CM2 Class Social Media Strategy Development
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The document outlines a framework for developing successful social media strategies to enhance business growth, emphasizing the importance of strategic planning and ongoing performance measurement. It highlights key areas of focus, including internal and external analysis, customer engagement, and the need for alignment between social media initiatives and business objectives. The necessity of using monitoring tools and establishing clear KPIs to evaluate progress and effectiveness is also stressed.
CM2 Class Social Media Strategy Development
- 1. ‘Mastering Social Media’‘Social Media Planning Pays’Guest Workshops: University of StrathclydeDr. Jim Hamill jim.hamill@energise2-0.comAlan Stevensonalan.stevenson@energise2-0.comApril, 2011
- 2. Session 2Social Media Strategy Development
- 3. SM Opportunities and Progress MadeUsed effectively, social media can deliver real business benefits in five main areas:Market/Customer Knowledge & InsightEngagement & Reputation ManagementEnhanced Customer Experience and LoyaltySales/Marketing Effectiveness, Efficiency and ROIOperations/ Internal Processes (open source and hosted apps)Interest and enthusiasm is growing rapidlyChannels are being set up
- 4. SM Opportunities and Progress Made But there is a lack of ‘strategic thinking’Most companies/organisationsdo not have a clear social media vision or strategy; objectives are often undefined; little emphasis on KPIs, targets, ROI or on-going performance measurement Lack of attention paid to organization, people, resource issues critical to on-going SM successSocial Media Planning PaysSession 2 - OverviewThe key strategic, management and organizational challenges involved in planning, implementing and managing successful social media strategies for sustained business growth‘Social Media Planning Pays’……. SM success requires sound planning and the application of professional project management procedures …. but not ‘paralysis by analysis’A key objective of the Session is to ensure that your SM Strategy is fully aligned behind and supportive of your core business goals and objectives
- 5. Social Media Development Cycle
- 7. Each Step is being covered in detail on our blog at www.energise2-0.com
- 8. Five Key AreasToday’s session will focus on five key areas:External Analysis: Evaluate Your Social Media LandscapeInternal Analysis: Evaluate Your ‘Readiness to Engage’Develop Your Social Media Strategy and Action Plans for ‘Getting There’Evaluate Your Social Media Performance and ROIOrganization, People and Resource Issues
- 9. Evaluate Your Social Media Landscape
- 10. Evaluate Your SM LandscapeThe social media landscape and range of applications available is extremely broad and diverse – too wideThe starting point in developing a social media engagement strategy is to monitor and evaluate the social media landscape for your businessSocial media landscaping will help you decide the best generic strategy to follow i.e. the main channels to use and your depth of engagement in each channel. Avoids the ‘we must use it because it is there’ syndrome
- 11. Diversity of Social Media
- 12. Key Questions to AddressApplications what social media applications are most relevant to our business?Impactwhat impact is social media having on our industry, how important has it become?Customers how are our customers using social media? What impact is it having on customer behaviour?
- 13. Key Questions to AddressConversations what online conversations are taking place relevant to our business; who is saying what about our brand/ industry where on the Internet and how should we respond?Features and characteristics what are the key features and characteristics of social media that you need to understand i.e. social media culture?These questions establish a very strong foundation forsocial media strategy development and successful implementation
- 14. Your Generic Social Media Strategy
- 15. ‘Be Customer Led’Three key questions:Who are our customers, who do we wish to engage with?Where do we find them ‘hanging out’ on social media? How can we best engage and energise them?
- 16. www.mashable.com
- 17. Monitor the ConversationsUse Social Media Monitoring Tools to monitor online conversations relevant to your brandNo or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeat, TopsyMore expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar
- 18. Who is talking about Malta, where online, what are they saying?
- 19. 238,355 Mentions
- 20. Peak in Late March
- 24. Where the conversations are
- 25. Where?
- 27. The Posts
- 28. Whose talking about the UofS, where online and what are they saying?
- 30. www.topsy.com
- 31. Internal Analysis: Progress Audit and Evaluate Your ‘Readiness to Engage’
- 32. Progress AuditEvaluate progress made, benchmarked against agreed criteria:What progress has been made? What social media channels do we already use? What is the level of engagement with each channel? Where are the main areas for future improvement?Benchmarking is a key element of the Internal Audit and should be undertaken at five main levels…..
- 33. SM BenchmarkingSocial Media Landscapewhat progress has been made benchmarked against the opportunities presented by your social media landscape?Generic Strategy the level of progress made benchmarked against your generic social media strategy KPIswhat progress has been made benchmarked against agreed KPIs?
