In my humble opinion there are 5 trends which are driving us to look at a new social business model
- Globalisation has meant that competition comes from everywhere, location is no longer a barrier....great for consumer choice but that means they are less likely to 'settle for the best they can get"
- Banking Crisis has dented the public perception of institutions and hierarchy. The power of the individual voice is now much more evident, from Occupy Protests to Middle East Uprisings to crowdsourced initiatives.
- Social Media has given a taste of working with business, but once the consumer has the taste of being listened to...just like Oliver Twist ...they want more!
- Technological advances such as 3D printing are opening up the possibility of a self manufacture...this combined with social media, crowdfunding, crowdsourcing is bringing democracy to capitalism.
- Self Belief is growing. People are less worried by new technology, they are more willing to change phones, computers, suppliers.....they are used to researching...and linked with (2) they have a growing feeling that they can't do any worse!
It is not the time to think ...aagh social media is on the wane...firstly it isn't! ...and secondly that was one step of the evolution to a truly social business.
The question is.....not whether the consumer is ready for what we have to offer...but are we ready for what the consumer is about to demand!