The new social. Will you thrive or get left behind?

social-media-logo

Social media is changing everything. It is changing the way we get jobs, run businesses and consume content. The changes are becoming as disruptive as the internet. So…how will this affect you? History tells us that those who ride the waves can thrive and even make millions out of thin air just by keeping abreast of the trends. For example, Kevin Ham, built a $300 Million Empire from just reserving domains before companies got to them. Just from reserving www.greeting.com, he made a cool $350K. We are on another cusp of great change, and we have been on this journey for a while now. So given the changes…

DWP

How we get a job
The typical cover letter and resume is becoming less relevant. Although it is still very much used during recruitment, employers and recruiters are increasingly turning to social media platforms like LinkedIn and Facebook to filter candidates. LinkedIn was recently valuated at $26.15 Billion dollars in July 2015, which is almost triple what LinkedIn was worth at the same time in 2012. According to experts, 98% of recruiters and 85% hiring managers use LinkedIn to find and scan candidates. Fashion models now require an active Instagram account with a strong follower base to be selected for campaigns.

So what does this mean for you and future you?
There is a growing trend of candidates being directly approached by recruiters through social media sites like LinkedIn and Twitter. So instead of employees approaching employers/recruiters about jobs, it has flipped. If this continues to increase, there will be less jobs advertised and obtained through traditional means. How do candidates stand out in this environment? Will it depend on how they market their skills or through their activity/influence on social media? Perhaps both?

o-JUSTIN-BIEBER-TWEETS-facebookHow we consume news
Before the internet, print was king as this was the only way to receive news. The printed press has been on a steady decline ever since. Nowadays, more news is consumed on Social Media than ever before as everyone is reading and sharing news content. Instead of visiting a news sites, news is shared on Twitter/LinkedIn and Facebook feeds. Consumers choose what they want to share and journalists/bloggers and businesses can reach their readers instantly. People are also able to provide feedback. There is nothing more gratifying than for a wronged consumer to write a very public customer complaint and to receive a few hundred likes and shares by other disgruntled consumers.

So what does this mean for you and the future you?
The scale of citizenship journalism today offers a freedom that no other generations have had in the past. Now anyone and everyone can create newsworthy content and influence public opinion on matters close to their heart. This presents an opportunity for everyone to participate in any discussion they like.

sainsbury

How we conduct business
The internet challenged many bricks and mortar businesses. There is an online countdown on the death of certain types of businesses, from music and record stores (e.g. Sanity) to book shops (e.g. Borders). Businesses learnt pretty quickly that the difference between sinking and swimming is to establish an online presence and have great SEO. However, consumers are now expecting to be able to establish an authentic connection with the brands they shop with. Recently, Forbes wrote an article about millennial consumer habits and discovered these insights:

  • 99% aren’t influenced at all by advertising
  • 43% value authenticity over content
  • 62% engage with brands on social network
  • 75% expect brands to give back to society

http://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/

What does this mean for business today and in the future?
As people are spending more time on Social Media and connecting to businesses through these platforms, will the success of building an active and connected follower base become as important as SEO?

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Forget the hype, will Facebook Payments go bust?

friend

Facebook Payments might perform really well and I may end up red in the face… Nevertheless, this is a personal opinion about some challenges that Facebook may need to overcome before they take over the world – again.

It’s not simple enough. The ability to send and receive payments relies on both parties having a personal credit card or Visa/MasterCard branded debit card. For those who do not have a credit card or cannot guarantee they will have sufficient funds in the bank to pay friends, this is awkward. To avoid awkwardness, they may simply never join, even when their financial situation improves.

You also need to be friends with the person you are paying. This may be a great way to grow your friend list but this is not for everyone. There are plenty of times when friends bring plus ones (or multiples) to events that someone organises and pays for e.g. hens nights, birthdays, group outings etc. It’s not always appropriate to add plus ones as Facebook friends…but is it awkward to insist they send money the traditional way than to accept their friend request?

Cash still remains the simplest way to pay a friend back. They pay for something e.g. dinner/movie ticket/cinema and you pay them back or shout them the equivalent at your next outing/when you scramble enough cash. For friends based interstate or overseas, cash may not be an option but then with greater distance, people crave more security.

It’s not complicated enough. The idea of making a payment through a Social Network actually scares people. These are the folks who crave the security of logging into their bank system or using a bank issued card to access their money. The idea of trusting Facebook to make a payment is a bit scary. Even though Facebook claims they are PCI compliant and have a fraud department to review dodgy transactions, they just are not known for providing a secure enough platform to entrust them with your card details. The idea of Facebook being able to market products to you directly and give you an option to buy instantly may satisfy some but insult and scare away a lot of others.

It costs too much. For Facebook to do this, they will have to invest heavily in security to stay PCI compliant and may be liable to pay for any breaches. As they are not directly making money from this, will the costs outweigh the benefits?

http://techcrunch.com/2015/04/05/when-buying-is-as-easy-as-liking/