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Purpose The purpose of this paper is to investigate the significance of Web 2.0 and social media for organizational development and adaptation to an ever‐changing business environment and its successful managing. A model is proposed based on the concepts of innovative economy, knowledge management and social media for value creation in knowledge‐based industries. Design/methodology/approach The paper examines critical factors that influence the role of social media in organizational change and value creation in knowledge‐based industries. Findings The paper contributes to discussion about the increasingly important role of social media in the value added chain in knowledge‐based industries. Research limitations/implications Social media are still an emerging phenomenon and further studies are required to investigate these relationships over a longer period of time. Practical implications The topic is relevant for designing corporate strategies in knowledge‐based companies becoming a part of global networks. Better understanding of the impact of social media on value added could significantly enhance both the top and bottom lines. Originality/value The paper explores when and why the inexpensive, but increasingly wider, use of social media in knowledge‐based industries is preferred to traditional media. This paper intends to give executives practical hands‐on advice for using social media in business campaigns.
Roblek et al. (Fri,) studied this question.