Skype Lecture to University of Venice Students, October, 2011
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This document discusses social media planning and strategy development for businesses. It provides an overview of key concepts around social media and outlines a balanced scorecard approach to setting objectives, key performance indicators and initiatives. The document emphasizes engaging customers through social listening and conversations. Case studies demonstrate how some companies have successfully leveraged social media for business benefits like increased sales, customer insight and brand awareness.
Skype Lecture to University of Venice Students, October, 2011
- 1. Social Media for Sustained Business Growth Dr. Jim Hamill www.energise2-0.com@drjimhamill17th October, 2011
- 2. AgendaPart1Overview of Social MediaThe ‘Key Things to Remember’Social Media in Action: Case ExamplesPart2Benchmarking Exercise – for your own company or a company of your own choiceBenchmark 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 area2
- 3. Brief Word on Our Approach‘Social Media Planning Pays’3
- 5. 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 stakeholders5
- 6. 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……6
- 7. 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 Issues7
- 8. Social Media Strategy Map8
- 10. What is Social Media?10
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- 13. Web 2.0/Social Media Web 2.0 ApplicationsOpen sourceOnline Applications/ Web ServicesSocial Network SitesSocial Content – Social BookmarkingBlogs or WeblogsWikisPodcasts/ VodcastsVirtual RealitiesMash UpsRSS FeedsMobile Web; Internet TelephonyTwitterBusiness ImpactMindsetBusiness IntelligenceCustomer Insight and UnderstandingCustomer InteractionEnhanced Customer Experience – Rich Internet ApplicationsReputation ManagementSales and Marketing Product Development and R&D e.g. engage and co-createIT/Software/ApplicationsOperations, Internal Processes and HRMCharacteristicsCommunities and NetworksOpennessSharingPeeringHosted Services – online applications; the Internet as the platformInteractivitySocial ElementMass CollaborationEmpowermentGlobal
- 14. How important has it become?14
- 16. Key Things to Rememberabout Social MediaThe Rules of the game have changed16
- 17. A conversationnot a broadcast platform17
- 18. Advertising – Customer Breakup18
- 19. Key Things to RememberIt’s socialA 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’ internetConversations are already taking place relevant to your company/organisation. Are you listening?Power shiftSocial 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?19
- 20. Do You Listen?Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com) 20
- 21. Do You Listen?21
- 23. 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 are23
- 24. Key Things to RememberPull v pushConsumers/users decide what information they wish to accessNew ‘mindsets’ are requiredMarketing as a conversation with your customers/network– dialogue not broadcastingBut this is something that most of us are not very good at doing. We prefer ‘telling’ peopleSM ‘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 relationships24
- 25. Key Things to RememberNew performance measuresBusiness 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 relationshipIn a social media era, business success depends on the Quality of your networkRelationship strengthAbility to leverageSocial media monitoring/performance management tools The need for new business/marketing models25
- 26. Performance Measurement Involvement – network/community numbers/quality, time spent, frequency, geography
- 27. Interaction – actions they take – read, post, comment, reviews, recommendations
- 28. Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
- 29. Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking
- 30. Insight – customer insight
- 31. Impact– business impactSocial Media Monitoring Tools –Audit, Assess, Impact26
- 33. Key Things to RememberThe need for new business/marketing modelsTraditional approach:Product development – Differentiate – Market and Promote - SellNew model based on: Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globallyEngage and energise‘Create the Buzz’28
- 34. Potential Business Benefits of Social Media29
- 35. Business BenefitsMarket KnowledgeCustomer Insight and UnderstandingCustomer InteractionEnhanced Customer ExperienceBusiness IntelligenceReputation Management30
- 36. Business BenefitsImproved Sales and Marketing Identify and network with high value, high growth prospectsProduct Development and R&D e.g. engage and co-createInternal cost savings Improved Operations and Internal ProcessesIncreased ROI31
- 37. Potential Business Benefits5 main areas:Market/Customer Knowledge & InsightEngagement & Reputation ManagementEnhanced Customer Experience and LoyaltySales/Marketing Effectiveness, Efficiency and ROIOperations/ Internal Processes (open source and hosted apps)32
- 38. Social Media in ActionQuick Examples33
- 39. In a Web 2.0 Era, the Brand Becomes the Customer Experience of the BrandA quick ‘personal experience’Dubai Hotel
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- 45. From the web siteThis 5-star hotel and residence offers European hospitality with an unmistakable French touch. The hotel consists of 318 beautifully appointed guest rooms/suites, while the residence offers 112 fully furnished and equipped deluxe Studios and 1-3 bedroom apartments.
- 46. The ultimate in comfort, we offer 318 luxuriously elegant rooms and suites.
- 47. 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…40
- 48. The Customer Experience of the BrandTripadvisor41
- 49. From TripadvisorIt's getting old, the rooms are unappealing and it will never be more than a business hotel
- 50. 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.
