Have you ever thought of social media as an economy? Well it is.
It is an economy of thoughts and interactions between communities (or tribes) of people.
It is a place to share and barter ideas.
It is a marketplace of people and brands, converging for the first time on a fairly level playing field.
Social media is an economy because it is track-able, real-time, and impacts the outcome of lives on a day-to-day basis.
We are able to track social transactions online – interactions between people and brands. This transaction is powerful because it shows us that social actions have monetary pay-offs…or consequences.
A statistical run-down, derived from a study released by the McKinsey Global Institute, The social economy: Unlocking value and productivity through social technologies:
Social technologies today…
More than 1.5 billion number of social networking user globally
80% – proportion of total online users who interact with social networks regularly
70% – proportion of companies using social technologies
90% – proportion of companies using social technologies that report some business benefit from them
28 hours – time each week spent by knowledge workers writing emails, searching for information, and collaborating internally
Potential is nothing without application…
$900 billion – 1.3 trillion – annual value that could be unlocked by social technologies in four sectors
1/3 – share of consumer spending that could be influenced by social shopping
2x – potential value from better enterprise communication and collaboration compared with other social technology benefits
3% – share of companies that derive substantial benefit from social technologies across all stakeholders: customers, employees, and business partners
20 – 25% – potential improvement in knowledge worker productivity
How will your company make transactions in the new social economy? How will your company maximize social technologies for the greatest profit? Or as an individual, how will you barter your wares as a “social media influencer”, or “social entrepreneur” in this new economy – where your community connection and avid readership are the stocks you cash in for maximum profit?
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The entire study released by the McKinsey Global Institute, The social economy: Unlocking value and productivity through social technologies
by Brienne Torley is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 2.5 Canada License.