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.

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Find the Risk vs. Reward Balance in Social Media

by Gerardo Dada on Oct 13, 2009

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