Social Media for Sustained Business Growth - How You Doing?

Social Media for Sustained Business Growth Social Media Week Glasgow Dr. Jim Hamill Alan Stevenson Vincent Hamill www.energise2-0.com 21st September, 2011

Agenda Session 1 Overview of Social Media The ‘Key Things to Remember’ Social Media in Action: Case Examples Session 2 Benchmarking Exercise – for your own company or a company of your own choice Benchmark your current social media activities against accepted ‘best practice’. The resulting ‘Strategic Gap’ i.e. the ‘Gap’ that exists between ‘where you are’ and ‘where you could be’, provides a very strong foundation for future strategy development in this area ,[object Object],[object Object]

Brief Word on Our Approach ‘Social Media Planning Pays’

Use a Simplified Balanced Scorecard Will ensure that the social media actions and initiatives you take are fully aligned with and supportive of your overall business goals and objectives; that KPIs are agreed for monitoring and evaluating social media performance, business impact and ROI; and all key success factors are considered, especially the organization, people and resource aspects critical to successful strategy implementation A Scorecard approach can also be very useful for internal and external communications – a simple framework to present social media goals, objectives, key actions and initiatives to colleagues, partners and other stakeholders

Social Media Balanced Scorecard Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation The steps involved can be captured in a Social Media Strategy Map Five key questions to address……

Social Media Balanced Scorecard What is the overall social media vision for your organization? What are the key objectives and targets to be achieved? Who are your customers? Key Actions and Initiatives Organisation, Resource and People Issues

Web 2.0/Social Media Web 2.0 Applications Open source Online Applications/ Web Services Social Network Sites Social Content – Social Bookmarking Blogs or Weblogs Wikis Podcasts/ Vodcasts Virtual Realities Mash Ups RSS Feeds Mobile Web; Internet Telephony Twitter Business Impact Mindset Business Intelligence Customer Insight and Understanding Customer Interaction Enhanced Customer Experience – Rich Internet Applications Reputation Management Sales and Marketing Product Development and R&D e.g. engage and co-create IT/Software/Applications Operations, Internal Processes and HRM Characteristics Communities and Networks Openness Sharing Peering Hosted Services – online applications; the Internet as the platform Interactivity Social Element Mass Collaboration Empowerment Global

Key Things to Remember about Social Media

A conversation not a broadcast platform

Advertising – Customer Breakup

Key Things to Remember It’s social A key feature is online democracy – with content being provided by the network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internet Conversations are already taking place relevant to your company/organisation. Are you listening? Power shift Social media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success Declining effectiveness of traditional approaches Does anyone listen any more?

Do You Listen? Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)

What is Social Media? NOT a broadcast medium. Its about listening to and engaging with customers, partners, your community, your tribe This is something we are not very good at doing. We prefer telling people how good we are

Key Things to Remember Pull v push Consumers/users decide what information they wish to access New ‘mindsets’ are required Marketing as a conversation with your customers/network– dialogue not broadcasting But this is something that most of us are not very good at doing. We prefer ‘telling’ people SM ‘winners’ and ‘losers’ ‘Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships

Key Things to Remember New performance measures Business success depends on the quality of your customer base; the strength of the relationship you have with quality customers; and your ability to leverage that relationship In a social media era, business success depends on the Quality of your network Relationship strength Ability to leverage Social media monitoring/performance management tools The need for new business/marketing models

Performance Measurement ,[object Object]

Interaction – actions they take – read, post, comment, reviews, recommendations

Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc

Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking

Impact– business impactSocial Media Monitoring Tools –Audit, Assess, Impact

Key Things to Remember The need for new business/marketing models Traditional approach: Product development – Differentiate – Market and Promote - Sell New model based on: Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally Engage and energise ‘Create the Buzz’

Potential Business Benefits of Social Media

Business Benefits Market Knowledge Customer Insight and Understanding Customer Interaction Enhanced Customer Experience Business Intelligence Reputation Management

Business Benefits Improved Sales and Marketing Identify and network with high value, high growth prospects Product Development and R&D e.g. engage and co-create Internal cost savings Improved Operations and Internal Processes Increased ROI

Potential Business Benefits 5 main areas: Market/Customer Knowledge & Insight Engagement & Reputation Management Enhanced Customer Experience and Loyalty Sales/Marketing Effectiveness, Efficiency and ROI Operations/ Internal Processes (open source and hosted apps)

Social Media in Action Quick Examples

In a Web 2.0 Era, the Brand Becomes the Customer Experience of the Brand A quick ‘personal experience’ Dubai Hotel

From the web site ,[object Object]

The ultimate in comfort, we offer 318 luxuriously elegant rooms and suites.

