Since 2005, social technologies have swept through popular culture. Today, more than 1.5 billion people worldwide have an account on a social networking site, and nearly one in five online hours is spent on social networks.
Businesses, however, are still missing the boat, according to a McKinsey Global Institute study that analyzes how social technologies stimulate business growth and generate added value. Researchers say that by not embracing and implementing social technologies to their fullest, businesses aren’t tapping even a tiny fraction of the $1+ trillion of annual value that’s there for the taking.
Social Technologies Defined
McKinsey defines social technologies as “products and services that enable social interactions in the digital realm, and thus allow people (consumers and enterprises) to connect and interact virtually.”
Among many others, the study’s list of technologies includes:
An abridged summary of the 13-page study’s business upside for integrating social technologies includes:
Already integrating social technologies or tactics? Our prior social media posts may provide some actionable new ideas.
TC On Point