CM2 Class Social Media Strategy Development


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Session 2 - Guest Lecture for the Customer Management 2 Class, Dept of Marketing, University of Strathclyde, April 2011

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CM2 Class Social Media Strategy Development

  1. 1. ‘Mastering Social Media’<br />‘Social Media Planning Pays’<br />Guest Workshops: University of Strathclyde<br />Dr. Jim Hamill <br /><br />Alan Stevenson<br /><br />April, 2011<br />
  2. 2. Session 2<br />Social Media Strategy Development<br />
  3. 3. SM Opportunities and Progress Made<br />Used effectively, social media can deliver real business benefits in five main areas:<br />Market/Customer Knowledge & Insight<br />Engagement & Reputation Management<br />Enhanced Customer Experience and Loyalty<br />Sales/Marketing Effectiveness, Efficiency and ROI<br />Operations/ Internal Processes (open source and hosted apps)<br />Interest and enthusiasm is growing rapidly<br />Channels are being set up<br />
  4. 4. SM Opportunities and Progress Made <br />But there is a lack of ‘strategic thinking’<br />Most companies/organisationsdo not have a clear social media vision or strategy; objectives are often undefined; little emphasis on KPIs, targets, ROI or on-going performance measurement <br />Lack of attention paid to organization, people, resource issues critical to on-going SM success<br /><ul><li>Social Media Planning Pays</li></li></ul><li>Session 2 - Overview<br />The key strategic, management and organizational challenges involved in planning, implementing and managing successful social media strategies for sustained business growth<br />‘Social Media Planning Pays’……. SM success requires sound planning and the application of professional project management procedures …. but not ‘paralysis by analysis’<br />A key objective of the Session is to ensure that your SM Strategy is fully aligned behind and supportive of your core business goals and objectives<br />
  5. 5. Social Media <br />Development Cycle<br />
  6. 6. SM Development Cycle<br />
  7. 7. Each Step is being covered in detail on our blog at <br /><br />
  8. 8. Five Key Areas<br />Today’s session will focus on five key areas:<br />External Analysis: Evaluate Your Social Media Landscape<br />Internal Analysis: Evaluate Your ‘Readiness to Engage’<br />Develop Your Social Media Strategy and Action Plans for ‘Getting There’<br />Evaluate Your Social Media Performance and ROI<br />Organization, People and Resource Issues<br />
  9. 9. Evaluate Your <br />Social Media Landscape<br />
  10. 10. Evaluate Your SM Landscape<br />The social media landscape and range of applications available is extremely broad and diverse – too wide<br />The starting point in developing a social media engagement strategy is to monitor and evaluate the social media landscape for your business<br />Social media landscaping will help you decide the best generic strategy to follow i.e. the main channels to use and your depth of engagement in each channel. Avoids the ‘we must use it because it is there’ syndrome<br />
  11. 11. Diversity of Social Media<br />
  12. 12. Key Questions to Address<br />Applications <br />what social media applications are most relevant to our business?<br />Impact<br />what impact is social media having on our industry, how important has it become?<br />Customers <br />how are our customers using social media? What impact is it having on customer behaviour?<br />
  13. 13. Key Questions to Address<br />Conversations <br />what online conversations are taking place relevant to our business; who is saying what about our brand/ industry where on the Internet and how should we respond?<br />Features and characteristics <br />what are the key features and characteristics of social media that you need to understand i.e. social media culture?<br />These questions establish a very strong foundation for<br />social media strategy development and successful implementation<br />
  14. 14. Your Generic Social Media Strategy<br />
  15. 15. ‘Be Customer Led’<br />Three key questions:<br />Who are our customers, who do we wish to engage with?<br />Where do we find them ‘hanging out’ on social media? <br />How can we best engage and energise them?<br />
  16. 16.<br />
  17. 17. Monitor the Conversations<br />Use Social Media Monitoring Tools to monitor online conversations relevant to your brand<br />No or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeat, Topsy<br />More expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar <br />
  18. 18. Who is talking about Malta, <br />where online, what are they saying?<br />
  19. 19. 238,355 Mentions<br />
  20. 20. Peak in Late March<br />
  21. 21. Keyword Tag Cloud<br />
  22. 22. Sentiment Analysis<br />
  23. 23. Sentiment Analysis<br />
  24. 24. Where the conversations are<br />
  25. 25. Where?<br />
  26. 26. Social Media Landscape<br />
  27. 27. The Posts<br />
