Social Media’s Impact on B2B Technology Decision Making

For a long time, we’ve known from CIO’s and our clients that the Gartner Magic Quadrant was on the short list of technology decision making factors. This has been slowly changing, as we’ve seen data from the likes of Forrester that reveal that more IT decision making is based on feedback and influence from peers via social networks.

As I cited in a blog post last year on social media strategy for B2B technology companies, the social media sources ranked most highly as a primary source of information for purchase decision making are “professional social networks.” According to Forrester, these don’t include LinkedIn, so the question is, what are these networks?

Until recently, it has been niche networks and more traditional online discussion groups, but new networks have come on the scene to fill the need. These have included Q&A-based sites like StackExchange, Quora, TechTarget’s IT Knowledge Exchange and IT Toolbox.

The most recent entrant is IT Central Station, which launched today, and it is unique in that it is a dedicated ratings and reviews-based site focused solely on enterprise technology products. CEO Russell Rothstein positions it as a “Yelp for CIO’s” in a Wall Street Journal blog post published recently.

“It’s Yelp for enterprises,” according to IT Central Station CEO Russell Rothstein, who co-founded the service along with Naftali Marcus, the startup’s vice president of development. The service, in private beta since May 2012, lists hundreds of IT product reviews on products from more than 1,400 vendors. To be listed on the site, products must be actively used by 15 enterprises, which the startup defines as having 1,000 or more employees and/or generating $250 million in revenues a year.

The team seems to have thought through how to preserve the integrity of the site as an unbiased community by limiting the ability to post information and opinions to IT users only, as well as making their identity anonymous on the actual postings.

An immediate question that came to mind was how successful this would be if truly limited to CIO’s, as my experience has been that this level of buyer is not active on social networks. I posed the question to Rothstein via Twitter to understand the demographics of the community, and he confirmed that it’s open to any technology buyer, and it uses LinkedIn to verify the identity of the reviewer.

@tedweismann @samuraiwriter99 Reviews coming in from CIOs, junior/mid IT staff, and also non-IT users of enterprise software

— Russell Rothstein (@RussRothsteinIT) August 29, 2012

Vendors can pay a fee to respond to reviews ($500/month) and also can contact reviewers privately via e-mail, but only if users opt-in to allow this contact. IT Central Station also encourages vendors to ask their best customers to submit a review of their products on the site, as part of a customer community program.

Key Takeaways

This last point is important. There was much debate recently about an article written in HBR about the death of traditional marketing. A key point made there was the importance of customer community programs that energize a company’s best customers to become promoters via sites like this. Since 62 percent of B2B tech buyers are likely to post reviews online (according to Forrester’s data above), it’s likely that they will review the enterprise tech products they use now that they have a forum. Energizing a company’s best customers to submit reviews is a key way to leverage this new service.

The introduction of this service also reinforces the trend towards new services that are fulfilling the need of IT buyers for “professional social networks” to share information and opinion. This increases the need for active social media listening programs and a changed culture and mindset inside tech companies to respond and engage in the right way so that when buyers enter the sales process, they are positively pre-disposed to companies’ offerings.

What is your reaction to IT Central Station? Does this concern you or do you plan to embrace it?

from BostInno http://bostinno.com/channels/social-medias-impact-on-b2b-technology-decision-...

4 Ways to Budget Your Business Like a Pro


Nobody likes to talk about budgeting. Even more, budgeting is sort of a drag to do -- but all can agree it's incredibly important.

A few companies have launched software to make budgeting faster and easier. Plus, options for interaction with fellow entrepreneurs on sites like Twitter and Quora enables relevant feedback so you don’t pay excessive amounts for a service you don’t need. Read on to discover a few ways you can manage your company's spectrum of debits and credits without too much stress.

1. Use Software

If Excel spreadsheets, paper receipts and data entry don't match your cloud storage lifestyle, you're in luck: Many entrepreneurs felt the same and a few dec…
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More About: Bootstrapping Business Series, budget, features, mashable, startup

from Mashable! http://mashable.com/2012/09/04/budget-startup-tips/?utm_source=feedburner&utm...

AppNet Rhino available for iPhone

Social network App.net is attracting users who are unhappy with Twitter's recent changes. While these defectors may be pleased with their new social home, many are having a hard time leaving behind iOS clients like Tweetbot. Though it's no Tweetbot, App.net users clamoring for an iOS client should take a look at AppNet Rhino.

AppNet Rhino is not the first App.net app to hit the iOS App Store, but it may be the most full-featured client at this point. Designed by Marko Prljić of Twinkle Tap and developed by Planet 1107, the app lets you post to your timeline with just a few taps. You can also swipe between four screens that let you view your full timeline, your mentions, a global timeline and your profile information. The app can be downloaded for free from the iOS App Store and requires an App.Net account, which is available for US$50.

[Via PCWorld]

AppNet Rhino available for iPhone originally appeared on TUAW - The Unofficial Apple Weblog on Tue, 04 Sep 2012 11:11:00 EST. Please see our terms for use of feeds.

