As social media continues to erode the primacy of traditional media in news and shaping opinions, and how it continues to become the first and only destination for media consumption, this week let's explore how social media is influencing corporate strategy.
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Signals from the future:
Emerging trends that are likely to drive changes to the way we live, work and do business.
- Crafting Programmable Living Materials With Synthetic Biology & 3D Printing - SciTechDaily - Revolutionary 3D printing of genetically modified plant cells creates self-growing, self-repairing materials with environmental responsiveness, paving the way for sustainable innovation.
- California batteries dominate evening grid with 10 GW/40 GWh of capacity - pv magazine USA - Rapid growth in California's energy storage capacity with a focus on residential installations driving grid reliability and evening peak demand management.
- Surge in New Nuclear Power Completions - NextBigFuture.com - New nuclear power plants are being built globally, with several recently operational. Despite challenges, nuclear energy remains crucial for clean, reliable power.
- Fusion will beat advanced fission to the grid: Type One Energy CEO - Commonwealth could deploy its first 400-MW commercial plant in the “early 2030s - r/Futurology - Key Insight: Nuclear fusion energy presents a promising, sustainable solution to meet growing power needs and combat climate change.
- South Korea plans humanity’s largest power plant in space - 120 GW space solar project - pv Magazine- Innovative space-based solar power project aims to revolutionise energy generation, surpassing current consumption levels with sustainable technology advancements.
- Breaking: US, other G7 countries to phase out coal by early 2030s - Electrek - Global leaders in the G7 commit to phasing out coal by the first half of the 2030s, aligning with the transition away from fossil fuels.
- Countries consider pact to reduce plastic production by 40% in 15 years - The Guardian - Global motion proposes cutting plastic production by 40% by 2040 to combat climate change, align with Paris Agreement, and reduce ocean pollution.
- Scientists Say New Material Can Suck Carbon Out of Atmosphere Faster Than Trees - Futurism - Innovative porous material discovered in the UK shows promise for efficient greenhouse gas capture, accelerating efforts to combat climate change.
Focus Issue - The influence and future of social media on corporate strategy
Social media strategy has become an integral part of business operations, significantly impacting both financial and non-financial aspects of organisations. According to research, effective integration of social media strategy with internal and external communication is crucial for achieving business success. Clear communication aligns employee efforts with company goals, enhances morale, and builds a positive external reputation, attracting investors and customers.
The COVID-19 pandemic has further emphasised the importance of incorporating social media and Corporate Social Responsibility (CSR) into strategic planning. Dr. Gordon Bowen's research suggests that a more dynamic and inclusive approach to strategic planning, which includes social media and CSR, can enhance decision-making, stakeholder engagement, and adaptability to rapid changes in the business environment. This integration is particularly relevant in the post-pandemic world, where environmental ethics and sustainability have gained increased attention.
Building influence on social media goes beyond sales pitches. Adrian Boysel advocates for authentic connections, genuine interactions, and sharing valuable content that aligns with the audience's interests. Prioritising engagement, offering insightful and helpful content, and maintaining authenticity are key to growing influence and achieving long-term business success.
Social media marketing strategy plays a vital role in improving non-financial business aspects such as brand awareness, customer loyalty, and competitive adaptability. Research shows that direct customer interaction through social media influences consumer behaviour, enhances brand reputation, and positively impacts sales. This trend became particularly evident during the COVID-19 pandemic. While alternative marketing strategies exist, social media is cost-effective and particularly advantageous for small businesses, enhancing their profitability and marketing performance.
The future of social media marketing for enterprises is evolving with trends like the rise of video content, AR/VR integration, focus on micro-influencers, AI-driven personalisation, social commerce, social listening, and ephemeral content. These innovations aim to improve engagement, clickthrough rates, and create more authentic connections. Adapting to these trends is crucial for gaining a competitive advantage in the rapidly changing business landscape.
Startups are driving innovation in the social media industry, focusing on agility, problem-solving, and user trust. The future of social media will involve changes in design, monetisation, increased integration of new technologies like AR/VR and non-traditional user devices, and new privacy regulations, with startups leading these innovations.
The impact of social media strategy on business strategy is significant and it is becoming more important. To stay competitive, these organisations should prioritise the integration of social media with internal and external communication strategies, CSR initiatives, and strategic planning. Embracing emerging trends, such as video content, AI-driven personalisation, and social commerce, can help enhance customer engagement and brand loyalty. Maintaining authenticity and ethical practices while navigating the challenges of social media is essential for long-term success.
In light of the current business strategic trends, such as increased focus on digital transformation, customer experience, and data-driven decision-making, the effective integration of social media strategy has become more critical than ever. As organisations face shorter planning cycles, more disruption, and uncertainty, leveraging social media to enhance adaptability, stakeholder engagement, and competitive advantage will be key to thriving in the future business landscape.
Consider these strategic insights:
- Leverage AI-Driven personalisation: Harness the power of artificial intelligence to create highly personalised social media experiences for your customers, tailoring content, offers, and interactions based on their preferences and behaviours.
- Embrace social commerce: Integrate e-commerce functionality directly into your social media platforms, enabling customers to seamlessly purchase products without leaving the app, thus streamlining the buying process and increasing conversions.
- Invest in employee advocacy: Empower your employees to become brand ambassadors on social media, encouraging them to share company updates, industry insights, and behind-the-scenes content to humanise your brand and build trust with your audience.
- Prioritise authentic storytelling: Move beyond promotional content and focus on crafting compelling, authentic stories that showcase your brand's values, culture, and impact, fostering deeper emotional connections with your audience and differentiating your business from competitors.
Deep strategy:
Longer form articles rich with insights:
- Are Your Individual Contributors Feeling Isolated? - Kellogg Insight - Fostering a collaborative "lab setting" can combat isolation, enhance project progress, improve work quality, and increase team accountability in autonomous work environments.
- Preparing for climate risks to key commodities: What businesses should know - PwC - Climate change poses significant risks to essential mineral and food crop production, calling for urgent adaptation measures and collaborative efforts among stakeholders.
Business at the point of impact:
Emerging issues and technology trends can change the way we work and do business.
- Your Teams Should Drive AI Adoption - Harvard Business Review - Empower teams for effective AI adoption. Decentralised approach yields innovation and engagement. Team-driven strategy key for successful implementation in companies.
- AI is coming for the professional class. Expect outrage — and fear. - Washington Post - Navigating economic shifts from manufacturing to service-based industries and the impact on the middle class, while exploring the future job prospects post-AI displacement.
- The Anomalies of Disruption - MIT Sloan Management Review - Innovation thrives beyond traditional models; embracing complexity and adaptability is crucial for navigating disruptive changes in evolving ecosystems.
- GenAI Can Help Companies Do More with Customer Feedback - Harvard Business Review - Leveraging "voice of the customer" AI applications can enhance customer satisfaction and economic value for companies, despite challenges in implementation and deployment.