  28. 28. Whose talking about the UofS, where <br />online and what are they saying?<br />
  29. 29.<br />
  30. 30.<br />
  31. 31. Internal Analysis: <br />Progress Audit and Evaluate Your ‘Readiness to Engage’<br />
  32. 32. Progress Audit<br />Evaluate progress made, benchmarked against agreed criteria:<br />What progress has been made? What social media channels do we already use? What is the level of engagement with each channel? Where are the main areas for future improvement?<br />Benchmarking is a key element of the Internal Audit and should be undertaken at five main levels….. <br /> <br />
  33. 33. SM Benchmarking<br />Social Media Landscape<br />what progress has been made benchmarked against the opportunities presented by your social media landscape?<br />Generic Strategy <br />the level of progress made benchmarked against your generic social media strategy <br />KPIs<br />what progress has been made benchmarked against agreed KPIs? <br />
  34. 34. SM Benchmarking<br />Industry ‘Best Practice’ <br />the level of progress made benchmarked against industry ‘best practice’? How does your current level of SM engagement compare with the industry average? What lessons can be learned from industry ‘leaders’? <br />Strategic Gap Analysis <br />based on the above, what is the ‘Strategic Gap’ that exists between the ‘current’ and ‘ideal’ scenarios; between where you are and where you should be? The ‘Strategic Gap’ provides a very strong basis for future social media strategy development<br /> <br />
  35. 35. Readiness to Engage<br /><ul><li>Evaluate your readiness to engage with social media
  36. 36. Social media strengths and weaknesses; the main barriers and obstacles to be overcome </li></li></ul><li>Readiness to Engage<br />
  37. 37. Develop Your Social Media Strategy and Action Plans for ‘Getting There’<br />
  38. 38. Use a Simplified Balanced Scorecard <br />Will ensure that the social media actions and initiatives you take are fully aligned with and supportive of your overall business goals and objectives; that KPIs are agreed for monitoring and evaluating social media performance, business impact and ROI; and all key success factors are considered, especially the organization, people and resource aspects critical to successful strategy implementation<br />A Scorecard approach can also be very useful for internal and external communications – a simple framework to present social media goals, objectives, key actions and initiatives to colleagues, partners and other stakeholders<br />
  39. 39. Social Media Balanced Scorecard<br />Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation<br />The steps involved can be captured in a Social Media Strategy Map<br />Five key questions to address……<br />
  40. 40. Social Media Balanced Scorecard<br />What is the overall social media vision for your organization?<br />What are the key objectives and targets to be achieved?<br />Who are your customers?<br />Key Actions and Initiatives<br />Organisation, Resource and People Issues<br />
  41. 41. Social Media Strategy Map<br />
  42. 42. A Practical Example<br />Jacobite Cruises<br />
  43. 43.<br />
  44. 44.<br />
  45. 45. Social Media Vision<br />Building on existing progress, to leverage the full potential of social media for supporting sustained business growth through establishing a strong online network of high value, high growth potential customers (repeats and referrals) who become ‘brand advocates’ for Jacobite Cruises – engage and energise<br />
  46. 46. Objectives (Priority 1)<br /><ul><li>Increase sales, especially in off-peak periods (non-summer months and certain times during the day in peak periods)
  47. 47. Build customer loyalty, repeat business, referrals and ‘advocacy’ (quality customer base, quality online network of high value, high growth potential customers, engage and energise)
  48. 48. Improve marketing effectiveness/efficiency
  49. 49. Achieve internal process efficiencies and cost savings
  50. 50. Increase ROI and profitability</li></li></ul><li>Objectives (Priority 2 and 3)<br />Priority 2<br />Reputation/brand management<br />Channel for customer feedback/comments<br />New product development/co-creation<br />Improve the online customer experience and the customer journey <br />Priority 3 Objectives<br />Improved customer/market knowledge and insight<br />
  51. 51. KPIs and Targets<br />Agreed at 3 main levels:<br />Individual Channel Performance – each social media channel provides relevant stats e.g. Facebook Insights, Klout for Twitter<br />Overall Buzz – measured using Social Media Monitoring Tools<br />Business Impact – measured using a ‘hybrid’ approach<br />Relate to the ‘6Is’ Model<br />
  52. 52. Customer Segmentation<br />Priority 1 Customers<br />Independent travellers /’walk-up’ customers<br />Day Trippers <br />Tour operators (mainly German, Spanish)<br />Overseas students (Chinese and others) studying in the UK<br />B&B / Accommodation providers<br />
