In the past months @InnovaInstitute we have been working on exploring how Social Media has disrupted the classic CRM strategy of all types of organizations.
The introduction and progressive adoption of Social Media is fostering social and economic changes at a pace that most organizations struggle to react, and only a few can take a leadership role in this new arena.
It has been said that in this new context, that some call "social business", the organizations need to nurture a new array of capabilities. What we have seen in this last months is that the idea of "Open Service Innovation" by Chesbrough provides a good framework to get started, it proposes that instead of thinking with the traditional value chain where the customer is at the end, we could start thinking on a service value chain, where the consumer participates in the value creation process.
In the Social Media context we have seen how user-generated-content (UGC) in the Web 2.0 platforms completely changed how we produce and distribute contents and information in general, putting in question the existing business models in the content industry.
In the context of the ongoing research project on how classic CRM strategies are adjusted to the new "Social Business", we have written a blog entry that highlights the renewed value of studying and understanding consumer behavior and conversations in the digital world. Till recently this area of interest was limited to ecommerce moguls aiming to understand what made people click on the "buy" button, but in the new perspective of "social business" this is expanded to the whole consumer decision journey: from early brand awareness and reputation to consumer loyalty patterns and bonding strategies.
A whole new space of opportunities is available for organizations brave enough to enter the "social business" equipped with an "open service innovation" perspective, ready to build new business models that engage the new generation of social media empowered consumers.