Reasons For A Social Media Audit

Social Media Business Audit
Ensuring social business is efficient business
Your Social Media Partner

Questions for business:How much is your business, as a whole, spending on social media related activity?What innovations is it hoping to achieve? And what is the return on investment?

Introduction
Social Media Landscape
Solution: Social Media Audit
Case-Study: Honda Europe

We are..
We are a global network of leading social media specialists.
Our backgrounds are Marketing, PR, Research, Brand Planning, Business Consultancy & Web Development
We help departments or whole-businesses locally or internationally adapt and win in social media
We are a crowd of European multi-lingual, multi-national researchers, planners, brand strategists, web developers and management consultants. All with a specialist knowledge in social media. Because of this we understand the implications of social media on business as a whole and all of its respective departments and functions.

Collectively we have worked in social media with...

We believe in Open Business
We believe there are positive gains to opening your business at the appropriate points to the consumer via social media
We believe in it because it can lead to deep customer insights, innovations and improved efficiencies. This means financial benefits get passed on to the client and there is less waste all around.
It’s this love of efficiency which has led us to discover that a number of the world’s large companies, in their enthusiasm to explore and adopt social media across their various departments, have done so in a wasteful and inefficient manner.
We help businesses as a whole understand the value of their activity to date, the waste and how to do it more efficiently and effectively.

Introduction
Social Media Landscape
Case-Study: Honda Europe

Social media usage is experiencing massive growth

January 22, 2010

Not like Dotcom
This has become a cultural shift not a technological one
People can now connect to one another in real-time, globally for little to no cost
They can publish, host and share their content with no mediation or controls
They are not going to revert back to a world where they did not have this power

Your money is increasingly following the customer into social media

If these figures are anything to go by it would suggest predictions for increased spend are very modest.
Spend is not at all representative of time spent with social media.

The Industry predicts this is going to increase over the next 5 years
Research Compiled using:
A new report published by eMarketer, “Social Network Ad Spending: 2010 Outlook” documents the major shifts in social network advertising spending that emerged in 2009 and will ultimately unfold in 2010.
Social Media & Online PR Report by Econsultancy in association with bigmouthmedia (based on a survey of 1,100 companies and agencies).

The majority of organisations (62%) are using Twitter for publicising new content. 54% are using the channel for marketing or brand monitoring (47%).
In 2010, Facebook will account for nearly 25% of all social network ad spending worldwide earning $605 million
86% will spend more money on social media in 2010, and a further 13% are planning to keep the same level of budget.
Spend on integrated campaigns through social networks and agency fees for creating owned social
media assets will top $3 billion by 2014
U.S. social network ad spending will increase 7.1% in 2010 and 7.7% in 2011.
In 2009, marketers spent an estimated $2.2 billion to advertise on social networks worldwide, with $1.2 billion spent in the U.S.

This is causing resourcing pressures

Most companies are planning to invest more in social media next year but are struggling to find the time and resources to manage their activity, according to research published today.
54% cited biggest barrier to better social media engagement was a lack of resources
90% say that social media is taking up more time internally than a year ago.
This means a growing reliance upon external parties

This is not just a Marketing issue

When companies budget for social media marketing in 2010 and beyond, a substantial portion of their expenses will go toward creating and maintaining a fan page, managing promotions or public relations outreach within a social network, and measuring the impact of a social network presence on brand health and sales.
27% of companies are using Twitter as a customer service tool for reacting to issues and inquiries.
25% say they use Twitter as a customer feedback tool.
Advertising, however, represents only one facet of an overall integrated marketing program. Engagement is something funded by ‘sweat equity’ human resource and input
As more marketers incorporate social networks in their business, they will no longer look at them as siloed destinations. Instead, they will look to increase the impact of their social network presence by linking it to other marketing initiatives, both online and offline.

Most are struggling to find value

The reality is that most businesses understand how to listen, what to measure and where to engage but are struggling to define the value of engagement and reputation in social spaces.
Only 25% say that they have gained “real, tangible value” from social media
60% say that they have gained some benefit but nothing concrete.

The social media service industry is relatively new but in part can be matched with the industry that grew around search engines such as Google in 2001.

8 years on this is how the Search Industry looks
Licensing of tools, outsourcing and development of internal teams is all required. Outsourcing accounts for 54% of spend.
Search Engine Marketing (SEM) in its early days played on the ignorance of clients and the mystery of its success. This is sadly the case for social media now.

Our Summary
The money your business will spend on social media services will go up over the next 5 years but is still well behind being any where near representative of where people spend their time
When business recognise this shift fully spend in these services will massively increase
Few companies are getting tangible results from their social media activity either as a department and as a business and are heavily reliant on outsourcing
This means there is huge need for a coordinated approach to the adoption of social media by businesses as a whole with clear ROI (Return On Innovation) objectives

Questions to ask:How much is your business, as a whole, spending on social media related activity?What innovations is it hoping to achieve? What is the return?

(ROI) Return on Innovation
Neutralisation - of competitive advantage providing a contextual return on innovation
Differentiation – provides you with your core / primary vector of differentiation
Optimisation – how has the innovation improved productivity allowing for operational excellence to be communicated
Failed Attempts – turn them to your advantage by measuring and understanding leading to return in learnings and savings
Waste – happens if Differentiation projects don’t go far enough, Neutralization projects go beyond good enough, Unaligned innovation efforts that cancel each other out
Neutralisation
(Context)
Optimisation
(Productivity)
Differentiation
(Core)
Failed
Attempts
Waste

We have developed a solution for CEOs and CFOs to address all the issues raised in this research: a Social Media Audit
In it we provide independent and impartial advice working with your respective agencies and departments to deliver improved efficiencies, effectiveness and innovations

So what are you waiting for?
Contact:
Jamie Burke CEO 90:10 Group
jamie@ninety10group.com
David Cushman Head of Innovation
david@ninety10group.com

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Reasons For A Social Media Audit

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