Facebook has more than 900 million users (that makes it the 3rd largest country in the world). Half of them log on everyday. Online population in this category is galloping at 50%
Social Media is growing at a breakneck speed: 64% of all internet users possess at least one social networking account
Social Media having an impact. In fact it is emerging as the fastest news channel. Here are some examples
- first public news about the abbottabad assault appeared in social media
- sunanda pushkar sweat equity controversy broke on twitter
- ram sene controversy raged on facebook
- news on earthquakes, blasts etc. anywhere break first on social media nowadays
- jasmine revolution in egypt – part of the larger arab spring uprising, started and spread primarily through social media (wael ghonim, the man responsible, worked at google)
Social media makes a lot of dollars not just sense
- google invested $100 million in zynga, creator of blockbuster online social games like farmville and mafia wars
- nielsen report shows nearly 23% of americans spend their internet time on social networking and blog sites
(mere 4% of their time is spent searching)
- facebook, valued at over $100 billion, is now the 3rd largest american internet company with a blockbuster IPO behind it.
Harnessing the power for a connected future : consumer empowerment & the gradual shift in power from producers to consumers , Some examples show this:
- Dhaval walia’s facebook post against vodafone’s pathetic 3g service in mumbai was covered in media
- When greenpeace exposed that palm oil in kitkat came from indonesian rain forests, Nestle changed its buying policy
- Procter & Gamble sent director farah khan a month’s supply when she tweeted about shortage of “pampers” baby diapers in Mumbai
- It played the role of a catalyst – rallying point for mass movements that impact the society (anna hazare hunger strike, debate on jan lokpal)
- great tool to build employee engagement and foster team spirit
- accessing and making use of a bigger sphere of information from known connections.
Social Media: so one can love it, or hate it, but ignore it at your own peril.
Only time will tell if businesses will be able to harness the power of connections to make sustainable business models and reap economic profits.
Till then it’s just another brick in the WALL……