Social Media and Business Schools: Strategic Issues

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Presentation on how business schools should use social media by RBC Chair of HEC Montréal.

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Social Media and Business Schools: Strategic Issues

  1. 1. Social Media and Business Schools: Strategic Issues Sylvain Senecal Holder RBC Chair November 7, 2010
  2. 2. Plan • Social Media and Consumer Empowerment • Social Media and Organizations • Social Media Strategy Roadmap • ConclusionRBC Financial Group Chair of e-Commerce 2HEC Montréal
  3. 3. SOCIAL MEDIA AND CONSUMEREMPOWERMENT 3
  4. 4. A « Classic » Example The trilogy has been viewed on YouTube by more than 10 million people and over 100 million people have learned of Dave’s story & creative response via social media & traditional media channels. It was estimated that the first United Breaks Guitars video cost United Airlines over $180 million dollars.RBC Financial Group Chair of e-Commerce 4HEC Montréal
  5. 5. What is Social Media? “Social media is a variety of new sources of online information that are created, initiated, circulated and used by consumers intent on educating each other about products, brands, services, personalities, and issues.” (Mangold et Faulds, 2009)RBC Financial Group Chair of e-Commerce 5HEC Montréal
  6. 6. Mass Communication • Traditionally, mass communication was used only by organizations – Web sites • With the web 2.0, consumers have access to an array of mass communication tools – Youtube, Facebook, Flickr, Wordpress, Twitter, MySpace, etc.RBC Financial Group Chair of e-Commerce 6HEC Montréal
  7. 7. Which generates the phenomenon of… • …Consumer empowerment • Consumers use the Internet to get information and express themselves – From ratings to testimonies, using different formats (text, audio, video) and on various social platforms (blogs, social networks, virtual communities, etc.)RBC Financial Group Chair of e-Commerce 7HEC Montréal
  8. 8. Canada Consumer Empowerment and Age7.40 Leger Marketing, June 20097.207.006.806.606.406.206.005.80 18 to 24 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 + RBC Financial Group Chair of e-Commerce 8 HEC Montréal
  9. 9. One More Example Within hours I am contacted by several big name appliance stores on Twitter offering their services, except none of them can really help because Im trying to work with Because Maytag directly. And then a few hours after I sayI something I have over a million followers on Twitter. If that get a about mymessage from @WhirlpoolCorp who I think someone will help terrible experience on Twitter do you guess own me? And Maytag, andthe most condescending tone and hiss ever she says in I send them my phone number and I wait. And uttered, "Yes, IAnd wait. Twitter is. And no, that will not matter." wait. know what And then the following morning I get a phone call from Jeff Piraino, manager of the executive offices of Whirlpool Corporation in Michigan. BOO-YAH! That, my friends, is service.RBC Financial Group Chair of e-Commerce 9HEC Montréal
  10. 10. SOCIAL MEDIA ANDORGANIZATIONS 10
  11. 11. Is Social Media a Priority?RBC Financial Group Chair of e-Commerce 11HEC Montréal
  12. 12. Finding #3: Interactive is growing, and so is social media. Between FY 08 and FY 09, 55 percent of institutions surveyed allocated more to interactive; and 52 percent allocated more to social media.RBC Financial Group Chair of e-Commerce Source: LipmanHearne/Case, 2010 12HEC Montréal
  13. 13. What do Organizations use Social Media for? • Market Research – Social Media Monitoring • Attract visitors • Convert visitors into customers • Retain – Maintain and develop relationshipsRBC Financial Group Chair of e-Commerce 13HEC Montréal
  14. 14. Social Media Monitoring “Social media measurement refers to the tracking of various social media content such as blogs, wikis, micro-blogs, social networking sites, video/photo sharing websites, forums, message boards, and user- generated content in general as a way for marketers to determine the volume and sentiment around a brand or topic in social media.” (Li et Bernoff 2008)RBC Financial Group Chair of e-Commerce 14HEC Montréal
  15. 15. 15
  16. 16. AttractRBC Financial Group Chair of e-Commerce 16HEC Montréal
  17. 17. ConvertRBC Financial Group Chair of e-Commerce 17HEC Montréal
  18. 18. RetainRBC Financial Group Chair of e-Commerce 18HEC Montréal
  19. 19. SOCIAL MEDIA STRATEGICROADMAP 19
  20. 20. Roadmap • Objectives – Attract, convert, retain, or market research – Whom (target)? • Potential, current students, • Alumni, donors, • Employers, community, etc. • Strategy – What (content)? – By whom (employees, students, faculty), – With what (tools)? – When (frequency, duration, etc.)? • Execution • Control – What (metrics)? – When?RBC Financial Group Chair of e-Commerce 20HEC Montréal
  21. 21. CONCLUSION 21
  22. 22. Conclusion • Most business schools’ stakeholders are internet savvy and social media users (students, faculty, business community, etc.). • To satisfy the needs of these empowered users, a well defined and comprehensive social media strategy is becoming essential.RBC Financial Group Chair of e-Commerce 22HEC Montréal
  23. 23. Tank you!sylvain.senecal@hec.ca www.chairerbc.com 23

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