Social Media Web 2 0 Web 2 0 is collaboration and sharing Web 1 0 was about 10 years ago where you d go to a website research something download some material It was oone transaction You didn t post anything on there Britannica you could look stuff up online wiki where you can post stuff too Crowdsourcing basically throw something out on the internet and say help someone usually always responds 10 23 12 social media facebook Wikipedia blogs etc Blogs online journal where people can respond to Wiki roll back if a change is made that is incorrect you can roll back to original version changes are attributed can see where the changes came from good way to collect stuff and put it in a central location Social Networks a bunch of studies have shown that divorces breakups occur more because of FB Twitter free rider problem people don t need to pay to use it RSS really simple syndication short audio file that you can click on and you get a 5 10 min clip on something that might interest you mashups you go to a website and they ll have a blog and an RSS feed See this all the time Location based services if GPS is turned on your phone someone can track you GPS can also be used to see traffic Virtual worlds second life is a virtual world Can create avatars and be someone else in a virtual world Has buildings and shops and stuff Second life is the biggest virtual world millions of people on it 2 areas where it has a business context marketing can announce new products can have virtual version of products can provide feedback people may be more honest when they are in second life Also can do interviews in second life You can ask questions that you d normally be afraid to ask in a real interview Wisdom of crowds sometimes its actually better to go out and ask people do you like the new iPad than to use trained professionals May get more honest answers Often called a prediction market get people to answer questions and predict Can get some pretty valuable information about if people would buy products and at what prices people would buy products for If you re doing wisdom of crowds you need a diverse crowd Can t go ask a bunch of republicans if Romney will win election Collective verdict a yes or no kind of situation Crowdsourcing basically throw something out on the Internet and say help someone usually always responds Throw a task onto the Internet and say who wants to do this And if you do this ill pay you t shirt company Threadless wasn t doing well so it went on internet and asked if anyone had any good t shirt designs and said if it did well they d pay them The Internet makes this happen Website with finding cure for disease and winner gets 1 million dollars xprize com Social media will happen whether you like it or not People will say stuff about you and your business You need to be smart and monitor this Organizations must create Smart teams Pay people to monitor the Internet about your company People who understand tech marketing PR customer service legal and human resources sock puppets do exist against the law but hard to prove get people to write positive things about your company your book etc astro turfing if 65 of your comments about your company are negative its tempting to delete them You control the website so you can get rid of these Also illegal but hard to prove online reputation management perhaps to make sure people are saying accurate things about your company embassy approach bottom of website has symbols for like us on Facebook find us on twitter etc But embassies on different social media sites to represent yourself Effectiveness Efficiency and BPR Are our processes any good and if so how do you know if you want to make a change how do you know if the change was a good change or bad change If you can t measure it you can t manage it You need some sort of Metrics to tell you how you re doing Common performance metric in auto industry is MPG miles per gallon Mechanism in car to tell you how many miles you went and how many gallons you used Key performance indicator KPI miles per gallon is a KPI MPG isn t good KPI for an electric car because it s electric Heading towards a new metric of some kind But until this can t compare performance between electric car and gas car Need metrics for a KPI and may not have those metrics right now Efficiency Metric miles per gallon is an efficiency metric Google has a sub second response rate Extent to which an organization is using its resources in an optimal way How well am I optimizing You make be doing something very fast and efficient but may not be doing the right thing You may be doing the wrong thing but you re good at it It tells you how well you re doing but not if you re doing the right thing or not Doing things right Effectiveness Metric opposite Am I doing the right things Are things I m doing leading to my business goals Doesn t tell you how efficient you re being You could be doing the right thing but really slowly Doing things right Dashboard executives can see instant results of how they are doing This is based on KPI s and must identify the right KPI s for you Can use these KPI s for process improvement Benchmarking something that takes a baseline value of your system and measures how you re doing You may want to improve your system so what do you do with you benchmark you have to know where you are you have opportunity to improve your benchmark Helps you see how well you re doing Gives you a reference point shows you how well you re doing against others Do benchmark of 7 companies in similar industries No one knows who the other 6 companies are but you ll be able to see how everyone is doing and compare it to how you re doing Helps you know where you are whether you can improve and if you are best in class If you choose wrong metric you come up with wrong conclusion Choosing that correct KPI can be tricky cost of buying comp vs cost of owning comp if you have a seasonal business you may have one set of metrics for in season and one set for out of season Plan the change what do I want to do Determine appropriate metric Take a benchmark before the change Make the change Measure again and compare if you improve but don t meet your target is this a success or failure Can go either way You did improve but not as much as you wanted So you may have to go back in and figure out why Issues …
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