Find the Risk vs. Reward Balance in Social Media

Businesses are increasingly expected to adopt social networking tools, but it must be done with a firm grasp of the risks, rewards, and options. Hear from Open Text and Sapient in an informative and interactive discussion on achieving a state of secure corporate social networking. Learn how to:Determine how social media tools affect your compliance with regulatory and internal requirements.Identify the right types of social networking solutions for your enterprise—consumer social networking (e.g., Facebook, Twitter™) or internal solutions (e.g., Yammer™, Open Text Social Media®).Measure a real return on your social networking investment by understanding the value of collaboration between internal and external users.Develop guidelines for employees to understand the dos and don'ts of social networking while representing the organization.To view this presentation as a recorded webinar, please visit:http://campaigns.opentext.com/forms/risk-vs-reward-ss

Determine how social media tools affect your compliance with regulatory and internal requirements.

Identify the right types of social networking solutions for your enterprise—consumer social networking (e.g., Facebook, Twitter™) or internal solutions (e.g., Yammer™, Open Text Social Media®).

Measure a real return on your social networking investment by understanding the value of collaboration between internal and external users.

Develop guidelines for employees to understand the dos and don'ts of social networking while representing the organization.

Achieving secure corporate social networkingToday you will learn about:RisksDetermine how social media tools affect your compliance with regulatory and internal requirementsToolsIdentify the right types of social networking solutions for your enterprise – consumer social networking (e.g. Facebook, Twitter) or internal solutionsResultsMeasure a real return on your social networking investment by understanding the value of collaboration between internal and external usersBest practicesDevelop guidelines for employees to understand the do's and don't of social networking while representing the organization

Social marketing maturity cycle“Most” major Companies are around here – or are trying to be…CommunicationExpertiseEngagementCommunityCo-CreationServiceSupportCommunicationExpertiseEngagementCommunityServiceSupportSalesAdvocacyCommunicationExpertiseEngagementCommunityServiceSupportSalesAdvocacySocial CRMSelf-serviceCommunicationCommunicationExpertiseEngagementCommunityMicro bloggingSocial Brand PagesYahoo! AnswersCommunity ParticipationCorporate BloggingTools & InformationSponsored CommunitiesCorporate ResponsibilitySponsored ConversationsCrowd Sourced InnovationSocial Q&AsCustomer AssistanceService as MarketingSocial Lead GenerationSales or Employee AdvocacyContent DistributionAdaptive SellingSocial CommerceIntegrated SupportCustomer-based distributionCommunity/problem driven sales

1. RisksLoss of controlConfidential informationProductivity lossComplianceNegative publicityCost of opportunity for doing nothing

Risk: loss of controlThe voice of the customer is amplifiedCompanies no longer control the message

An opportunity to transform the organizationParticipate in the conversation

Risk: confidential information Dealing with confidential information and potential loss or leakage of information is becoming a larger concern for organizationsThe use of social media sites enables users to circumvent company controls controls, opening up the potential to violate corporate communication policiesPolicies must be set to enable governance and make all employees accountable to guidelines Education and training for employees is a key component to managing loss of information

Risk: complianceCompanies are still catching up on updating their policies that address use of social mediaBlogs, Wikis and other forms of social media might be considered electronic communications subject to SoX, SEC, RIPA and other regulations.Corporatecompliance.org, August 2009

Risk: productivity lossSocial media in all forms has become part of workers every day lifeDrives collaboration among co-workers, business partners and clients, but also can be a major distraction in the work placeInternet monitoring solutions are one option but blocking social media sites at work can backfireDetermine what is reasonable use while managing by objectivesUsed properly, social media can be a boon to productivity 77% of workers have a Facebook account Of those workers with Facebook accounts, nearly two-thirds access Facebook during working hoursThose who access Facebook at work do so for an average of 15 minutes each day 87% of those who access Facebook at work couldn't define a clear business reason for using it 2009, Nucleus Research Study

Risk: cost of opportunity for doing nothingBecoming expected “cost-of-entry” for demanding consumers and users of the WebNot part of the dialogue that’s happening with or without being involvedAccess to competitive/competitors conversationsLoss of control/ability to to respond to your constituentsAbility to influence conversationLoss of opportunity to retain customers with negative experience/loss of opportunity to win new customers

The rules have changedIt’s about culture transformationRequires authenticity, passion and transparencyBe aware, not afraidChange can be a threat or an opportunityBe preparedListen and learnCreate a social media strategy for your companyGuidelinesPoliciesMeasurement

Managing risk – it’s not just about under-standing technology, it’s about changing behaviorImplementing a plan to help control your company’s digital influence is critical to the success of your social media strategyDevelop guiding principles Define the processEnable a governance structurePolicy/educationDevelop guidelines for governance that is aligned with strategy, goals and metricsDevelop internal process flow for creating a responsive, flexible and optimized approach to managing social media strategyAssign roles/responsibilities to enable accountable, shared governance across the organizationCreate corporate policy docu-mentation and communication/education plan for new governance approach

J&J | JNJ BTW blog promotes transparencyJ&J’s blog does have its limitations, and these are clearly spelled out on the site. There are certain subjects the authors will not talk about. The blog allows comments, but all comments are reviewed before being posted, and comments about certain subjects—including comments about products sold by J&J operating companies and about any ongoing legal matters—are not likely to be posted. The editor does note that comments not posted on the site may be forwarded to others within Johnson & Johnson for follow-up as appropriate. In addition, the site is more strongly focused on the consumer products side of J&J’s business than on the pharmaceutical side.

