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Social media for business professionals. Why bother?

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A presentation given to the local ACCA in April 2013. Using Porter's Competitive Advantage matrix, we review the impact of technology on Competitive Advantage and focus on Social Media and the changes …

A presentation given to the local ACCA in April 2013. Using Porter's Competitive Advantage matrix, we review the impact of technology on Competitive Advantage and focus on Social Media and the changes it is having in this space.

Published in: Business, Technology

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Transcript

  • 1. Social Media forBusiness ProfessionalsWhy Bother?
  • 2. Owen Cutajar• 20 years experience in technology• MBA from Heriott-Watt• On-Island since 1999• Day job: Enterprise IT• Passion for blogging/Social Media• Cofounded IOM Social Media Club• Twitter: @OwenC• www.facebook.com/OwenCutajar• Email: owen@cutajar.netWednesday, 01 May 2013Social Media for BusinessProfessionals2
  • 3. OverviewAbout Competitive Advantage•Different FlavoursTechnology Impact•Waves of technologySocial Media Integration in BusinessQ&AWednesday, 01 May 2013Social Media for BusinessProfessionals3
  • 4. Sustainable Competitive AdvantageCost Leadership DifferentiationFocus(Low Cost)Focus(Differentiation)UniquenessCostLarger MarketSmaller MarketWednesday, 01 May 2013Social Media for BusinessProfessionals4
  • 5. Cost Leadership• Being the cheapest option on the marketthrough:– Improving processes– Economies of scale– Access to raw materials– Vertical Integration– Access to capital– High level of expertise– Efficient distributionchannelsWednesday, 01 May 2013Social Media for BusinessProfessionals5
  • 6. Differentiation Strategy• Unique product or service• Access to cutting-edge research• Highly skilled and creativedevelopment team• Corporate reputation forquality• Strong sales team• Leaders in innovationWednesday, 01 May 2013Social Media for BusinessProfessionals6
  • 7. Focus Strategy• Concentration on a narrow segment• Within segment implements costadvantage or differentiation• High degree of customer loyalty• Customers ready to pay more• Multiple niche strategyWednesday, 01 May 2013Social Media for BusinessProfessionals7
  • 8. The Impact of Technology• Multitude of benefits including:– Automation– Management of information– Reductions in operational costs– Monitoring and Reporting– Communication networkswith suppliers and partners– Interaction with customersWednesday, 01 May 2013Social Media for BusinessProfessionals8
  • 9. Definitions of Social Media?Social media are media for social interaction, using highlyaccessible and scalable publishing techniques. Social media useweb-based technologies to transform and broadcast mediamonologues into social media dialogues. Social media can takemany different forms, including Internet forums, weblogs, socialblogs, microblogging, wikis, podcasts, pictures, video, rating andsocial bookmarking. (Wikipedia)My definition:Social Media consist of any form of media or content that can becreated, shared and accessed by anyone. It forms a permanentconversation that businesses can choose to become part of, orignore at their peril.Wednesday, 01 May 2013Social Media for BusinessProfessionals9
  • 10. Social Media and Cost Leadership• Low advertising and PR costs• Reduced cost of creating content &conversations• Lower customer services cost• Lowering cost of productdesign by listening to theright channelsWednesday, 01 May 2013Social Media for BusinessProfessionals10
  • 11. Social Media & Differentiation• Effective way to build a brand “voice”• Ability to accurately target anddialogue with potential customers• Tap into passionate fan base• Analytics on audience• Creation ofviral contentWednesday, 01 May 2013Social Media for BusinessProfessionals11
  • 12. Social Media & Niche Markets• Provides global reach• The rise of micro-targeting• Creates viable niches which wouldn’totherwise exist• Creating communities• Minimal costWednesday, 01 May 2013Social Media for BusinessProfessionals12
  • 13. Practical advice from StarbucksWhenever Starbucks identifies a problem or opportunity, it responds in one or more ofthe following four ways:• Amplify: As Starbucks identifies trends or something its customers seem to like,Starbucks amplifies whatever it is to help bring it to the surface and increasevisibility and enthusiasm.• Context-ify: Back in 2004, an e-mail was going around claiming that Starbucks hadrefused to supply free product to GIs serving in Iraq. Many people believed it, gotpretty angry and forwarded the message to all their friends. Unfortunately, themessage was false. By context-ifying the message, Starbucks revealed the otherside of the story--check it out yourself on snopes.com.• Change: If its broke, fix it. MyStarbucksIdea.com actively solicits constructivecriticism and ideas to improve its business and gather suggestions for products,services and projects.• Ignore: You gotta respond? No, sometimes its best to ignore, especially when itappears youre being provoked into a response or fight. Its easier to ignore thingswhen you can put them into their proper context; for example, if your primarycritics are a Facebook Group with 82 members out of the 400 million-plusFacebook accounts, you have little to worry about.Wednesday, 01 May 2013Social Media for BusinessProfessionals13
  • 14. A question of survivalAbout Online Markets:“Networked markets are beginning to self-organize faster than the companies thathave traditionally served them. Thanks tothe web, markets are becoming betterinformed, smarter, and more demandingof qualities missing from most businessorganizations.”• Source: The Cluetrain Manifesto: The End ofBusiness as Usual (Rick Levine, ChristopherLocke, Doc Seals, David Weinberger)Wednesday, 01 May 2013Social Media for BusinessProfessionals14
  • 15. Social Media - Specific advantages• Attracting Talent• Real-time Response• Brand Monitoring• Expert Reputation• Engaging Customers• Marketing & AdvertisingWednesday, 01 May 2013Social Media for BusinessProfessionals15
  • 16. Creating Social Media Capability1. Monitor the social web for discussions about yourbrand and industry.2. Understand your objectives for using socialmedia3. Develop a social media strategy by prioritisingyour objectives and applying your learning4. Assess and mitigate your risks (includelegal/insurance/compliance champions)5. Adopt appropriate policies and guidelines6. Set up interdepartmental workflows for socialmedia collaboration7. Educate your staff and volunteersWednesday, 01 May 2013Social Media for BusinessProfessionals16
  • 17. Questions?Wednesday, 01 May 2013Social Media for BusinessProfessionals17
  • 18. Contact• Where to find me– Email: ocutajar@intelligence.co.im– Twitter: @owenc– Facebook/LinkedIn: Search for“Owen Cutajar”Wednesday, 01 May 2013Social Media for BusinessProfessionals18