Social Media: Risk or Reward? (Presentation for the IIA/ISACA Chicago

Social Media Risk or Reward? Jason Moriber Jason@wiseelephant.com Blog: http://elefant.tv

Risk or Reward? 1. What is Social Media? Interactive, collaborative, and participatory software that "lives" online 2. What is its purpose? To digitally replicate, replace, and amplify your communications routines and tasks

Social Media is not Web 2.0, but not yet 3.0 It's Web 2.5 (halfway to 3.0)

Activity is Digital/Online: (multi-faceted) - Social Networks (Facebook, MySpace) - Business Networks (LinkedIn, Plaxo) - "Social Media" (Twitter, Blogs, Video) - Collaboration (Google Docs) - Project Management (Basecamp)

What are the effects? - Greater global connectivity - New anchors of industry - Increased Innovation - Ideation, Invention - High rates of adoption… "everybody is doing it"

It all sounds good. So what's the problem? Recent stats illustrate the wave: Social Media websites have surpassed Company websites as the main source for information ABOUT THAT COMPANY (Omniture via Julian Bradder)

It all sounds good. So what's the problem? PEOPLE HAVE THE CONTROL EMPLOYEES ARE THE MESSENGERS

It all sounds good. So what's the problem? 48% of small companies and 39% of large companies recognize the need to have a Social Media policy but don’t have one. Only 33% of large companies have a social media policy. (Omniture via Julian Bradder)

It all sounds good. So what's the problem? Social Media is now at an 80% adoption rate in the US (Forrester via Tac Anderson)

It all sounds good. So what's the problem? One of two things are going to happen with the economy: 1. Things will get worse. Companies will continue to cut traditional marketing and increasing their spend in lower- cost Social Media 2. The economy will recover, new smart spending, accelerating the flow of money from traditional to Social Media Either way the next 5 years are going to be defined by the new levels of Social Media investment (Tac Anderson from his blog)

What does Social Media involvement mean for me? - Transparency - Listening and reacting - Fostering conversations - Business/Personal lines are blurred*

Business/Personal lines are blurred... Why? Social Media is designed on a history, and built for the future, of the trusted, individual voice: YOURS

Example: Deloitte, via Twitter Employee: Suzy Tonini, Manager, Member Firm Online Communications Followers: 3057, Follows: 1078 Deloitte (global) Followers: 1619, Follows: 8 Deloitte (us) Followers: 975, Follows: 4

Within Social Media... - You are your own personal BRAND and - A representative of your company - People want to hear YOUR voice, learn of your experience - Be very careful! Filter Filter Filter

Social Media... It’s not Marketing, it’s.. - Communications - Customer Service - Branding

Risk or Reward? 1. What does Social Media mean to me? Burgeoning communication tools that you NEED to become familiar with, if not be using 2. What is its purpose? - To propel and amplify your voice - Foster direct discussion - Enable stronger connections

Contact me anytime: jason@wiseelephant.com twitter: @jelefant phone: 317.802.1570

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Social Media: Risk or Reward? (Presentation for the IIA/ISACA Chicago

by Wise Elephant on Sep 01, 2009

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Social Media: Risk or Reward? (Presentation for the IIA/ISACA Chicago — Presentation Transcript