Big tech has a high dependency on social media vendors, most of which face significant tailwinds of continued disruption. Technology and service providers must plan for disruption, including social activism, counterfeit reality, and regulations as part of their product and marketing plan.
Social media providers continue to make headlines, the latest being Parler, which recently boasted about its 10 million users and growing in November 2020. In January 2021, the unmoderated platform was dropped by Apple, Google and even its cloud service provider, Amazon Web Services (AWS), for failing to enter an improvement plan for content moderation after national security concerns erupted in the United States.1 The future state of the platform seems uncertain (For more details see Market Trends: Beware of 4 Disruptive Trends Threatening Your Social Media Plans in 2021 ). There are four trends that have emerged:
- Voice of Society: These are socioeconomic and political events impacting user attitudes that trigger community changes in behavior and use of a social media platform
- Changing regulatory and legal environment impacting product viability: Privacy, legal and regulatory changes that influence product viability in terms of data usage, transparency and product integration with social media platforms
- Concerns related to brand management: Trends and risk factors that influence brand recognition and trust
- Security: Risk and security concerns that originate from social media platforms that diminish trust, and require costly remediation and time
As a technology and service provider dealing with technology market essentials and concerned with social media challenges, you must:
- Counter social media disruption by establishing a cross-functional governance framework to address social media strategic and operational risks.
- Invest in technologies such as social analytic platforms, and share data across product management, marketing, sales, legal and security functions as part of your governance process.
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