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Find the Risk vs. Reward Balance in Social Media
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Find the Risk vs. Reward Balance in Social Media

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Businesses are increasingly expected to adopt social networking tools, but it must be done with a firm grasp of the risks, rewards and options. ...

Businesses are increasingly expected to adopt social networking tools, but it must be done with a firm grasp of the risks, rewards and options.
- Determine how social media tools affect your compliance with regulatory and internal requirements
- Identify the right types of social networking solutions for your enterprise
- Measure a real return on your social networking investment
- Develop guidelines for employees to understand the do's and don'ts

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    Find the Risk vs. Reward Balance in Social Media Find the Risk vs. Reward Balance in Social Media Presentation Transcript

    • Find the Risk vs. Reward Balance in Social Media
    •  
      • Today you will learn about:
      • Risks
        • Determine how social media tools affect your compliance with regulatory and internal requirements
      • Tools
        • Identify the right types of social networking solutions for your enterprise – consumer social networking (e.g. Facebook, Twitter) or internal solutions
      • Results
        • Measure a real return on your social networking investment by understanding the value of collaboration between internal and external users
      • Best practices
        • Develop guidelines for employees to understand the do's and don't of social networking while representing the organization
      Achieving secure corporate social networking
    • Social marketing maturity cycle “ Most” major Companies are around here – or are trying to be… Communication Communication Expertise Engagement Community Communication Expertise Engagement Community Co-Creation Service Support Communication Expertise Engagement Community Service Support Sales Advocacy Communication Expertise Engagement Community Service Support Sales Advocacy Social CRM Self-service Micro blogging Social Brand Pages Yahoo! Answers Community Participation Corporate Blogging Tools & Information Sponsored Communities Corporate Responsibility Sponsored Conversations Crowd Sourced Innovation Social Q&As Customer Assistance Service as Marketing Social Lead Generation Sales or Employee Advocacy Content Distribution Adaptive Selling Social Commerce Integrated Support Customer-based distribution Community/problem driven sales
    • 1. Risks
      • Loss of control
      • Confidential information
      • Productivity loss
      • Compliance
      • Negative publicity
      • Cost of opportunity for doing nothing
      • The voice of the customer is amplified
      • Companies no longer control the message
      Risk: loss of control
      • Participate in the conversation
      An opportunity to transform the organization
    • Risk: confidential information
      • Dealing with confidential information and potential loss or leakage of information is becoming a larger concern for organizations
      • The use of social media sites enables users to circumvent company controls controls, opening up the potential to violate corporate communication policies
      • Policies 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: compliance
      • Companies are still catching up on updating their policies that address use of social media
      • Blogs, 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 loss
      • 77% of workers have a Facebook account
      • Of those workers with Facebook accounts, nearly two-thirds access Facebook during working hours
      • Those 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
      • Social media in all forms has become part of workers every day life
      • Drives collaboration among co-workers, business partners and clients, but also can be a major distraction in the work place
      • Internet monitoring solutions are one option but blocking social media sites at work can backfire
      • Determine what is reasonable use while managing by objectives
      • Used properly, social media can be a boon to productivity
    • Risk: cost of opportunity for doing nothing
      • Becoming expected “cost-of-entry” for demanding consumers and users of the Web
      • Not part of the dialogue that’s happening with or without being involved
      • Access to competitive/competitors conversations
      • Loss of control/ability to to respond to your constituents
      • Ability to influence conversation
      • Loss of opportunity to retain customers with negative experience/loss of opportunity to win new customers
    • The rules have changed
      • It’s about culture transformation
        • Requires authenticity, passion and transparency
      • Be aware, not afraid
        • Change can be a threat or an opportunity
        • Be prepared
        • Listen and learn
      • Create a social media strategy for your company
        • Guidelines
        • Policies
        • Measurement
    • Managing risk – it’s not just about under-standing technology, it’s about changing behavior
      • Implementing a plan to help control your company’s digital influence is critical to the success of your social media strategy
      Develop guiding principles Define the process Enable a governance structure Policy/education
      • Develop guidelines for governance that is aligned with strategy, goals and metrics
      • Develop internal process flow for creating a responsive, flexible and optimized approach to managing social media strategy
      • Assign roles/ responsibilities to enable accountable, shared governance across the organization
