. And, to this day, I neither expect the question nor do I have a rehearsed or standard riposte committed to memory.
So what is “the question?”
Marketers, educators, parents, it seems that almost anyone in the Generation X or Boomer demographic is scratching their heads trying to figure out Generation Y aka the Millennial. After all, it’s the first generation to seemingly possess digital prowess as part of their DNA. And, it’s the first generation to receive both a birth certificate and a social profile or presence upon delivery into this world.
With a looming $10 billion IPO on the horizon and a community that’s estimated to hit 1 billion users this Fall, Facebook seems unstoppable. Yet on one important front, the store front that is, Facebook has exposed an imperfection. People are not proving ready to actually buy goods and services in Facebook – at least not at the scale retailers are used to seeing through traditional e-commerce. And suddenly, many question the role Facebook actually plays in the monetization strategy of any business.
In an era of Digital Darwinism, no business is too big to fail or too small to succeed…this is your time.
Many follow, but very few lead.
Many compete to survive, but few compete for relevance.
Do we listen to our customers? Do we truly understand them?
Do we create experiences or do we simply react?
The future of business comes down to one word…change.
This is a new era that redefines everything.
An era of empowered consumers and employees.
Will we fall to natural selection or will we rise to lead the revolution.
This is our time to make business relevant.
Because people, after all, are everything.
In 2007, I wrote an article entitled, “Social Media is About Sociology Not Technology.” It’s a statement that after five years (and counting), I thankfully continue to see shared every day on Twitter. As time passed and experience matured, I amended that statement to now read, “Social media is about social science not technology.”
Why did I change such a powerful statement? I believe that it is not only stronger now, it is also truer.
We see everyday what’s possible with social networks for improving customer engagement and experiences? Can the same be done with internal social networks for improving employee engagement and experiences?
In the many years of helping businesses align business objectives with social and new media strategies, there is one thing that always introduces difficulty into the equation, employee engagement. At some point in the development of any strategy, employee and stakeholder input is critical to ensure relevance and ultimately success. While social media may more often than not live in the marketing department, it affects the entire organization and as such, requires a centralized approach to leadership and management combined with a distributed platform for communication and learning.
Part of an unpublished appendix for The End of Business as Usual…
Think of your favorite brand, and the first thing to come to mind is likely a logo, such as the Coca-Cola scripting, a tag-line, such as Nike’s “Just do it,” or a jingle – remember the Oscar Meyer Wiener song? These may be the aspects of a brand you remember, but they are no longer the most important aspects of branding today. Identity, persona, essence and promise, are the new kings and queens of the branding kingdom, thanks to technology and the deeper connections it opens up between brands and consumers.
Brian Solis is principal at Altimeter Group, a research firm focused on disruptive technology. A digital analyst, anthropologist, and futurist, Solis has studied and influenced the effects of emerging technology on business, marketing, and culture. Solis is also globally recognized as one of the most prominent thought leaders and published authors in new media. His new book, What's the Future of Business (WTF), explores the landscape of connected consumerism and how business and customer relationships unfold and flourish in four distinct moments of truth. His previous book, The End of Business as Usual, explores the emergence of Generation-C, a new generation of customers and employees and how businesses must adapt to reach them. Prior to End of Business, Solis released Engage, which is regarded as the industry reference guide for businesses to market, sell and service in the social web.