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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[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
Todayâs webinar is based on findings and
interviews presented in our recent research:
4.
5. The deep integration of social media
and social methodologies into the
organization to drive business
impact.
5
Definition: Social Business
Strategy
6. 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.
YetâŚ
6
8. 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
9. 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.
10. Twitter account: Check.
YouTube videos: Yup.
Strategic plan: Sure, weâve got a content
calendar for the next six months.
Metrics: Engagement of
course, likes, retweets, views.
âŚWeâre all set.
10
Does this sound familiar?
11. The Seven Success
Factors of Social
Business Strategy
A framework to help you audit
your existing strategy
13. 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 donât
understand social media.
14. David Fenech, VP Interactive Marketing and
Creative Services for Kelly Services
14
âAlways go back to the
objectives youâre after.
If you lose sight of that,
youâll be wasting time
and resources quickly.â
15. ď§ Write down your top five strategic goals.
ď§ Identify how you would measure progress or
attainment of these business goals now.
ď§ Brainstorm a few social business initiatives that
could potentially support that business goal
ď§ Identify metrics that connect social business
metrics to the business goal metrics.
Exercise: Connect Social Goals to
Organizational Goals
16. 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).
17. âTo humanize the company by
connecting constituents with Ford
employees and with each other
when possible, providing value in
the process.â
17
Fordâs Social Media Vision Statement
18. ď§ Focus on relationships in the future. Donât let
todayâs constraints limit you.
ď§ Define the experience you wish people to
have, feel, share.
ď§ Think of it as a story that you could tell about that
relationship.
ď§ Write a statement that will stand the test of timeâ
and of technology.
ď§ Do it quicklyâyour gut reaction is usually right.
ď§ Keep it short and memorable.
18
Crafting your vision statement
19. 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.
20. 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
21. ď§ Emphasize relationships and outcomes, not social
media channels.
ď§ Use reverse mentoring to increase their practical
knowledge of social media.
ď§ Press for credibility.
ď§ Connect the dots.
ď§ Leverage social media as an enabler.
ď§ Create a sense of urgency.
21
Getting executives on board
22. Cisco launches executive reverse mentoring program
to create executive alignment with social
Source: Cisco Cisco Social Media Training, 201322
23. Success Factor #4:
Define the Strategy Roadmap and Identify Initiatives
Once you have your vision
and youâre 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.
24.
25. Success Factor #5:
Establish Governance and Guidelines
Who will take responsibility
for social strategy and lead
the development of an
infrastructure to support it?
Youâll need help. Form a
âhubâ or CoE to prioritize
initiatives, tackle guidelines
and processes, and assign
roles and responsibilities.
26. COME TO
AN AGREEMENT ON THE
GOVERNANCE MODEL
BEFORE MOVING ON TO
THE STRATEGY.
26
Jonathan Blank, Manager of Social Media
Wellpoint
27. 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.
28.
29. 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.
30. âStart 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.â
Renee Brown, SVP Director of Social Media for Wells Fargo
31.
32. Altimeterâs Approach to Social Media
Training & Education
What you
should do
What you
shouldnât do
Judgment is needed in between
33. 33
Identify and Prioritize Social Media Education
Practitioners Executives
All
Employees
(Risk
Mitigation)
All
Employees
(Advocacy)
34. 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.
36. AT THE END OF THE DAYâŚ
âŚYOU ARE NOT ALONE.
These are the steps to drive your customers,
employees, and relationships forward in a
meaningful way. We can help you.
38. Š 2013 Altimeter Group
Altimeterâs 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
40. 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
Editor's Notes
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) â 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 thereâs so much to tackle - you canât do it all at once. Still get started, but always go back to the objectives youâre after. If you lose sight of that, youâll 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: âGet all stakeholders involved from the beginning, and make them as knowledgeable as possible. Let them take ownershipâŚRemember: Itâs a change management challenge as much as anything else.â
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 wonât 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, itâs 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, âThereâs a lot of interest in social at our company, but itâs still not a primary driver of business, and its budget is much lower than traditional channels.â 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 â you may get stuck with a listening platform or SMMS that doesnât meet your business requirements at scale.