Fascinating piece on business and social media, and how businesses are slowly waking up to the potential benefits and damage.
There's some great new buzz phrases coming out, Reputational economics and social capital to quote a couple, but the concept of Reputational economics is quite interesting if you think about it.
From the beeb
"Soon social media software could alert a hotel receptionist that the scruffy guy checking in deserves extra courtesy because he is likely to mention it to 10,000 "friends".
When Virgin America recently launched new routes from California to Toronto, it used Klout to identify a small group of social media "influencers" and gave them free flights. This generated thousands of tweets, triggered press coverage and delivered more immediate impact than traditional advertising.
Josh Klein, a technology consultant and author of Hacking Work, calls it "reputational economics", where both customers and companies spend their social capital to get the best deal.
"Consumers are spending their attention on social media," he says, but firms don't know how to repay them properly. There's no manual for that yet."
BBC News - Why companies watch your every Facebook, YouTube, Twitter move
