11 Rules for Creating Value in the Social Era by Nilofer Merchant

The Social Era is here and it has changed the way we think, the way we work and the way we live. It is a time when businesses must embrace technology to create value. Nilofer Merchant's book, "11 Rules for Creating Value in the Social Era," offers invaluable insights on how to maximize the potential of the Social Era for business success.

The first rule in Merchant's book is to get connected. She believes that in order to be successful in the Social Era, everyone in the business must be connected: with each other, with customers, and with potential partners. Social networks are key to creating relationships, strengthening them, and fostering the development of ideas.

The second rule is to embrace change. The Social Era has caused major shifts in the business landscape, and those shifts demand agility and creativity. Merchant highlights the importance of treating change as an opportunity, rather than a threat. Businesses must stay on top of trends and quickly adapt to market changes in order to survive and take advantage of them.

The third rule is to listen and learn. As the Social Era changes the way people interact, it is now easier to connect with customers, prospects, and partners. It also gives people the ability to express themselves directly and without hesitation. In order to understand them needs and wants, businesses must dedicate time to listening and understanding what their customers, prospects, and partners have to say.

The fourth rule is to encourage participation. The Social Era is all about collaboration and cooperation. To be successful businessesmust find ways to attract and engage their customers, partners, and employees. This can be done by creating forums and discussion groups and inviting feedback. Merchants also stresses the importance of making participation easy — respondents should not have to spend a great deal of time completing long surveys in order to provide valuable input.

The fifth rule is to build relationships. As in all relationships, there is an emotional component that must be taken into account. In order to build and maintain relationships, businesses must first identify what incentivizes and engages their customers, prospects, and partners. Examples of incentives could include loyalty rewards, offers exclusive to social followers, or discounts. Once these relationships have been established, businesses can use them to nurture loyalty and build community.

The sixth rule is to focus on outcomes. In the Social Era, where changes can come quickly, businesses must focus on outcomes, not tasks. They must focus on achieving the desired result, rather than chasing the technology or solutions that may be needed to get there. Technology and solutions should be seen as aids to achieving results.

The seventh rule is to think mobile. Mobile technology is a key differentiator in the Social Era. People are increasingly relying on their mobile devices to access content and socialize online. Businesses must make sure they have a mobile-optimized website, apps, and digital content that can reach, and be consumed, on these devices.

The eighth rule is to create content. Content serves an important role in the Social Era. Content educates, informs, and entertains users. It is a way for businesses to keep customers engaged and to give them a reason to keep coming back. It can also be used to create relationships and convert prospects.

The ninth rule is to pay attention to relevancy. As consumers are bombarded with content, businesses must make sure to create content that is relevant and interesting to their target audience. Content must be tailored to their needs and interests and be of high quality.

The tenth rule is to create value. In the Social Era, businesses must create value in the form of products, services, and experiences. Product and service offerings must be relevant and flexible, taking into consideration the ever-changing needs of customers. Experiences must also be personalized and memorable.

The eleventh rule is to be authentic. In the Social Era, where everyone has an opinion and can express it, businesses must strive to remain authentic and genuine. Being real and transparent is key to building relationships and earning consumer trust.

These 11 rules are a great starting point for businesses looking to get the most out of the Social Era. Nilofer Merchant's book, "11 Rules for Creating Value in the Social Era," offers practical tips and advice on how to create value in this constantly changing environment. By focusing on technology and understanding customers, businesses can leverage the vast opportunities available to them in the Social Era to gain a competitive advantage.