The organizational economics of social media

Kshetri , Nir (2012) The organizational economics of social media. In: Marketing challenges in new economy. Sveučilište Jurja Dobrile u Puli. ISBN 978-953-7498-57-3

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Web 2.0 services and social media (SM) have created online communities, which resemble those in the real world in terms of complexity and involvement (Cetron and Davies, 2010). Unsurprisingly, a number of indicators point to rapid and extraordinary shifts in organizations’ business models and strategies to account for the rapid diffusion of Web 2.0 and social media. Companies such as IBM, Intel, Kodak and Best Buy have developed policies, protocol, guidelines, templates and procedure for SM use (Advertising Age, February 22, 2010). One estimate suggested that by the early 2008, about a third of the top 300 retail websites offered consumer-generated reviews (Sullivan, 2008). Forrester Research reported that by the early 2010, about 70 % of retailers were on Facebook or MySpace and over half of them were on Twitter (Martinez, 2010). To understand the popularity of SM, it is important to consider one detail. In 2009, VC investments in Internet companies declined by 39 %. One notable exception was Twitter, which raised US$100 million in 2009. Twitter was the only company on the Internet, represented in the 10 biggest venture deals of 2009. Organizations are facing unprecedented pressures from customers to adopt SM. Nordstrom spokeswoman Brooke White noted: "For some of our customers, this is how they want to be communicated with. They really don't want a phone call. They'd rather just get a tweet" (Martinez, 2010). Unsurprisingly, web 2.0-based innovative tools have been developed in diverse activities such as health care and education (Tapscott, 2010). Marketers are developing metrics to measure activities such as blog impressions and social network interactions (Maddox, 2008). Preliminary studies indicate a high rate of returns associated with involvement in SM. A study conducted by Vitrue (http://vitrue.com/) indicated that in the average the value of a 'Fan' on Social Media is $3.60 (Morrissey, 2010a). And yet, recruiting a fan base has proven to be a challenging task for most organizations. The experience of Dessert Gallery’s (DG), a Houston-based bakery and café chain, is an eye-opener for most organizations. The company launched the Facebook page and invited people on the mailing list to become a fan. DG found that only 2.1% of the customers on its mailing list became fans within three months (Dholakia and Durham, 2010). Our goal in this paper is modest and is simply aimed at understanding of ultimate objectives and goals that companies can accomplish by using social media and specific actions that are instrumental for achieving those goals. We propose a framework for understanding the key dimensions of social media and Web 2.0 with regard to organizational impacts and performance indicators to aid in organizational decision-making. The framework presented here is the first step towards a more systematic understanding of how companies can build business models around social media.

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Tip objekta:	Dio knjige
Mentor:	NIJE ODREĐENO
Dodatne informacije:	e-book
Teme:	6 Tehnologija (primijenjene znanosti) > 65 Menadžment i organizacija industrije, trgovine i komunikacija > 658 Poslovni menadžment, upravljanje, administracija. Organizacija poslovanja > 658.8 Marketing. Prodaja. Prodavanje. Distribucija, raspačavanje
Odjeli:	Odjel za ekonomiju i turizam "Dr. Mijo Mirković"
Datum pohrane:	04 Jul 2013 06:20
Zadnja promjena:	04 Jul 2013 06:20
URI:	http://eknjiznica.unipu.hr/id/eprint/2224

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