SOCIAL MEDIAIN THEENTERPRISE   by Danny Miller, Principal & National Practice Leader   Cybersecurity & Privacy   Regional ...
LEARNINGOBJECTIVES• Advantages of using Social Media and  associated Risks• Using Social Media in Marketing – the case for...
WHAT ISSOCIAL MEDIA?• Social networking    – Social profiles                          Social media is an online    – Socia...
Social media landscape can be overwhelming if there isnt aclear purpose, objective, and focus                             ...
WHY IS THISIMPORTANT?• 90% of US B2B decision makers use social media in their  buying process• 59% of B2B buyers engaged ...
WHAT IS THEVALUE?•   Enhance brand awareness•   Increase word of mouth referrals                           Colleagues•   S...
Over 160 million people per month (50% of total U.S.population) use social media                               7
Enterprises "micro-segment" their audiences by creatingmultiple social media accounts                              8
As an extreme example, the U.S. Marines have 300 socialmedia accounts                               9
Use of social media is expected to increase significantly overthe next 12 months                                10
HOW DO YOU BUILDINNOVATION USINGSOCIAL MEDIA?• Increase the velocity of direct communication with clients• Ability to brin...
SOCIALANALYTICS•   Purest form of Customer Relationship Management (CRM)•   Purpose is to create an intimate connection be...
SOCIAL MEDIASTRATEGY• First step is to understand the companys business plan and the overall strategy of the  business• A ...
WHAT ARE THERISKS?         14
How concerned are executives about potential risks of socialmedia?                               15
The concerns are justified by review of significant socialmedia crises                                16
A broken guitar attracts over 10 million views.                                17
Preparedness: More than half (61%) of respondents indicatedtheir organizations do not have an incident management plan    ...
Preparedness: More than three-quarters (76%) of respondentcompanies do not have a clearly defined social media policy     ...
SOCIAL MEDIA POLICY:KEY POINTS•   How should employees respond to company references in social media?•   How should employ...
SAMPLE SOCIAL MEDIAPOLICY         21
Marketing is most often responsible for monitoring the socialmedia policy.                               22
COBIT PROCESSES FORMANAGING IT(Including Social Media)                           23
CONCLUSION• Social media and its associated analytics provides another tool to assist enterprises in  enhancing their conn...
ACTIVITIES YOUSHOULD CONSIDER•   Perform a periodic social media audit     – Risk management     – Policies     – People/A...
CONTACTINFORMATION Danny Miller, CISA, CGEIT, CRISC, ITIL, QSA National Practice Leader - Cybersecurity and Privacy Grant ...
GRANTTHORNTON/FEISOCIAL MEDIA SURVEY•   Survey of 141 senior financial executives along with in-depth interviews conducted...
Social Media Presentation Gt Vfinal
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Social Media Presentation Gt Vfinal

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A presentation of survey results that Grant Thornton, LLP has done on Social Media plus a discussion on Social Analytics and improving Profitability using Social Media.

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Social Media Presentation Gt Vfinal

