Comments on: The Best Social Media Definition To-Date

By: SociaLNK – We link and listen to your customers » Blog Archive » The Definition of Social Media

Tue, 26 Jan 2010 13:15:06 +0000

[...] In most cases, the typical meaning of social media can apply to a definition of business, as well. Allen Stern says the best definition of Social Media (relating to business) he has heard is a Peter [...]

By: Chuck Blakeman

Chuck Blakeman — Sat, 23 Jan 2010 19:55:18 +0000

I think these definitions are 1/3 to 2/3rds of the actual purpose of a business. I believe the purpose of a business is to “acquire and retain clients profitability”. We must have all three – acquisition, retention, and profit to have a sustainable business. If a business is missing any one of the three will not stay in business.

See my recent blog post on this “The Classic “Purpose of a Business” Might Actually Put You Out of Business” here: http://blog.teamnimbuswest.com/

By: Shiv Singh

Shiv Singh — Fri, 22 Jan 2010 22:27:57 +0000

Thank you for all the feedback and l love the variations on the quote. Definitely gives me something to think about. And Allen, I’m glad you liked the presentation. Pity we didn’t get to chat in person.

By: Paul Strack

Paul Strack — Fri, 22 Jan 2010 21:58:48 +0000

The purpose of any business is to create Profits. Period.
Excluding non-profits, of course, why else does anyone begin a business operation?

Yes, in order to do that, one must create customers, provide exemplary services to these customers, who, in turn, create more customers. But without profits, a business cannot survive.

But the original purpose of any business is to create profits.

By: Scott McKain

Scott McKain — Fri, 22 Jan 2010 18:02:33 +0000

Here’s a slightly different take: “The purpose of any business is to profitably create experiences so compelling to customers their loyalty and advocacy are assured.”

Creating a customer merely means we’ve processed a transaction with them — which, in the long run, isn’t the best business strategy. When the experiences we create are so compelling that they continue to do business with us — and bring their friends — we have developed a distinctive organization.

By: Allen Stern

Allen Stern — Thu, 21 Jan 2010 23:50:23 +0000

no worries we can chat anytime – i was in the last row on the top – i was there early – saw you setting up :)

updated the logo – it should be updated now on all seesmic posts.

By: Loic

Loic — Thu, 21 Jan 2010 23:30:14 +0000

too bad I did not see you at the end. Btw you are using a 2 years old logo of Seesmic that has been updated a long time ago, if you can replace it or let me know if I should send it?

By: Michael Sean Wright

Michael Sean Wright — Thu, 21 Jan 2010 22:58:37 +0000

Like that quote as well. Reminds me of Peter Drucker’s ‘first job of a company- develop a customer.’ Goes well with his statement – ‘The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.’

Congrats on Seesmic’s launch and I’m waiting for a Mac version soon.

By: Wayne Sutton

Wayne Sutton — Thu, 21 Jan 2010 21:48:09 +0000

Thanks for posting this. I was going to look for it later. I think it’s a great quote too.

Wayne

By: Akash Sharma

Akash Sharma — Thu, 21 Jan 2010 19:00:57 +0000

Great quote from Shiv here, I have just shared it with my tweeps, I am awaiting the presentation to be uploaded asap, it should be as socially influential as the quote is.
Thanks Allan for sharing some good stuff here !!