Social media crises on the rise – yet most companies are ill-prepared. Companies are quick to deploy the latest social media technology, yet most have not prepared for the threat of social media crises, or long-term effects on business. While the incidence of social media crises is on the rise, we found that more than three-fourths (76%) could have been diminished or averted had companies invested internally.
Advanced companies invest in four social business requirements – but are still deficient. We interviewed and surveyed some of the world’s most advanced companies in social business, and found most invest in four social business requirements. Advanced companies establish governance, define real-time processes, foster a culture of learning, and organize into a scalable formation. However, despite these investments, even Advanced companies have yet to tie customer data to the product roadmap and into support systems. Furthermore, they continue to struggle with a fragmented technology set and lack standard measurement frameworks.
To become advanced, companies must climb the Social Business Hierarchy of Needs. Learn from where others have succeeded and failed – companies should follow the Social Business Hierarchy of Needs. First, develop business objectives and establish governance, then get organized by establishing a team and a process to deal with crises. Next, connect business units to increase coordination and reduce duplication. Finally, weave real-time market response into business processes and planning.