20th century business models were based on four relationships: business-to-customer, business-to-business, business-to-employee and business-to-mass-media.
Social media enables a new model: business-to-community (some pundits argue social media will eventually replace all four relationships with one: community-to-community).
This has plenty of implications for business:
Advertising is no longer about static one way broadcast messages
Advertising will be targeted and measured like never before. It will also become far more interactive.Sales is no longer about three martini lunches
New generations of decision makers don't need a handshake and a smile to make a purchase. Social media will be key to relationships, brand and reputation.Product development moves from the secret lab to the limelight
Product development will become a continuous cycle of improvement driven by community feedback. Ideally, the community will develop your products for you.Organizations move to the community as the basis of productivity
It's been in the cards for a long time — the shift from a system of lifetime employment to more fluid models of production. Examples are easy to find: outsourcing, contracting, crowdsourcing, SaaS, etc.Social media is the tool organizations have been looking for to outsource virtually everything. It's a major transition that will take time. It represents an unparallelled opportunity for those who embrace it.
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