      • Create corporate policy docu-mentation and communication/education plan for new governance approach
    • J&J | JNJ BTW blog promotes transparency
      • J&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 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 should we measure?
    • Social media is not a strategy, it should support a strategy.
    • Social media is not a strategy, it should support a strategy Customer support Marketing Strategy Product Development
      • Marketing
          • Brand management, interest, engagement, conversion
      • Corporate communications & PR
          • Listening, influence, awareness
      • Customer support
          • Time to resolution, issues resolved - cost savings
      • Human resources
          • Ramp-up, time to productivity, retention
      • Knowledge management
          • Productivity, agility, efficiency
      • Product development
          • Adoption and competitiveness
      Social media driving business results
    • Goals Reputation management Listening Learning Engaging
      • Blogger relations
      • Conversation rate
      • Comments on blogs
      • Discussions on customer community
      Increase brand awareness Generate new leads Customer service and support Social media activity Social media tools Micro blogging Blogs Listening platform Social networks Business outcomes Live casting Customer community Social media strategy overview
      • Social media monitoring
      • Sentiment analysis & tagging
      • Brand mentions
      • Influencer identification
      • Needs unfulfilled
      • Places conversations take place
      • Interest by solution area
          • Industry recognition: AdWeek 150, Forrester best practices on organizing social media
          • Social media campaign: Blogger outreach resulted in 18 retweets reaching 40k people interested in social media
          • Achieved 20% of share of voice in WCM market
      Key Metrics Example: increase brand awareness
          • Brand mentions
          • Share of voice
          • Extending reach
          • Provided new channel for customers to interact and ask questions
          • Pro-actively fulfilled multiple request
          • Providing best practice to customers for implementing social media
      Key Metrics Highlights Example: customer service and support
          • # of interactions
          • #of support questions answered
          • # of customer strategy sessions
        • Activity 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
      Lessons learned
    • 3. Tools
      • Fish where the fish are - participate
      • Bring the conversation to your site
      • Integrate social and “traditional” experiences
      Deliver an integrated user experience
    • Communities vs. tools Professional Personal Gamer Personas
        • Communities exist independently of the tools used to access them. Linked IN, Xing and Plaxo are not the network, only tools to help me interact and enhance my professional social network.
        • People assume different personas, and they want to keep them separate
        • Federated identity is valuable, but respecting users privacy and giving them control is fundamental – remember the Beacon fiasco?
    • Integrate social and traditional content
      • Contextually-relevant information
        • i.e. finding a recipe on MarthaStewart.com or answering a product question
      • Project-based information
        • Information stored in social repositories versus traditional business documents
        • Privacy, access and retention policies
      • Community-enriched content
        • Ratings, comments and reviews
      • Transparent contributions
        • Recommendations
    • 4. Best practices
    • Developing a social marketing strategy
      • Develop an initial strategy
      • Determine objectives for social media
      • Select targeted channels and tactics
      • Set timelines and measurement criteria
      • Establish a team and governance model
      • 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
      • Start listening and monitoring
      • 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
      • Test and learn
      • Select 2-3 specific focus areas, with concrete, measureable results
      • Initiate small campaigns – a blog, forum, twitter feed, video, etc.
      • Measure the results
      • Expand (and measure)
      • Take what works, and expand the investment – more content, more conversation
      • Continue to measure the results, adjust investment as appropriate
      LISTEN, PLAN, PARTICIPATE, MEASURE, EXPAND
    • Considerations to develop a strategy
      • What 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” ?
    • Best practices
      • Assess real security and safety threats
        • Be aware, not afraid
      • Develop social media guidelines that are simple enough to be understood by everyone
        • Including a disclaimer that the views expressed on the site are those of the author and do not represent the company’s views; and
        • Training and enforcement
      • Roles and responsibilities – who, when, how
        • Social media strategist or community manager role
        • But social media is not the job of one person
      • Develop listening mechanisms
        • .. and the process and empowerment to act &respond
      • Evaluate using moderation when and as appropriate
    • Additional resources
      • Building a Social Media Strategy Roadmap White Paper
        • http://www.vignette.com/smroadmap
      • Watch a recording of this webcast
        • http://campaigns.opentext.com/forms/risk-vs-reward
      • Learn more about Sapient
        • http://www.sapient.com
      • Learn more about Open Text Social media solutions
        • http://www.vignette.com/us/Solutions/Social-Media
    • thank you.