- 34. SM BenchmarkingIndustry ‘Best Practice’ the level of progress made benchmarked against industry ‘best practice’? How does your current level of SM engagement compare with the industry average? What lessons can be learned from industry ‘leaders’? Strategic Gap Analysis based on the above, what is the ‘Strategic Gap’ that exists between the ‘current’ and ‘ideal’ scenarios; between where you are and where you should be? The ‘Strategic Gap’ provides a very strong basis for future social media strategy development
- 35. Readiness to EngageEvaluate your readiness to engage with social media
- 36. Social media strengths and weaknesses; the main barriers and obstacles to be overcome Readiness to Engage
- 37. Develop Your Social Media Strategy and Action Plans for ‘Getting There’
- 38. 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 implementationA 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
- 39. Social Media Balanced ScorecardNot ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementationThe steps involved can be captured in a Social Media Strategy MapFive key questions to address……
- 40. Social Media Balanced ScorecardWhat 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 InitiativesOrganisation, Resource and People Issues
- 41. Social Media Strategy Map
- 42. A Practical ExampleJacobite Cruises
- 45. Social Media VisionBuilding on existing progress, to leverage the full potential of social media for supporting sustained business growth through establishing a strong online network of high value, high growth potential customers (repeats and referrals) who become ‘brand advocates’ for Jacobite Cruises – engage and energise
- 46. Objectives (Priority 1)Increase sales, especially in off-peak periods (non-summer months and certain times during the day in peak periods)
- 47. Build customer loyalty, repeat business, referrals and ‘advocacy’ (quality customer base, quality online network of high value, high growth potential customers, engage and energise)
- 49. Achieve internal process efficiencies and cost savings
- 50. Increase ROI and profitabilityObjectives (Priority 2 and 3)Priority 2Reputation/brand managementChannel for customer feedback/commentsNew product development/co-creationImprove the online customer experience and the customer journey Priority 3 ObjectivesImproved customer/market knowledge and insight
- 51. KPIs and TargetsAgreed at 3 main levels:Individual Channel Performance – each social media channel provides relevant stats e.g. Facebook Insights, Klout for TwitterOverall Buzz – measured using Social Media Monitoring ToolsBusiness Impact – measured using a ‘hybrid’ approachRelate to the ‘6Is’ Model
- 52. Customer SegmentationPriority 1 CustomersIndependent travellers /’walk-up’ customersDay Trippers Tour operators (mainly German, Spanish)Overseas students (Chinese and others) studying in the UKB&B / Accommodation providers
- 53. Key Social Media Actions & InitiativesWeb siteDevelop a new Jacobite BlogFurther development of existing ‘proprietary’ social media channels i.e. facebook, twitter, linkedinetcProactive participation in ‘external’ forums/groupsMedium to longer term- Podcasts/vodcasts; Apps; Location based services; GrouponThe use of Web 2.0/Social Media to improve internal process efficiency (cost savings)
- 55. Channel Action PlansOnce your Social Media Strategy has been agreed, brief Action Plans should be developed for each priority SM channelCascade the Balanced Scorecard approach to each priority channel e.g. LinkedIn, Facebook, TwitterThe Action Plan for each channel should include a clear statement of:The overall objectives for that channelThe KPIs to be usedSpecific targetsThe key channel actions and initiatives for ‘getting there’
- 56. Building Successful SM ChannelsThe 4CsContentCustomersConversationsConversion
- 63. Monitor and MeasureTo ensure that your SM strategy delivers a return on investment, it is important to monitor and evaluate on-going performance benchmarked against agreed objectives, KPIs and targetsPerformance evaluation should be undertaken at three main levels…
- 64. Monitor and MeasureIndividual Channel Performancethe effectiveness/success of each channel benchmarked against agreed targets for the ‘4Is’ i.e. Involvement, Interaction, Intimacy and Influencemost channels provide easy to access statistics for measuring each ‘I’ to a very high degree of accuracy
- 67. Monitor and Measure Wider Social Media Performancemonthly or quarterly reporting of the overall ‘buzz’ created by your SM activities using appropriate Social Media Monitoring toolsthis will show the impact of your SM activities on others and other channelsit measures the volume of mentions, trends over time, which channels are driving your buzz, who is taking your message further, through which channels, and what affection or affinity they are showing, and so on
- 69. Monitor and MeasureUnderlying Business Performancethe performance of each social media channel and the overall ‘buzz’ created are ‘lead’ rather than ‘lag’ measuresin a social media era, they are the main ‘drivers’ of future business performancethe final level of performance monitoring, therefore, is linking your social media activity to overall business goals and objectives e.g. enquiries, sales or customer loyalty. Is social media achieving your ultimate business objectives i.e. ‘lag’ measures?
- 70. Performance MeasurementInvolvement – network/community numbers/quality, time spent, frequency, geography
- 71. Interaction – actions they take – read, post, comment, reviews, recommendations
- 72. Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
- 73. Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking
- 74. Insight – customer insight
- 75. Impact – business impactSocial Media Monitoring Tools –Audit, Assess, Impact
- 76. The ‘6Is’
- 77. Organization, Resource and People Issues
- 78. Organization, Resource and PeopleOrganisation, resource and people issues sit at the bottom of your SM Balanced Scorecard NOT because they are the least important issues to address. In fact, the exact opposite is true. The success of your social media strategy is very much dependent upon appropriate decisions being made in the areas listed below …..Your ‘Social Media Strategy Document’ should contain a section that covers the following issues…..
- 79. Organization, Resource and People Roles, responsibilities and resourcesIn-source roles and responsibilitiesOut-source roles and responsibilitiesRole of the Social Media championSocial media decision-making and control structures Resource plansOrganizational culture and ‘mindset’Policies and guidelinesSocial Media Proper Use PolicySocial Media Content GuidelinesSocial Media Channel Guidelines Customer Response Policy and GuidelinesEmployee Response Policy and GuidelinesLegal aspects to the above
- 81. Continue the discussion at www.energise2-0.com