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When should Firms Engage in Social Business?
Anneke Zwart, Student (University), Netherlands
Businesses are increasingly attempting to participate in social business so as to create opportunities, increase efficiency, productivity and market value. Social business can also be an efficient way to encourage and fasten innovation. In order to create business value by using social approaches, Koster, Lesser and Cortada argue that 2 crucial questions should be asked before engaging in social business. These two questions are the following:
1. Customers: Does social media enable your company to find the right consumers, enhance their online experiences and to get to know customers’ ideas and desires?
2. Employees: Does your social business strategy enables your representatives to search the world for new experiences, knowledge and skills and to learn and apply what is learned?
Source: Korsten, P.J. Lesser, E. And J.W. Cortada (2013) “Social Business: An Opportunity to Transform Work and Create Value” Strategy and Leadership Vol. 41 Iss. 3 pp. 20-28
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