by Justin Hunt
Social media used to mean setting up a Facebook or Twitter presence. To an extent, it still does. However, social media and the value it provides to businesses and organisations is fundamentally shifting.
Social media is becoming ‘social production’. Social media is providing platforms for different modes of production which offer businesses and organisations the opportunity to reinvent themselves.
Social media technologies provide the powerful tools for businesses and organisations to collaborate with customers and key stakeholders to create, produce, distribute and support new products and services.
We are already seeing examples of these new modes of production emerging as forward looking companies seek the possibilities that social media tools offers to be innovative.
Starbucks and Procter and Gamble are already taking advantage of these new modes of production and new era companies are emerging such as Threadless and Local Motors.
The potential for these new modes of production to be introduced into the world of science can be seen through Galaxy Zoo and already the ‘open science’ or ‘networked science’ movement is gaining momentum.
These new modes of production present opportunities for companies to change the way they work and become more innovative for future growth and success.
It is the dominant social media networks who are already putting these principles into practice. For example, YouTube provides a compelling platform for people to create videos for public consumption. Wikipedia is also a well known example of how people are prepared to collaborate online to create, distribute and share knowledge.
The key business questions will become: ‘How can we, as a business, act as a platorm and how can we create and produce value in collaboration with our key stakeholders using social media technologies?’
In order for these new modes of production to emerge, there needs to be a change in mindsets. Social collaboration and production is a state of mind which demands different principles and values if it is to be successfully applied in this networked information economy.
For example, organisations and businesses which are more open will find it easier to collaborate and produce new services and products with their key stakeholders than those organisations which are more closed. The open organisations and businesses will be able to identify potential assets and be able to connect to them more easily to produce new value in this social network age. Social media is not just a communications channel, it is a different mode of production, distribution and exchange.