Thanks to sites like Twitter, customers are more powerful than ever. As their opinions can spread like wild fire across the Web. To tap into these disparate conversations across the Web on social platforms, corporations are hiring servies, like Lithium Technologies. In this third part of my four-part series with Lyle Fong, CEO and founder of Lithium Technologies, we talk the economics of his business. In this interview, Lyle talks about how Cisco Systems saved $20 million by leveraging social media tools to tap into its customer base to act as support centers.
Lyle also talks about competitiors in the space. Lithium has raised some $45 million in venture financing to help corporations tap into social media. But other companies are starting to raise a war chest too. Last fall, Get Satisfaction raised $6 million, for a total of nearly $11 million in financing.
(Note: See the first two interviews with Lyle.