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from TUAW - The Unofficial Apple Weblog http://www.tuaw.com/2012/09/04/appnet-rhino-available-for-iphone/

McKinsey Weighs In on the Future of the Social Economy

McKinseyDespite the popularity of social media with businesses, new research from McKinsey suggests that businesses are leaving value on the table, to the tune of billions of potential dollars. When McKinsey released new research this July on the changing face of the social economy dubbed ‘The social economy: Unlocking value and productivity through social technologies’, we eagerly devoured it. We present some of the key takeaways from the report below:

Adoption and Benefits

The report revealed fascinating figures around social media adoption and business benefits realized. Consumers have adopted social technologies, defined as products and services that enable social interactions in the digital realm, at an unprecedented speed and scale. In fact, social technologies have been adopted at a faster rate than any other media technology. While it took commercial television 13 years to reach 50 million households and Internet service providers three years to sign 50 million subscribers, it took Facebook just a year to hit 50 million users and Twitter – a total of nine months.

However, while 70% of companies use social technologies, only 3% report deriving substantial benefit from this usage across all stakeholders – customers, employees, and business partners. More broadly, 90% of those companies who use social technologies report some business benefit from them. It’s clear here that businesses can better leverage social technologies to drive more value from their investments.

Influence on Social Commerce

McKinsey reports that up to 1/3 of consumer spending is subject to influence from social shopping. This growth indicates the almost primal appeal of social technologies, which bring speed, scale, and economics of the Internet to social interactions. Consumers can now rapidly search for, find and compare various offerings for their needs. Combine that information transparency with the ability to garner peer feedback on potential purchases and you develop a very attractive market for online shopping.

Economic Impact of Social Technologies: $900 Billion to $1.3 Trillion

McKinsey identified ten specific ways where social technologies can add value to businesses.  These value-added levers include:

  • Product development – Use social technologies to derive customer insights and co-create product
  • Marketing and sales – Use social technologies to derive customer insights; for marketing communications and interactions; to generate and foster sales leads; social commerce
  • Customer service – Use social technologies to provide customer care

McKinsey estimates that the use of social technologies can contribute $900 billion to $1.3 trillion in value (based on estimates across four industry sectors), with $500 billion added from marketing, sales and after-sales support activities. Specifically, consumer goods companies, with their dependence on brand recognition, can use social technologies across all value chain steps to recognize margin increases of as much as 60%. McKinsey cautions that simply shifting advertising and consumer insights budgets to social media will not suffice; advocating instead for well-planned and well-executed programs which incorporate non-social components such as mass media to capture the potential value of social technologies.

Truly capturing the business value will be a challenge for most enterprises, as they will have to transform their organizational structures, processes, and cultures to become “extended networked enterprises.” Extended networked enterprises connect both internally as well as externally with customers and partners. For these technologies to deliver value, enterprises must embrace information sharing and create cultures of trust and cooperation.

Business Opportunities

The McKinsey study also highlights areas in which business can use social technologies to improve. For instance, many companies have found these social technologies can generate rich consumer insights cheaper and faster than traditional methods. Companies are tapping into what consumers do and say to one another on social platforms, gathering unfiltered feedback and behavioral data (e.g. do people who like this movie like that brand of soft drink?).

Additionally, leveraging of social platforms provides the potential to tap the great “cognitive surplus” of society by using leisure time for creating content and collaboration, rather than consuming. McKinsey refers to the growth of self-publishers and video creators, who add their own content to the social sphere.

Beyond 2012

As we move beyond 2012, we expect to see companies further leveraging emerging social technologies to drive distinct and measureable business value. We believe marketers will use social marketing to identify new prospects based on sophisticated monitoring, profile collection and social scoring.

What do you think? How will your company and industry approach social to drive increased value in the years ahead? Tell us on Twitter.

Mike Lewis

@BostonMike

from BostInno http://bostinno.com/channels/mckinsey-weighs-in-on-the-future-of-the-social-e...

Obama and Romney Respond To ScienceDebate.org Questionnaire

rhsanborn writes "President Barack Obama and Republican Presidential Nominee Mitt Romney have both responded to a questionnaire on the 'most important science policy questions facing the United States.' The questionnaire was created by ScienceDebate.org, a group consisting of many influential organizations in science and engineering. The questions are on many topics including research, internet regulation, and climate change."

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from Slashdot http://politics.slashdot.org/story/12/09/04/1943209/obama-and-romney-respond-...

Social Media is NOT a Question; It’s an Operating Cost

If your business is online you need social media – end of story.

Why? It’s the same reason brick and mortar retail stores have sales associates on the floor – if you’re open, someone needs to be there.

A recent study found that 60% of consumers worldwide expect brands to respond on social media channels when questioned. Another study found that 88% of respondents would be considerably less inclined to buy from a brand with unanswered questions or comments on its Facebook page. As consumers expect more and more from brands across social media channels, the question of investing in social media becomes less and less of a question, and more of a consideration on what your social media operating cost should be.

