Adrian Chan of Gravity 7 and Andreas Weigend, former chief scientist at Amazon.com and lecturer at Stanford and UC Berkeley, together wrote an article on how best to respond to the world of social data, how to metabolize it, and incorporate it as if it belonged to the very company DNA.
“If social data powers the new business ecosystem, then we must ask how it affects company fortunes. The business climate today is tough. It is highly competitive, customers have more choices than ever before, and loyalty is fickle, if it exists at all. Power has moved to the consumer side of the equation. Purchases and consumer power are no longer a matter of branding and brand image, but a matter of customer choice and decision-making. Consumers drive company fortunes today, and they do so with the help of an open marketplace that is overflowing with information. Consumers are empowered by their knowledge.”