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Commercial opportunities in social media for large enterprise
 

Commercial opportunities in social media for large enterprise

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A presentation I gave at the Web 3.0 conference in 2011 outling the practical applications and process mapping involved in key emerging areas of opportunity for social media within enterprise. ...

A presentation I gave at the Web 3.0 conference in 2011 outling the practical applications and process mapping involved in key emerging areas of opportunity for social media within enterprise. Including the structural and organisational implications with organisations to be social media 'ready'.

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    Commercial opportunities in social media for large enterprise Commercial opportunities in social media for large enterprise Presentation Transcript

    • Commercial Social Media Opportunitiesfor Large Enterprise#seanobyrneJune 2011
    • The three main points I want to convey today 1. Social media is maturing fast – Innovation has never been more important 2. There are important structural and organisational implications when executing a social media solution 3. Some key areas within business which can benefit from emerging social media tools© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 1Liability limited by a scheme approved under Professional Standards Legislation.
    • KPMG & Social Media?? KPMG and Social Media??? (I thought they were a bunch of accountants?)© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 2Liability limited by a scheme approved under Professional Standards Legislation.
    • How some people still think of us© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 3Liability limited by a scheme approved under Professional Standards Legislation.
    • The KPMG reality© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 4Liability limited by a scheme approved under Professional Standards Legislation.
    • If you’re really interested…..there’s an App for it© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 5Liability limited by a scheme approved under Professional Standards Legislation.
    • Social media strategy is not just….. A complete social media strategy© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 6Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • What we’re seeing Social Media will continue to rapidly develop over the short-term – find the opportunities! Social Media Emergence Social Media Maturity Marketing focus Commercial focus Consumer insights Customer acquisition Innovative ad channel Customer retention Two/three way dialogue SM customer service Content marketing Social CRM & loyalty User generated content Platform for help and support Siloed existence Organisational integration Cost Marketing Limited Commercial Multiple Revenue Centre function ROI ROI functions Generation History snapshot Direction of travel Last 5 years Next 5 years© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 7Liability limited by a scheme approved under Professional Standards Legislation.
    • What our clients are asking us about Market Intelligence, Customer service Cost social media channels analysis and reduction/efficiency monitoring and value add of social gains through social forensics/analytics media media Distribution channel Social media strategy Reputation analysis and value development management add of social media Organisational Internal social media Customer acquisition, transformation and strategy and and retention through ‘social media partnering plan social media readiness’© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 8Liability limited by a scheme approved under Professional Standards Legislation.
    • Even the best SM strategies will fail without the right support systems© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 9Liability limited by a scheme approved under Professional Standards Legislation.
    • A process perspective of social media Understanding the value flow of Social Media is critical to realising internal benefits 1 1. Awareness: Identification or input of a Awareness social media stimulus 2. Capture: Collect evidence to quantify or monitor the issue Action 5 2 Capture 3. Analyse: Understand the negative and positive impact of the issue both internally and to customers 4. Disseminate: Share the issue and the impact analysis to all relevant business functions for their leaders to own the issue 4 3 5. Action: Agree an action plan to Disseminate resolve/control the issue and monitor the Analyse progress© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 10Liability limited by a scheme approved under Professional Standards Legislation.
    • Example: Faulty device The social media value flow applies also at the micro and project level Dependency on organisation functions Function Issue Benefit(s) • Higher quality of Customer Service • More effective Low quality of issue customer resolutionCustomer service service, engagement • Customer and resolution feedback continuously reviewed to provide greater quality of service© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 11Liability limited by a scheme approved under Professional Standards Legislation.
    • Understanding cross-functional dependenciesSocial Media has a role across all functions, affecting operational processes and ways of working Dependency on organisation functions Customer Internal Functions Issue Sales Marketing IT HR Risk service comms Benefit(s) Ineffective sales Higher/growing sales for less Sales process cost per sale Low brand Higher brand recognition, high Marketing recognition customer engagement IT/Infrastructure More effective IT for less per IT issues unit Higher recruitment for less HR Low recruitment cost per contact High Risk/low Higher risk awareness and Risk education more effective education etc Customer Higher quality of CS, more Low quality of CS service effective issue resolution etc Internal Low internal Higher internal awareness Comms awareness and staff engagement© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 12Liability limited by a scheme approved under Professional Standards Legislation.
