Jamie Burke CEO of Ninety10Group recently created a slide-deck on why Social Media Means Open Business, the title is “Social Media = Open Business”. Recent events both on the political and corporate landscape demonstrate what he has developed in his presentation: a culture of activism is being enabled and amplified by an increasingly ubiquitous and unrelenting social media open innovation landscape.
Here is the presentation:Social media = Open Business
What is summarised in this presentation are the following ideas related with the concept of open innovation, open communication and open government as the new key drivers for businesses and society:
Ubiquitous Comms (communication) Platform + New Culture of Open x People = Open Government
Ubiquitous Comms Platform + New Culture of Open x People = Open Business
The conclusion isn’t simply that better reputation management is needed. Rather that the age of spin is finally over. White-washing, green-washing, washing does not work full-stop. Being as clean and open as one can be in the grubby real world of business is the only answer as popular judgement is passed daily with real and lasting impact to share prices. The most recent example is a boycott ofPayPal @: via hashtag #OpPaypal wiping $900m off the share-price of parent company eBay in just 15 min of trading on the NASDAQ.
This doesn’t mean not making mistakes. It means being open what and when you do in order to improve, adpating towards the needs of your customers, clients, audience. Domino’s Pizza are another great recent example of using social media to demonstrate being an open business as a matter of pride. They can do this because they know they will excel and they understood they have to be open. Without being a business as open as possible all the old methods of communication will not work. The flip is it’s no longer what you say but what you do.
One must appreciate this is going to be the most significant shift modern business has ever had to make and a long, difficult and continous process of change. Following the initial insights and disruption started by social media, businesses are now obliged to shift for open business models. And this is actually a great oportunity for them. It’s why Open business Council appears as a platform and champions the model of Open Business as its raison d’etre (manifesto). It’s why we co-founded The Open Business Council to work with companies, organisations, governments trail-blazing Openness in their business and management processes to understand the value, impact and consequences of their work.
To conclude it is inevitable that brands, companies and organisations must restructure to meet the expressed needs and/or opinions of the public and the disruptive new trends of technologies, economy within the scope of social media. It’s not a question of if, but when they must move to meet their customers collective practical and moral needs. Those companies and organisations that make that move first will be first to convert apathetic consumers into engaged partners – scaling what they can achieve together rather than spending millions second guessing their needs from a distance.