Take a trip. Escape. Go and visit somewhere new and see if we are there… Give in to that irresistible wanderlust. Discovering and staying in the most exceptional hotels in the world has become the modern-day Graal, a game, a quest…,[object Object]

From Tripadvisor ,[object Object]

Being a Sofitel hotel we expected something quite 'flashy' unfortunately we were let down. The rooms, although comfortable and clean, were not of the standard we expected and were definately not what we expected after looking at the photos on the hotel's website.

Booking my stay via the Sofitel website after a pleasant experience at several other Sofitel locations over the past 2 years with my new job I was looking forward to a 5 star luxury stay after a stressful business trip. My expectations were reasonable, however certainly not met by this hotel,[object Object]

Links to Social Media Channels

Go Global: Act Local - Twitter

High Engagement – 63% ‘Replies’

Go Global: Act Local - Facebook

The Blog – ‘Tells the Story’

Monitoring the Conversations Use Social Media Monitoring Tools to monitor online conversations relevant to your brand – also for measuring the ‘buzz’ about your brand No or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, Topsy, IceRocket, Blogscope, Blogpulse and ViralHeat More expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and InfegySocialRadar

Innocent Drinks - Limited ‘Buzz’

We have developed our own customised Social Media Monitoring System

Where are the Conversations taking place about ‘Organic Foods’?

‘Getting There’ Get More Involved Google Alerts, Twitter, Social Media Monitoring Tools Learn more Develop a strategy Implement Monitor

Be Customer Led Who are our customers, community, tribe? Where do they hang out in social media? How can we best engage with and energise them?

In Summary……..’Social Media Planning Pays’

Stop and Reflect Key Questions to Address

Key Questions to Address Do you need to engage with Social Media? What progress has been made benchmarked against industry ‘best practice’, the potential of social media for your business and, more importantly, against the growing expectations of customers? What are the key objectives and targets to be achieved from social media? Are these fully aligned with and supportive of your overall business goals and objectives? Who are your customers? Where do you find them ‘hanging out’ on social media? How can you best engage with them?

Key Questions to Address What are the main Social Media Actions and Initiatives you need to take – short, medium and longer term? What generic social media strategy should you follow (number of channels used/ depth of engagement in each channel)? For each priority Social Media Channel, what are your core objectives for that channel; what KPIs will be used for measuring on-going channel performance; what are your targets for each KPI; what key tasks are needed to achieve these targets?

Key Questions to Address Do we have the right organisational ‘culture’ and ‘mindset’ for Social Media? ‘Be social before doing social! Is the right organisational and decision-making structure in place? Has agreement been reached on resource allocation? Who will be responsible for your social media activities? What balance has been agreed between internal and external roles and responsibilities? Who is the Social Media Champion? Do you have agreed Social Media Policies and Guidelines in place covering ‘Proper Use’, ‘Content Management’, ‘Customer Response Times/Quality’ and ‘Legal’ aspects?

Bob Dylan Come gather 'round people Wherever you roam And don’t criticise What you can't understand Your sons and your daughters Are beyond your command Your old road is Rapidly agin‘ Then you better start swimmin’ Or you'll sink like a stone For the times they are a-changin’

Thank You Questions www.energise2-0.com

Benchmarking Exercise Benchmark your own company/organisation (or one of your own choice) against the following 10 questions Give yourself a score 1 (poor) – 10 (excellent) Be Honest!!!!! Honest Answers Produce Honest Results!!!!!

Question 1 How well are you using Social Media Monitoring Tools for listening? Do you have an agreed strategy in place for deriving actionable insights from the online conversations taking place relevant to your business?

Question 2 Do you have a clear social media vision and strategy? What is it?

Question 3 Have you documented and communicated the core business objectives to be achieved from Social Media? Have you agreed KPIs (Key Performance Indicators) and targets for each core business objective?

Question 4 Are your Social Media activities underpinned by a detailed ‘Customer Mapping and Segmentation Analysis’? To what extent are your Social Media activities focused on ‘quality’ customers i.e. high value, high margin, high growth potential customers? Is Social Media in your company driven by the need to build a ‘Quality Customer Base’ i.e. Identify, Acquire, Retain and Grow Quality Customers; or are you wasting valuable time and resource on ‘below zero’ customers (actual and potential)?

Question 5 Have you agreed the core business objectives, KPIs and targets to be achieved from each priority Social Media Channel?

Social Media for Sustained Business Growth - How You Doing?

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