[Slides] Seven Success Factors of Social Business Strategy, by Charlene Li and Brian Solis

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What makes a social business strategy successful? Charlene Li and Brian Solis just released a new e-book on this very subject, Seven Success Factors of Social Business Strategy. To coincide with its release, they are sharing highlights from the book and findings from their latest research. In this webinar, they discuss the seven factors that successful social businesses share and how their strategies are designed to deliver business value. Attendees will learn how to craft a coherent strategy that transcends individual social media channels and results in a robust strategy roadmap, complete with metrics.

More information about the ebook and related services here: http://www.altimetergroup.com/services/services-for-enterprise/social-business-strategy

A recording of the webinar is available here: http://www.slideshare.net/Altimeter/7-success-factors-webinar-recording

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  • This is an interesting data point. Companies seem to be overconfident in the idea that their social media efforts are connected to business outcomes (or at least the executives fielding the survey) – when you break into the data further, you can see the data points we just reviewed prove the contrary.
  • Businesses that uncover the gap between business objectives, social media strategies, and internal challenges and opportunities will open dialogue that both closes the gaps and creates alignment.
  • Be patient because there’s so much to tackle - you can’t do it all at once. Still get started, but always go back to the objectives you’re after. If you lose sight of that, you’ll be wasting time and resources quickly.
  • Goals are not enough. You need a long-term vision that communicates to all stakeholders why this journey is taking place. This covers future customer, employee, and stakeholder relationships and experiences to come as a result of a social strategy.
  • ARAMARK VP Consumer Strategies: “Get all stakeholders involved from the beginning, and make them as knowledgeable as possible. Let them take ownership…Remember: It’s a change management challenge as much as anything else.”
  • Having a c-level sponsor who is ready to take on risk is crucial to success. A lack of this person will create paralysis, especially in a regulated industry where people are careful and afraid.
  • Less than half of orgs surveyed had a detailed roadmap that extends longer than a year. Absent was: 1) How initiatives created business value; 2) long-term planning on investments; 3) an iterative process to re-evaluate initiativesThe heart of the matter is simple: Prioritize what you will and won’t do.
  • Most organizations have ad hoc approach to managing social, with most knowledge residing in a small group. Building and socializing clear processes while instilling discipline become key criteria for success. Training must be available AND an organizational priority.
  • Come to agreement on the governance model before moving on to the strategy and program.
  • Overtime, it’s crucial to lean away from agency support and develop more mature capabilities in house. These individuals will lead strategy and create internal alignment.
  • Start with clear roles and responsibilities and a cross-functional team that shares responsibility of leading into the future. Take off the day-to-day hat, and work for the broader good. Define roles clearly to help drive more success.
  • One executive comments, “There’s a lot of interest in social at our company, but it’s still not a primary driver of business, and its budget is much lower than traditional channels.” Avg social budget for companies up to $1B in revenue is less than 500k a year. CMO Survey reports that social spending represented just 7.4% of marketing budgets in 2012.
  • Jumping immediately into technology selection and implementation without a strategy, roadmap, or organization in place is ill-advised – you may get stuck with a listening platform or SMMS that doesn’t meet your business requirements at scale.
  • [Slides] Seven Success Factors of Social Business Strategy, by Charlene Li and Brian Solis

