How Social Media Can Destroy Your Business Model Final


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While much has been documented about how social media can hurt companies from a marketing perspective, vulnerabilities exist in every area of an organization's business model. From the lowliest employee to the CEO, social media presents corporate vulnerabilities regardless of rank, title, or department. Risk mitigation strategies are essential.

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How Social Media Can Destroy Your Business Model Final

  1. 1. How social media can destroy your business model<br />Anjuan Simmons and Kami Watson Huyse<br />
  2. 2. Social Media Has Turned Celebrities into Geeks<br />
  3. 3. And Turned Geeks into Celebrities<br />
  4. 4. SXSW = South by Social-Media West<br />Socialnomics: How Social Media Transforms the Way we Live and do Business <br />-Eric Qualman<br />Using Social Media to Score...a Job (Obviously)<br />-Sarah White<br />Can Social Media Save Business So Business Can Save the Planet? <br />- David Armistead<br />
  5. 5. The Dark Side of Social Media<br />
  6. 6. 5 Social media formulas for business disaster<br />
  7. 7. Customer Service<br />
  8. 8. Crisis<br />
  9. 9. Corporate Speak<br />
  10. 10. Competition<br />
  11. 11. Competition<br />
  12. 12. Confidentiality<br />
  13. 13. Confidentiality<br />Is that your CIO on Chatroulette?<br />
  14. 14. Stranger Danger?<br />
  15. 15. Protect your business from social media destruction of value<br />
  16. 16. A Holistic Strategy<br />
  17. 17. Governance<br /><ul><li>Who should be involved in determining your organization’s approach to social media?
  18. 18. Requires both low-level insight and top management leverage
  19. 19. Must be based on real-world data vs. fear</li></li></ul><li>Policy<br /><ul><li>Governance sets policy
  20. 20. What makes a good social media policy?
  21. 21. New technologies have always required new policies (telephone, email, internet).
  22. 22. Guardrails and expectations.
  23. 23. Must include and intake as well as output of communicaton strategy.</li></li></ul><li>Risk<br /><ul><li>What does your company do when either a policy is not followed or an external event occurs?
  24. 24. Risk mitigation strategies have to include action plans.
  25. 25. Must also include enlightened management and/or legal team (speed is critical)</li></li></ul><li>Monitor<br /><ul><li>Use tools to help monitor you business’s social media profile
  26. 26. Google Alerts
  27. 27. Twitter Searches
  28. 28. Paid tools for volume
  29. 29. Have a strategy for engagement (flow chart tools)</li></li></ul><li>Customer Service Brainstorm<br /><ul><li>Bake social media into how you design your services
  30. 30. You must know the social media profiles of all your customers.
  31. 31. When possible, every delivery of service should include what social networks your customers are on and the degree of their influence. This is free customer insight provided voluntarily by your customers.
  32. 32. Airlines should know the Twitter accounts, number of followers, and last few tweets of everyone aboard their aircraft.
  33. 33. Pay particular attention to high profile customers. These are your VIP’s
  34. 34. Monitor what customers are saying right before, during, and right after they use your service.</li></li></ul><li>Employee Management<br /><ul><li>What are your employees doing on social media sites?
  35. 35. Include activity in their evaluations
  36. 36. Tie to incentives and rewards
  37. 37. Include social media training
  38. 38. Think about a stepped approach, with each level having more responsibility and training</li>