The world has changed and we know it.
Here I am sitting in Joplin. How did I get here? Apart from the obvious flights, I got here via the power of social media.
A person called Priscilla who lives in Joplin, is going to go to London and want to meet up with other interesting people. Priscilla, asks Pam in Portland who should she meet in London. Pam gives her a list of people and I'm on that list. I'm now sitting in Joplin and am doing business with Priscilla. All this took place on social media. I had never met Pam or Priscilla.
Whether it's business relationships, new business sales, shortening deal cycles, more leads and meeting, reducing the cost of marketing, turning your company into the employer of choice, striping out cost from your customer service; using social media has transformational benefits from your business.
Yes, I know you all use social tactically, but what about bringing social media front and centre?
What is your board doing about it? What is your management team doing about it?
It's time to understand digital, it might require reverse mentoring, or require us to run one of our social strategy sessions. But understanding the way that business has changed and how you can take advantage of it could make a big impact to your business.
Companies with enough digitally savvy board members make more money. That’s the key finding from a recent study from MIT Sloan which also revealed that few organisations measure up. The research found that only 24 per cent of the boards of companies listed in the US with over $1 billion in revenues were digitally savvy, and these companies outperformed the others in the research on key financial metrics. In particular, companies with a digitally savvy board had 38 per cent higher revenue growth, 34 per cent higher return on assets (ROA), and 34 per cent higher market cap growth.