    1. The Seven Success Factors of Social Business Strategy August 15, 2013 | #7socialfactors Charlene Li, Founding Partner and Analyst Brian Solis, Principal Analyst
    2. 1. Webinar hashtag: #7socialfactors 2. Submit questions via ReadyTalk 3. Slides and video replay will be emailed to you, and available at www.altimetergroup.com Welcome and Logistics
    3. Download our Open Research at altimetergroup.com/research Available for purchase at altimetergroup.com/research/books Today‟s webinar is based on findings and interviews presented in our recent research:
    4. The deep integration of social media and social methodologies into the organization to drive business impact. 5 Definition: Social Business Strategy
    5. A successful social business strategy requires alignment with the strategic business goals of an organization and organizational alignment and support that enables execution of that strategy. Yet… 6
    6. The Social Business Disconnect
    7. 26%Companies that approach social media holistically, with business units operating against an enterprise vision and strategy Source: Altimeter Group. Social Business Survey, Q4 2012.8
    8. At least 13 different business units across the enterprise may deploy social media 7.8% 9.4% 10.9% 14.1% 14.8% 16.4% 16.4% 28.9% 35.2% 36.7% 39.8% 65.6% 73.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Market Research Legal Executive IT Customer/User experience Advertising Product development/R&D HR Social Media Digital Customer Support Corporate Communications/PR Marketing "In which of the following departments are there dedicated people (can be less than one FTE) executing social?" Source: Altimeter Group. Social Business Survey, 2012.
    9. Twitter account: Check. YouTube videos: Yup. Strategic plan: Sure, we‟ve got a content calendar for the next six months. Metrics: Engagement of course, likes, retweets, views. …We‟re all set. 10 Does this sound familiar?
    10. The Seven Success Factors of Social Business Strategy A framework to help you audit your existing strategy
    11. Seven Success Factors of a Social Business Strategy
    12. Success Factor #1: Define the Overall Business Goals Explore how social media strategies create direct or ancillary impact on business objectives. What are you trying to accomplish and how does it communicate value to those who don‟t understand social media.
    13. David Fenech, VP Interactive Marketing and Creative Services for Kelly Services 14 “Always go back to the objectives you‟re after. If you lose sight of that, you‟ll be wasting time and resources quickly.”
    14.  Write down your top five strategic goals.  Identify how you would measure progress or attainment of these business goals now.  Brainstorm a few social business initiatives that could potentially support that business goal  Identify metrics that connect social business metrics to the business goal metrics. Exercise: Connect Social Goals to Organizational Goals
    15. Success Factor #2: Establish the Long-Term Vision Articulate a vision for becoming a social business and the value that will be realized internally among stakeholders and externally to customers (and shareholders).
    16. “To humanize the company by connecting constituents with Ford employees and with each other when possible, providing value in the process.” 17 Ford‟s Social Media Vision Statement
    17.  Focus on relationships in the future. Don‟t let today‟s constraints limit you.  Define the experience you wish people to have, feel, share.  Think of it as a story that you could tell about that relationship.  Write a statement that will stand the test of time— and of technology.  Do it quickly—your gut reaction is usually right.  Keep it short and memorable. 18 Crafting your vision statement
    18. Success Factor #3: Get Executive Support Social media often exists in its own marketing silo. At some point, it must expand to empower the rest of the business. To scale takes the support of key executives and their interests lie in business value and priorities.
    19. Having a c-level sponsor who is ready to take on risk is crucial to success. A lack of this person will create paralysis, especially in a regulated industry where people are careful and afraid. Ed Terpening, former VP Social Media Strategy for Wells Fargo 20
    20.  Emphasize relationships and outcomes, not social media channels.  Use reverse mentoring to increase their practical knowledge of social media.  Press for credibility.  Connect the dots.  Leverage social media as an enabler.  Create a sense of urgency. 21 Getting executives on board
    21. Cisco launches executive reverse mentoring program to create executive alignment with social Source: Cisco Cisco Social Media Training, 201322
    22. Success Factor #4: Define the Strategy Roadmap and Identify Initiatives Once you have your vision and you‟re in alignment on business goals, you need a plan that helps you bring everything to life. A strategic social business roadmap looks out three years and aligns business goals with social media initiatives across the organization.
    23. Success Factor #5: Establish Governance and Guidelines Who will take responsibility for social strategy and lead the development of an infrastructure to support it? You‟ll need help. Form a „hub” or CoE to prioritize initiatives, tackle guidelines and processes, and assign roles and responsibilities.
    24. COME TO AN AGREEMENT ON THE GOVERNANCE MODEL BEFORE MOVING ON TO THE STRATEGY. 26 Jonathan Blank, Manager of Social Media Wellpoint
    25. Most companies organize as Hub & Spoke, but are moving toward Multiple Hub & Spoke 9.4% 29.1% 35.4% 23.6% 2.4% 2010 2012 Source: Altimeter Group. Social Business Survey, Q4 2012.
    26. Success Factor #6: Secure Staffing, Resources, and Funding Determine where resources are best applied now and over the next three years. Think scale among agencies but also internally to continually take your strategy and company to the next level. Train staff on vision, purpose, business value creation, and metrics/reporting to ensure a uniform approach as you grow business value and priorities.
    27. “Start with clear roles and a cross-functional team that shares the responsibility of leading into the future. Take off the day-to-day hat, and work for the broader good.” Renee Brown, SVP Director of Social Media for Wells Fargo
    28. Altimeter‟s Approach to Social Media Training & Education What you should do What you shouldn‟t do Judgment is needed in between
    29. 33 Identify and Prioritize Social Media Education Practitioners Executives All Employees (Risk Mitigation) All Employees (Advocacy)
    30. Success Factor #7: Invest in Technology That Supports Objectives Ignore the shiny object syndrome. Resist significant investments until you better understand how social technology enables or optimizes your strategy.
    31. Seven Success Factors of a Social Business Strategy 1 2 3 4 5 6 7
    32. AT THE END OF THE DAY… …YOU ARE NOT ALONE. These are the steps to drive your customers, employees, and relationships forward in a meaningful way. We can help you.
    33. Altimeter Supports Organizations Throughout Social Business Maturity 37
    34. © 2013 Altimeter Group Altimeter‟s Social Business Strategy Process 38 1. Discovery 1A. Stakeholder interviews 1B. Social Readiness Audit 1C. Social Media Policy Review 1C. Opportunity Analysis 1D. Socialgraphics 2. Strategy Development 2A. Vision Statement 2B. Three-year Strategy Roadmap 2C. Metrics Development & Alignment 2D. Identify and Prioritize Initiatives 3. Organizational Development 3A. Organization & Governance Roadmap 3B. Content Strategy Roadmap 3C. Social Data & Analytics Roadmap 3D. Training Program Roadmap 3E. Technology Assessments More info: http://bit.ly/AG-SBS
    35. Get In Touch
    36. 40 Altimeter Group provides research and advisory for companies challenged by business disruptions, enabling them to pursue new opportunities and business models. Visit us at http://www.altimetergroup.com or contact info@altimetergroup.com. ABOUT US

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