  53. 53. Key Social Media Actions & Initiatives<br />Web site<br />Develop a new Jacobite Blog<br />Further development of existing ‘proprietary’ social media channels i.e. facebook, twitter, linkedinetc<br />Proactive participation in ‘external’ forums/groups<br />Medium to longer term- Podcasts/vodcasts; Apps; Location based services; Groupon<br />The use of Web 2.0/Social Media to improve internal process efficiency (cost savings)<br />
  54. 54. Channel Action Plans<br />
  55. 55. Channel Action Plans<br />Once your Social Media Strategy has been agreed, brief Action Plans should be developed for each priority SM channel<br />Cascade the Balanced Scorecard approach to each priority channel e.g. LinkedIn, Facebook, Twitter<br />The Action Plan for each channel should include a clear statement of:<br />The overall objectives for that channel<br />The KPIs to be used<br />Specific targets<br />The key channel actions and initiatives for ‘getting there’<br /> <br />
  56. 56. Building Successful SM Channels<br />The 4Cs<br />Content<br />Customers<br />Conversations<br />Conversion<br />
  57. 57. Action Plan Template<br />
  58. 58. Facebook Action Plan<br />
  59. 59. Facebook Action Plan<br />
  60. 60. Facebook Action Plan<br />
  61. 61. Facebook Action Plan<br />
  62. 62. Monitor and Measure<br />
  63. 63. Monitor and Measure<br />To ensure that your SM strategy delivers a return on investment, it is important to monitor and evaluate on-going performance benchmarked against agreed objectives, KPIs and targets<br />Performance evaluation should be undertaken at three main levels…<br /> <br />
  64. 64. Monitor and Measure<br />Individual Channel Performance<br />the effectiveness/success of each channel benchmarked against agreed targets for the ‘4Is’ i.e. Involvement, Interaction, Intimacy and Influence<br />most channels provide easy to access statistics for measuring each ‘I’ to a very high degree of accuracy<br /> <br />
  65. 65. Facebook Insights<br />
  66. 66. Facebook Insights<br />
  67. 67. Monitor and Measure<br /> <br />Wider Social Media Performance<br />monthly or quarterly reporting of the overall ‘buzz’ created by your SM activities using appropriate Social Media Monitoring tools<br />this will show the impact of your SM activities on others and other channels<br />it measures the volume of mentions, trends over time, which channels are driving your buzz, who is taking your message further, through which channels, and what affection or affinity they are showing, and so on <br />
  68. 68. Merchant City, Glasgow<br />
  69. 69. Monitor and Measure<br />Underlying Business Performance<br />the performance of each social media channel and the overall ‘buzz’ created are ‘lead’ rather than ‘lag’ measures<br />in a social media era, they are the main ‘drivers’ of future business performance<br />the final level of performance monitoring, therefore, is linking your social media activity to overall business goals and objectives e.g. enquiries, sales or customer loyalty. Is social media achieving your ultimate business objectives i.e. ‘lag’ measures? <br />
  70. 70. Performance Measurement<br /><ul><li>Involvement – network/community numbers/quality, time spent, frequency, geography
  71. 71. Interaction – actions they take – read, post, comment, reviews, recommendations
  72. 72. Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
  73. 73. Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking
  74. 74. Insight – customer insight
  75. 75. Impact – business impact</li></ul>Social Media Monitoring Tools –Audit, Assess, Impact<br />
  76. 76. The ‘6Is’<br />
  77. 77. Organization, Resource and People Issues<br />
  78. 78. Organization, Resource and People<br />Organisation, resource and people issues sit at the bottom of your SM Balanced Scorecard NOT because they are the least important issues to address. In fact, the exact opposite is true. The success of your social media strategy is very much dependent upon appropriate decisions being made in the areas listed below …..<br />Your ‘Social Media Strategy Document’ should contain a section that covers the following issues…..<br />
  79. 79. Organization, Resource and People<br /> Roles, responsibilities and resources<br />In-source roles and responsibilities<br />Out-source roles and responsibilities<br />Role of the Social Media champion<br />Social media decision-making and control structures <br />Resource plans<br />Organizational culture and ‘mindset’<br />Policies and guidelines<br />Social Media Proper Use Policy<br />Social Media Content Guidelines<br />Social Media Channel Guidelines <br />Customer Response Policy and Guidelines<br />Employee Response Policy and Guidelines<br />Legal aspects to the above<br />
  80. 80. Thank You<br />Questions<br />
  81. 81. Continue the discussion at <br /><br />
  82. 82.<br />
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