Aussies Love Social Media — But How Should eBusiness Respond?

"Online Australians Shift To Social Networks" is my new report that showcases Forrester's latest data about social media use in Australia.

The report is written for marketers, but these days, my main role at Forrester is to serve the eBusiness & Channel Strategy professional. So naturally, I find myself asking what these new numbers might mean for eBusiness in Australia.

The report's top-line message is continued growth. In particular, the report shows that the absolute number of Australians who regularly use social media has increased to an all-time high of 13.4 million people. However, I'd class that nugget as a "nice to know." It's a useful stat to use the next time you get in one of those tedious debates about why social media matters at all, but the Australian eBusiness leaders I speak with have largely passed that point. Their burning question is not whether to use social media at all. Instead, they want to know what tools and tactics to prioritize, so let's address three of the most common social commerce practices.

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Agile Commerce In 2011

With a big splash, we recently launched a significant idea and theme for eBusiness & Channel Strategy professionals for 2011 and beyond called agile commerce. In the report "Welcome To The Era Of Agile Commerce," we highlight how customers no longer interact with companies from a "channel" perspective; instead, they interact through touchpoints. As a result, eBusiness & Channel Strategy professionals have to leave their channel-oriented ways behind them and enter the era of agile commerce -- optimizing their people, processes, and technology to serve today's empowered, ever-connected customers across touchpoints.

Since its launch, we've received some excellent feedback from clients and thought-leaders, validating agile commerce. We've also interviewed three executives in our ongoing series about how agile commerce is affecting their clients and how they are positioning themselves to support the transition to agile commerce. Please continue to visit our community and our blog to share with us your perspective on how agile commerce is affecting your business. Do you see the signs of this disruption in your business? Is your organization evolving to sell and service customers seamlessly across touchpoints? What organizational models and technology decisions are you making to optimize your commerce efforts across touchpoints?

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The Role Of Social Gets Clearer For Financial Services

To this point, marketing and specifically interactive marketing have been the focus of social and its applicability to financial services. A colleague of mine – Nate Elliott – has written on the opportunities for the industry on a few occasions, and if you have not seen his work, please check it out.

The role of social outside of pure marketing has been less clear to this point, and it is only now that we can see the areas social can move the needle for financial services. Over the last year, Forrester has written numerous reports and case studies on the subject, and I wanted to highlight a few key areas of social strategy and related reports on the subject. In my view, those areas include:

  • Online sales. For years, marketers have used testimonials to sell products and services, but that concept was foreign to most eBusiness executives in charge of online sales then USAA showed the way. USAA uses customer ratings and reviews to drives sales on their web site. The essence of the strategy is to use the “authentic voice” of the customer to win over would-be shoppers, and represents a great way to tap the good will that USAA has garnered over the years with it customers. During a nine month periord in 2009, the utilization of customer ratings and reviews drove nearly 16,000 incremental product sales.
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