You have less necessary necessities: Most companies have a conference room in every office building and a phone at every desk, yet the conference room may not always be in use and the phone may not always be ringing. Like conference rooms and desk phones, social media channels may not always be facilitating communications, but because your network may try to reach you there, you need to be available.If you’re still not convinced or still very much anti-social… media, here are a few key points on why you need to consider social media as a vital part of your business.

It’s the new normal: According to a survey conducted by Brandwatch, 75% of brands surveyed use Twitter effectively as both an engagement and broadcast channel. Another report shows that 90 of the world’s top 100 brands use Facebook. To put this in perspective, it took nearly sixty years for the telephone to reach a 90% adoption rate in US households since its invention. This rapid integration of social media into business practices is a clear indication of its popularity and utility. What’s more, given these staggering numbers, it’s clear there’s no turning back – social media has cemented its place in business communications.

There are no social media silos: You may have separate marketing, sales, customer service, public relations, etc. divisions, but social media touches all departments. Marketing seems to be the most obvious, but good social media marketing can drum up leads on social media channels, and social savvy sales people need to pick up on these buying signs. Likewise, customer service requests now often come through social media, but when handled well, customers can be converted into social media advocates. Even the C-suite is expected to be socially involved! When major industry news happens, the audience expects a real-time response from industry leaders.

These are just a few points, but love it or hate it, social media has become an integral part of modern business. People are communicating, chatting, and sharing content on a level the world has never known before, so when it comes to social media, the only real question is “how can we be a part of the conversation?”

Are you looking to be a part of the conversation? Find out how the SnapApp engagement platform can get people talking about your brand by contacting us or for more information, check out our resources page

from BostInno http://bostinno.com/channels/social-media-is-not-a-question-its-an-operating-...

Amazon joins up with Epix, adds thousands of flicks to Prime Instant Video roster

Amazon joins up with Epix, adds thousands of flicks to Prime Instant Video roster

Truth be told, Amazon's Prime Instant Video selection isn't the most comprehensive library on the net, but it's well on its way, thanks to a new licensing agreement with the Epix. The entertainment network, which partners with studios that include Lionsgate, MGM and Paramount, brings access to recent blockbusters like The Avengers, The Hunger Games and Thor, along with evergreen gems like Justin Bieber Never Say Never. Most importantly, it means Netflix is no longer the only subscription streaming home for those titles after its two year exclusive deal ran out. Amazon's streaming service, which includes thousands of movies and television shows, enables customers subscribing to Prime for $79 per year to stream content without additional monthly fees, in addition to benefits that include discounted shipping and a Kindle book loan program. The terms of the deal have not been announced, but the press release (available in full after the break) lists the partnership as a "multi-year licensing agreement," benefiting customers in the US.

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Amazon joins up with Epix, adds thousands of flicks to Prime Instant Video roster originally appeared on Engadget on Tue, 04 Sep 2012 10:58:00 EDT. Please see our terms for use of feeds.

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from Engadget http://www.engadget.com/2012/09/04/amazon-epix-prime-instant-streaming/

TV Catchup for Android arrives on Google Play

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TVCatchup, our favorite and most-used TV-watching service has brought its app over to Android. The service, which we've found to be much more reliable than the BBC's live streams on our flaky connection, lets you watch nearly 60 free-to-air channels available in the UK. The ad-supported app is available for free on Google Play right now -- as long as you've paid your license fee, folks.

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TV Catchup for Android arrives on Google Play originally appeared on Engadget on Tue, 04 Sep 2012 07:01:00 EDT. Please see our terms for use of feeds.

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from Engadget http://www.engadget.com/2012/09/04/tv-catchup-android/

NFL Game Rewind apps for iOS and Android tablets appear with coaches film and telestrator features

NFL Game Rewind apps for iOS and Android

While inclusion of the "eye in the sky" All-22 game tape and condensed games the squeeze every play into a 30 minute football-fest are nice features for the NFL Game Rewind package, those looking to get their John Madden on can do so thanks to its apps for tablets. The telestrator feature is only mentioned in the notes for the iOS version so far, however the Android app shares in its ability stream the tape delayed games in HD, complete with stats and big play markers to jump straight to the key plays. While the apps themselves are free, you will need a paid subscription to the service at $34.99 to follow a single team, $39.99 for the entire league, and $69.99 for the Season Plus package that brings along the All-22 cam and telestrator features. Hit the source links for more info on the packages and exactly when the games are available for viewing, if you're more of a Monday Morning QB than real-time NFL Red Zone / Sunday Ticket aficionado, they may work for you.

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NFL Game Rewind apps for iOS and Android tablets appear with coaches film and telestrator features originally appeared on Engadget on Tue, 04 Sep 2012 05:33:00 EDT. Please see our terms for use of feeds.

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from Engadget http://www.engadget.com/2012/09/04/nfl-game-rewind-ios-android/