    • Underestimating the heavy lifting involved in SM can lead to frustration…© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 13Liability limited by a scheme approved under Professional Standards Legislation.
    • Or worse…© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 14Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 15Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 16Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • “Customer service averages $12 per interaction via a contact centre versus $0.25 via self- service options” (Forrester)© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 17Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Social media networks have the potential to transform customer support costs • “During the next 2 years, 30% of leading companies will extend the goals of their online community activities to the design of enhanced service processes…peer-to-peer support will supplement or replace Tier 1 contact centre support in >40% of top 1,000 in 5 years” (Gartner) Current Support Model – Future Support Model – Contact Centre Peer-to-peer© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 19Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Social Media for Customer Acquisition Case study: CareOne Debt Relief SM acquired customers: • CareOne debt relief services in the US has 1.5 million members • Complete the enquiry form at 179% higher of it’s community rate than the typical customer • They made their first payment at an astonishing 732% better rate • Went back and completed the form at a 680% higher rate© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 21Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • More choice in the market means more customer churn© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 22Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Social media to boost customer retention • Customers report good experiences in forums more than twice as often as they do via calls or mail • Community users remain customers 50% longer than non-community users Case study: HSBC Community • The HSBC Business Network offers advice and information on topics affecting businesses which drives existing customer retention and acquisition of new customers© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 24Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Prioritise key areas for improving internal communications – Company X = greatest need Possible SM tools Sales Team A WIKIs Instant messaging Management SM pilot needs Sharepoint • Governance Collaboration sites • Processes Fulfilment • Risks Blogs, groups etc • Technology • Education Sales team B Forums RSS feeds Customers Board© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 25Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 26Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Sentiment management – AON Risk management benchmark report • Brand and image is the most concerning element keeping CEO’s up at night • Social media is one of the most powerful tool for managing your brands online reputation and can benefit your NPS© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 27Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • The Power of social media monitoring Enriching your customer profiling with additional SM data sources 3rd Party insights & Contact centre profile stats feedback Website interaction Customer surveys & analytics Reviews Ratings Recommendations Forum activity Sentiment Polls Live interactions© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 28Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Six areas within business which can benefit from emerging social media tools Emergence Customer of new service revenue streams Sentiment Customer management acquisition & monitoring Internal Customer collaboration retention & KM© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International 29Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Understanding changing forces affecting innovation and culture Enabling an Innovative culture 1. Leadership Change must be led from the top 2. Policy, rewards, incentives Empower employees with flexible policies & working arrangements Other reward, incentives to encourage innovation 3. Business processes, technology and collaboration The right tools, processes, technologies and systems to allow employees to effectively collaborate 4. Communications Employees must be made sufficiently aware of change and the importance of innovation to achieving the strategic goals 5. Training Successful adoption of an innovative culture also requires individual and group training.© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011 30Liability limited by a scheme approved under Professional Standards Legislation.
    • MindBank – Virtual banks • In 2009 Sweden granted MindArks subsidiary Mind Bank a license to conduct legal banking activities • The in-game currency, the PED, has its value tied to the value of the US dollar at the rate of 10 PED to 1 USD • Users are free to "cash out" their PED into real money at any time • Users are running virtual businesses and making profits in real money© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Final ThoughtsSocial media:• Has the potential to transform many parts of traditional business• Has the capacity for significant cost savings in customer service and other areas• The correct governance and operational models are required for it to succeed© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.
    • Contact THANK YOU Sean O’Byrne Manager – Digital Economy Email: sobyrne@kpmg.com.au Twitter: seanobyrne© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG InternationalCooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International. June 2011Liability limited by a scheme approved under Professional Standards Legislation.