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In last post we saw that era of social media monitoring is not yet over. It has become more intense in the form of returning value. People and practitioners  are exploring new opportunities to apply the huge data / information gathered by these tools. These are real and meaningful data. It has information about people, their preferences, their conversations and sometimes their intentions as well. The next part is to channelize them, to integrate them with existing business line.  And, there are quite a few dimensions emerging up.

One of such areas where it has picked up momentum is integration with CRM [Customer Relationship Management]. There are various tools in this category now. They call it Social CRM. The acquisition of Radian6 by Salesforce could be seen as one of such moves. Salesforce is a big player in traditional CRM business and by adding Radian6 to its kitty it can very well position itself into Social CRM market. Their latest move to integrate social media monitoring to CRM proves the same. Salesforce is not the only player which is eyeing this market. The other players are also interested to enter this. Lithium’s move to add CRM capabilities is another example of social media monitoring and CRM engagement. As I see, if things will move in right direction, there will be some major acquisitions in this space. This time, it could be by big CRM players like Oracle, Microsoft, Amdocs, etc. Or, even SAP can eye for a social media solution which can add more value to its existing suite. The platform is all set for big market leaders to integrate both of these products and look for a futuristic solution.

This mix and match is working well with smaller social media monitoring tools as well. They are adding CRM features with products like Sugar CRM and vtiger. This solution looks perfect for SMBs which are looking for a CRM solution with social media integration. This combined package will enable them to manage not only their brands on social media but also their customers. They won’t even mind to pay for this package which has got dual benefit. 

A good number of existing social media monitoring tools are moving into Social CRM. It reduces the pain of their marketing team in terms of explaining ROI and it helps the end user to understand the connection. This new line of business has just started and it is surely going to evolve from here.

Most of the innovative solutions start with supply, followed by demand. A problem occurred to somebody. He tried to solve it. He got the solution. Bingo. It could be a problem for somebody else as well. Let me build a product. This is one of the scenarios as how the supply process starts. Second scenario could be. I have an idea. It can transform many lives. Or, it can help others to do their work effectively. Let me try to build a generic solution. Great. It really works.

There are multiple such examples where an innovative product created a huge market, a market which nobody would have thought earlier.

Let’s take a real-time example. Twitter. Was there a demand for a micro-blogging service like Twitter before it came? No. The demand was created after we had a supply.

Did we demand an email service before Hotmail started providing this? No. We felt the need when the service was available.

Crux of the story is – if your product is good, it will create its market. And, if the product is excellent, it would definitely discover its big blue ocean.

Influence is a power that can affect, persuade and cause changes to someone or something. But, to attain this power to get intended output isn’t easy, especially when it deals with people. In order to influence people, we need to discover what is already influencing them. What makes them tick? What do they care about? What are they listening? And, Whom are they listening?

Recently  I was working on a formula for deriving most influential users on social media. This formula was intended to work across sources [Twitter, Facebook, FriendFeed, Identi.ca, Digg, Reddit, etc]. The challenge was not to find people who are influencing others but to find how much influence they have. This was little tough when we had to measure it across sources of various nature. Nevertheless, the formula was constructed and we used it at ContextMine. Once this feature was added to the application, I tried to test it. The first thing I did was to find out who is the most influential user for keyword “Social Media”. I was amazed to see the output. It was showing Pete Cashmore and TechCrunch. You can get the list of most influential users for your own keyword here. 

Moving further, I tried to research little more on this subject. I came across Twitalyzer which publishes The Most Influential People in Twitter. There are so many other reports on Influence of people in different aspects of life. There is an article on businessweek about The 25 Most Influential People on Web.

 
Few questions which may drag attention on this entire discussion are: Do we really need to know who are influential? Does that really impacts my business? I would say – No, this is not required but Yes, it does have impact. We must have this information and how to use it, should be our call.

There is an another thought. Jonah Peretti, who the New York Times called the "viral marketing hotdog”, says, Influence is overrated. He further explains –

We all love the idea of “influentials”—those hyper-connected, ultra-respected thought leaders that can make your product reach the tipping point. But have you ever actually met an influential that can repeatedly and consistently make a product go viral? Probably not, because the latest science and real world experimentation shows that “influentials” don’t really exist, that viral growth is partly random, and that riding a wave is much easier than creating it.

If we consider this thought – nothing is constantly influential. It changes. It acts randomly. The viral effect can be an outcome of a trivial incident or a trigger. But, if we can measure the influence – can’t we use it? Reason may be different. It may be random. But, can we deny the importance of this information? Probably not. Though, how to use this measurement may be a matter of personal / organizational thought process.

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To create something new, to create something unique, requires passion. Passion, which can drive us to build remarkable things. Product Development is one of such passionate activities. It requires 100% of your effort, 100% of your zeal, and 100% of your passion. But sometimes when we are passionate we forget to realize the importance of a STOP. We keep on working, improving and adding new things. Our entire focus remains on the product which we start treating like our baby. We don’t like to see a single defect in that product. We don’t like to get a single flow in it. This, in result, increases the complexity. Completion becomes tough. We strive for perfection and that creates a never ending journey.

On a similar note, Getting Real talks about the importance of Done.

Decisions are temporary so make the call and move on

Done. Start to think of it as a magical word. When you get to done it means something’s been accomplished. A decision has been made and you can move on. Done means you’re building momentum.

But wait, what if you screw up and make the wrong call? It’s ok. This isn’t brain surgery, it’s a web app. As we keep saying, you’ll likely have to revisit features and ideas multiple times during the process anyway. No matter how much you plan you’re likely to get half wrong anyway. So don’t do the “paralyis through analysis” thing. That only slows progress and saps morale.

Doing it correctly at first go is important, but strive to make it perfect, adds extra burden. The importance question is – do we really need to make it perfect? Can we ever achieve zero defect stage in our product development life cycle? If not – then why to prolong our normal flow to consummate that extra piece of quality?

When things are looking like a never-ending-process, we need to think. We need to revisit our plan and see whether it is really required to continue? Or, we can consider a logical end and move on. Sometimes, theoretically or rather say emotionally it doesn’t look like a good solution but it actually works. STOP at a logical end and START working on other modules always helps in a long run.

Product Development is a journey which requires STOP n START multiple times. We just need to understand when is the time to call them.