I’ve been watching the 5th season of Shark Tank. Most entrepreneurs on the show stated they used social media to help them promote their products or services. However, for those entrepreneurs whose business involved an app, they did not get any offers. The sharks feel the apps market is too competitive and over saturated. There was only one App that I’ve seen that not only got their attention, every shark made an offer. Bruno Francois presented his Cycloramic App which takes 360 degree panoramic photos. This is a very cool iPhone app that uses vibration to rotate the iPhone 360 degree as it takes the photos and stitches them together. The capabilities of this app definitely differentiates itself in the market place. At the time of release of this app, I don’t think there was another app that provided the same feature thus making it a unique product.
Before the event of social media and even today I’ve seen how businesses are only concerned with providing space just for their business transactions and sales. Businesses other than Internet cafes and restaurants rarely provide spaces for their customers to physically engage. They basically want people to come in, buy what they need, and leave. Businesses are engaging people online, but they need to do more than just be concerned with business transactions to be competitive. In this presentation by Clay Shirky, he explains how marketing directly to an audience is not the same in this day and age. Basically Shirky says marketers have to find advocates who will in turn market to others. Informal social interaction have moved into the business sphere. Both consumers and companies should seek to take advantage of this.
A class discussion prompted me to review Clay Shirky’s book, Here Comes Everybody. Specifically, reviewed Power Law Distribution. Basically in terms of groups and social network, despite the huge numbers of members involved, most only make a small contribution. This imbalance or inequity is ok when dealing with social networks or group collaboration. Why? Most people in this group are not contributing much, but they contribute something. Small contributions can make a big difference (individually in certain context and collectively in others). For example, there may be a Kickstarter project that raised over 1 million dollars, but most of the backers contributed $5 or less.
I’ve been on LinkedIn for at least 5 years and I have over 1100 direct connections, but I haven’t been that engaged with the website beyond connecting with people, occasionally posting status updates, or replying to messages. Liz DeForest’s article, “Why You Shouldn’t Be on LinkedIn,” reminds me of my original purpose for joining: to make strong tie connections. When I first joined, I thought LinkedIn was very boring, most people only seemed to be concerned with connecting and not responding to messages. Over the last few years, I have noticed the effects of LinkedIn’s improved interactive features. I’m seeing a lot more people get engaged, so it’s time for me to become more involved as well.
On this Pinterest Board, I have pinned content that provides insight and further explanation of several key characteristics of Big Data described in Viktor Mayer-Schönberger and Kenneth Cukier’s book, Big Data: A Revolution That Will Transform How We Live, Work, and Think. 1) Big Data is messy and unstructured. 2) Big Data has value beyond its original intended purpose. 3) Big Data provides correlations (what) not causality (why). 4) Big Data correlations can predict trends. 5) Big Data reuse has societal consequences.