2.Results

Lack of Social Media Maturity

What should we measure?What are most effective things to do?Why they would use Web 2.0 and how to measure effectiveness?How to set up the best Web 2.0 approach to fit the company?

What are most effective things to do?

Why they would use Web 2.0 and how to measure effectiveness?

How to set up the best Web 2.0 approach to fit the company?

Social media is not a strategy, it should support a strategy.

Customer supportSocial media is not a strategy, it should support a strategyMarketing StrategyProduct Development

Social media driving business resultsMarketingBrand management, interest, engagement, conversionCorporate communications & PRListening, influence, awarenessCustomer supportTime to resolution, issues resolved - cost savingsHuman resourcesRamp-up, time to productivity, retentionKnowledge managementProductivity, agility, efficiencyProduct developmentAdoption and competitiveness

Social media strategy overviewBusiness outcomesGoalsGenerate new leadsCustomer service and supportReputation management Increase brand awarenessSocial media activityLearningEngagingListening Blogger relations Conversation rate Comments on blogs Discussions on customer communitySocial media monitoringSentiment analysis & taggingBrand mentionsInfluencer identificationNeeds unfulfilledPlaces conversations take placeInterest by solution areaSocial media toolsMicro bloggingBlogsListening platformSocial networksLive castingCustomer community

Blogger relations

Conversation rate

Comments on blogs

Discussions on customer community

Example: increase brand awarenessKey MetricsBrand mentionsShare of voiceExtending reachIndustry recognition: AdWeek 150, Forrester best practices on organizing social mediaSocial media campaign: Blogger outreach resulted in 18 retweets reaching 40k people interested in social mediaAchieved 20% of share of voice in WCM market

Example: customer service and support Key Metrics# of interactions#of support questions answered# of customer strategy sessionsProvided new channel for customers to interact and ask questionsPro-actively fulfilled multiple request Providing best practice to customers for implementing social mediaHighlights

Lessons learnedActivity alone does not yield results. You get what you measure. You can’t improve what you don’t measure.Think of social media as part of the marketing mix. It is not a silo.Only when you achieve repeatable success will social media be a capability

3. Tools

Deliver an integrated user experienceFish where the fish are - participateBring the conversation to your siteIntegrate social and “traditional” experiences

Communities vs. toolsPersonasProfessionalPersonalGamer

Integrate social and traditional contentContextually-relevant information i.e. finding a recipe on MarthaStewart.com or answering a product questionProject-based informationInformation stored in social repositories versus traditional business documentsPrivacy, access and retention policiesCommunity-enriched contentRatings, comments and reviewsTransparent contributionsRecommendations

4. Best practices

Developing a social marketing strategyLISTEN, PLAN, PARTICIPATE, MEASURE, EXPANDExpand (and measure)Take what works, and expand the investment – more content, more conversationContinue to measure the results, adjust investment as appropriateTest and learnSelect 2-3 specific focus areas, with concrete, measureable resultsInitiate small campaigns – a blog, forum, twitter feed, video, etc.Measure the resultsEstablish a team and governance modelIdentity a core social media team, and regional representativesIdentify content producersDefine and communicate a governance model for official and casual use of social mediaDevelop an initial strategyDetermine objectives for social mediaSelect targeted channels and tacticsSet timelines and measurement criteriaStart listening and monitoringUnderstand what is being said about your brandIdentify needs where your targets are, what they talk about, and where we can add valueSelect key topics, and actively monitor the chatter

Take what works, and expand the investment – more content, more conversation

Continue to measure the results, adjust investment as appropriate

Select 2-3 specific focus areas, with concrete, measureable results

Initiate small campaigns – a blog, forum, twitter feed, video, etc.

Measure the results

Identity a core social media team, and regional representatives

Identify content producers

Define and communicate a governance model for official and casual use of social media

Determine objectives for social media

Select targeted channels and tactics

Set timelines and measurement criteria

Understand what is being said about your brand

Identify needs where your targets are, what they talk about, and where we can add value

Select key topics, and actively monitor the chatter

Considerations to develop a strategyWhat is the business need/objective (why are we doing it)?Is the initiative part of a broader program?Who is the audience?How will the effort solve the challenges or opportunities facing the organization (expected benefits)?What are the alternatives?What is the “cost” of in-action (status quo)?What are the “unintended consequences”?32

Best practicesAssess real security and safety threats Be aware, not afraidDevelop social media guidelines that are simple enough to be understood by everyoneIncluding a disclaimer that the views expressed on the site are those of the author and do not represent the company’s views; andTraining and enforcementRoles and responsibilities – who, when, howSocial media strategist or community manager roleBut social media is not the job of one personDevelop listening mechanisms.. and the process and empowerment to act &respondEvaluate using moderation when and as appropriate

Additional resourcesBuilding a Social Media Strategy Roadmap White Paperhttp://www.vignette.com/smroadmap

To view this presentation as a recorded webinar, please visit:http://campaigns.opentext.com/forms/risk-vs-reward-ss

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