How can businesses profit from social media? How does social media challenge what is regarded as “value” in the business world? Anthropologist Lene Pettersen discusses these and other questions in her paper “The impact of social media for business“.
Lene Pettersen, one of the few web2.0-anthropologists in Scandinavia, sent me this article that she previously has published on Slideshare
?Value? in a strong economic sense is challenged by social media as a door opener for influence that the organizations should take seriously. (?) The market is a part of individual and collective projects where emotions and identities are expressed, and can therefore not be defined by monetary values alone (Olsen 2003). (…)
The virtual market isn?t a huge collection of passive consumers; it is represented by networks of people having meaningful dialogues and interaction with both each other and the businesses as such, and represents new ways of market power. (…) By mapping different social media applications that are used for interaction we will receive great insight of benefits from different social media tools, technology as such and give important knowledge of how social media can be used by companies and organizations for innovation.
For businesses to be successfull they have to establish a good reputation. She quotes anthropologist Tian Sørhaug who states that “we no longer can divide production from consumption, because it is difficult to separate the person and the product. In these online times we all are dependent on our reputation.”
Pettersen draws our attention to a kind of “honor culture” among bloggers and compares it to the Kula exchange:
In social media we can recognize how highly respected bloggers receive respect from others. In parallel to honor cultures, where public reputation is more important than one?s self esteem, bloggers achieve huge respect within their community (Pettersen 2009). Anette Weiner showed in her studies of the Trobriand people how transaction of the kula (a type of shell) with people?s kula network didn?t have a solely economic value, but that knowledge, high status, and even sorcery help kula players claim success and circulate their fame (Weiner 1988:156).
>> download the paper (pdf)