  1. 1. SOCIAL MEDIAIN THEENTERPRISE by Danny Miller, Principal & National Practice Leader Cybersecurity & Privacy Regional Practice Leader – Business Consulting April 2012© Grant Thornton LLP. All rights reserved.
  2. 2. LEARNINGOBJECTIVES• Advantages of using Social Media and associated Risks• Using Social Media in Marketing – the case for innovation in social media• Coaching personnel on using social media• Creating policies for social media in the enterprise• Identify activities that should be considered 2
  3. 3. WHAT ISSOCIAL MEDIA?• Social networking – Social profiles Social media is an online – Social network analysis environment created for the purpose of mass• Social collaboration collaboration, enable – Wikis content production, – Blogs/micro blogs sharing and interactive, – Collaborative office influencing dialogue.• Social publishing – Content sharing Social technologies enable – Content aggregation social media – Social publishing• Social feedback – Social rating, ranking, commentary – Social content structure 3
  4. 4. Social media landscape can be overwhelming if there isnt aclear purpose, objective, and focus 4
  5. 5. WHY IS THISIMPORTANT?• 90% of US B2B decision makers use social media in their buying process• 59% of B2B buyers engaged with peers who addressed their challenge, 48% followed industry conversations on the topic and 37% posted questions on social networking sites looking for suggestions Source: Buyersphere ebook, Enquiro Forrester Research, How to take B2B relationships from Indifferent to Engaged: Jan• The Internet is the C-Suites top information resource 2009 (74% of C-Level executives say it’s very valuable) Forbes Insight – The Rise of the Digital C-Suite June 2009• 53% of C-level executives said they prefer to locate information themselves• 6 out of 10 C-Suite executives conduct more than six searches a day 5
  6. 6. WHAT IS THEVALUE?• Enhance brand awareness• Increase word of mouth referrals Colleagues• Share information with current and prospective business partners Personal Friends Teams – Develop new business Professional• Strengthen customer relationships – Cross sell services Networks• Help people find and work better with company• Help to find talent to work for the company 6
  7. 7. Over 160 million people per month (50% of total U.S.population) use social media 7
  8. 8. Enterprises "micro-segment" their audiences by creatingmultiple social media accounts 8
  9. 9. As an extreme example, the U.S. Marines have 300 socialmedia accounts 9
  10. 10. Use of social media is expected to increase significantly overthe next 12 months 10
  11. 11. HOW DO YOU BUILDINNOVATION USINGSOCIAL MEDIA?• Increase the velocity of direct communication with clients• Ability to bring a "viral" message to organizational culture, products or something key to the organizations strategic priorities• Take advantage of "social analytics" to understand your audience and better focus on your customer base• Control the message related to your organization• Ability to monitor and understand customer perceptions of the companys brand• Better visibility, online exposure and increased traffic to website• Opportunity to build relationships and intimacy with customers• Ability to measure the frequency of the discussion about the brand• Early warning of potential product or service issues 11
  12. 12. SOCIALANALYTICS• Purest form of Customer Relationship Management (CRM)• Purpose is to create an intimate connection between your company, products, employees and culture to a target group• Ability to receive data from constituents in real-time• Case Examples – Predicting product returns based on feedback – Harvest information on trends, preferences• Taking "big data" from different sources to produce valuable insight into sales, demand, returns and trends that would help drive supply chain behavior• Understand the loyalty loop (keeping customers close and coming back) using information 12
  13. 13. SOCIAL MEDIASTRATEGY• First step is to understand the companys business plan and the overall strategy of the business• A social media strategy must align to the businesss overall goals and objectives• Gauge and balance the risk of embracing social media to innovation benefits• Decide what you want the world to know about you and then define how to get the message out through social media outlets• Have a risk mitigation plan in place before you implement your social media entrance• Decide what are the definable benefits of entering into social media• Develop a policy for the company in using social media 13
  14. 14. WHAT ARE THERISKS? 14
  15. 15. How concerned are executives about potential risks of socialmedia? 15
  16. 16. The concerns are justified by review of significant socialmedia crises 16
  17. 17. A broken guitar attracts over 10 million views. 17
  18. 18. Preparedness: More than half (61%) of respondents indicatedtheir organizations do not have an incident management plan 18
  19. 19. Preparedness: More than three-quarters (76%) of respondentcompanies do not have a clearly defined social media policy 19
  20. 20. SOCIAL MEDIA POLICY:KEY POINTS• How should employees respond to company references in social media?• How should employees represent themselves?• Who should officially communicate on behalf of the company?• When to fact check something (references to legal issues)?• Guidelines to avoid conflict• Prohibiting the sharing of non-public financial and personal information• Properly crediting sources 20
  21. 21. SAMPLE SOCIAL MEDIAPOLICY 21
  22. 22. Marketing is most often responsible for monitoring the socialmedia policy. 22
  23. 23. COBIT PROCESSES FORMANAGING IT(Including Social Media) 23
  24. 24. CONCLUSION• Social media and its associated analytics provides another tool to assist enterprises in enhancing their connection to customers and to drive innovation and profit• Many executives in the survey acknowledge there is risk involved in social media, yet this risk has not been well defined for them• Governance structures to monitor compliance and manage risk associated with social media trends are emerging• As the negative incidents associated with social media begin to receive public attention, senior leaders will need to react – and look for thoughtfulness and good planning 24
  25. 25. ACTIVITIES YOUSHOULD CONSIDER• Perform a periodic social media audit – Risk management – Policies – People/Awareness – Processes – Technology• Develop a governance strategy that addresses: – Strategy development – Policy development – Training – Monitoring and enforcement• When launching a new social media tool, perform a risk assessment 25
  26. 26. CONTACTINFORMATION Danny Miller, CISA, CGEIT, CRISC, ITIL, QSA National Practice Leader - Cybersecurity and Privacy Grant Thornton, LLP A QSA Company danny.miller@us.gt.com 215.622.3155 26
  27. 27. GRANTTHORNTON/FEISOCIAL MEDIA SURVEY• Survey of 141 senior financial executives along with in-depth interviews conducted by the Financial Executive Research Foundation• Interviewees roles included CFO, COO, CRO, EVP and VP of finance• Industries included retail, advertising, life sciences, manufacturing, recycling, financial services and consulting• 97% of respondents companies were headquartered in the US• Participants were questioned about the following areas: – opinions regarding social media – use of social media – concerns about the risks surrounding social media – social media policies – concerns about identity theft and data security 27
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