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

[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 ...

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.