- 51. 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 hotel42
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- 53. Blendtec44
- 54. Will It Blend? - iPad45
- 60. 1.6 Million Twitter Followers51
- 65. Whole Foods56
- 66. Talk To Us57
- 68. Monitoring the ConversationsUse Social Media Monitoring Tools to monitor online conversations relevant to your brand – also for measuring the ‘buzz’ about your brandNo or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, Topsy, IceRocket, Blogscope, Blogpulse and ViralHeatMore expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and InfegySocialRadar59
- 69. Social Media Monitoring 60
- 70. Innocent Drinks - Limited ‘Buzz’61
- 71. Social Mention62
- 72. Social Mention63
- 73. Social Mention64
- 74. Social Mention65
- 75. Social Mention66
- 76. Social Mention67
- 78. ‘Getting There’Get More InvolvedGoogle Alerts, Twitter, Social Media Monitoring ToolsLearn moreDevelop a strategyImplementMonitor69
- 80. Be Customer LedWho are our customers, community, tribe?Where do they hang out in social media?How can we best engage with and energise them?71
- 82. In Summary……..’Social Media Planning Pays’73
- 83. Stop and ReflectKey Questions to Address74
- 84. Key Questions to AddressDo 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?75
- 85. Key Questions to AddressWhat 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?76
- 86. Key Questions to AddressDo 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?77
- 88. How You Doing?79
- 89. Benchmarking ExerciseBenchmark 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!!!!!80
- 90. Question 1How 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?81
- 91. Question 2Do you have a clear social media vision and strategy? What is it?82
- 92. Question 3Have 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?83
- 93. Question 4Are 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)?84
- 94. Question 5Have you agreed the core business objectives, KPIs and targets to be achieved from each priority Social Media Channel?85
- 95. Question 6Are formal procedures in place for monitoring and evaluating Social Media performance and business impact benchmarked against strategic business objectives?86
- 96. Question 7On a scale 1-10, how would you rate the positive business benefits derived from your Social Media activities (1-no or minimal impact; 10 – major positive impact) benchmarked against the full potential87
- 97. Question 8Compared to other companies in your industry, are you a ‘leader’ or ‘laggard’ in your use of Social Media? Do you benchmark your Social Media performance and business impact against industry ‘best practice’, the potential of social media for your business and, more importantly, against the growing expectations of customers?88
- 98. Question 9How well is your company organised and resourced to actively engage with Social Media? Are you a ‘social’ organisation? Are your Social Media activities resourced properly?89
- 99. Question 10Do you have a clear plan in place covering future development of your Social Media activities?90
- 100. How did you do?What ‘actionable insight’ did you derive?91
Editor's Notes
- #31: Market Knowledge: Competitors, Suppliers, Buyers, Influencers; Google insight, Google Alerts will provide a view on most companies within an industry. Also, there are a range of blogs and networks where amateurs and professionals will share their knowledge of a market. Customer Insight and Understanding: Listening to customers and prospects through the range of channels they inhabit; comments on YouTube, Networks where they ‘hang out’ Customer Interaction: the tools exist to not only listen and observe but also to discuss and converseBusiness Intelligence: media monitoring, alerts and related analysis tools provide a great source of structured Business Intelligence. You need not pay £600/month for the privilege, SocialMention and Google Alerts can keep you informed where you need to be. Reputation Management: one of the key aspects of web 2.0 is that it is Real Time. You can see and respond to comments as they arise and often, where the response is efficient and effective, create a positive effect. Consider, the Ethiopian Growers that challenged the coffee used by Starbucks in a video posted on YouTube. This video was viewed by 10,000 people. The CEO posted a response within 24 hours on YouTube, the response was viewed by several million.
- #32: We believe there is a strong correlation between positive word of mouth, online buzz and sales and marketing. Needless to say there are now numerous means of getting your message out there, growing followers (through sites like Twitter, and energising your customer base). Web 2.0 is immediate and direct. The example I like to use is of a safety harness company based in Edinburgh who considered using a traditional approach to International Sales and Marketing – find an agent, find prospects, etc. An alternative approach we suggested, used LinkedIn to find the Health And Safety Director of the largest Construction Project in the world. Now it is not a leap to suggest filming the harness on YouTube and sending an email with a link saying you are in Saudi Arabia and would he like to meet up. Numerous examples of customer insight and feedback leading to product improvement. Many car companies use Second Life to test their designs. A site called eBags sends out the latest designs to their top raters on the site. Internal cost savings. No 10 Downing Street example…Improved Operations and internal processes. There are applications for literally anything – wikis that compete with licenced intranets, email freeware that is better than Outlook, hosted network sites for £20/month that would cost £thousands to replicate. Increased Return on Investment. The holy grail or the achiles heal of Web 2.0. How do you make money from this thing…there is a growing level of evidence to suggest that it works.