Social Media as a Business Opportunity - Lanarkshire Chamber of Commerce Business Fair


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Presentation to Lanarkshire Chamber of Commerce Business Fair - Social Media as a Business Opportunity and as a Business Threat. Social Media offers organisations many opportunities to innovate their business model. If you don't take the opportunity be aware that a competitor might and then threaten your market share

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Social Media as a Business Opportunity - Lanarkshire Chamber of Commerce Business Fair

  1. 1. Social Media Business Opportunity or Business Threat? 01/09/11 Hamilton Contact us +44(0)7717714595 [email_address] twintangibles 2011 social media at work consulting – strategy - research
  2. 2. Which Do You Know?
  3. 4. What is Social Media? <ul><li>“ It is a mindset of sharing, openness, collaboration and communication that is facilitated by technical tools that provide for many to many non mediated exchange” </li></ul>It is increasingly pervasive, it can’t be ignored and it is affecting society, economy and culture
  4. 5. You will have heard this before <ul><li>50% of worlds population under 30 </li></ul><ul><li>96% of millennials have joined social networks </li></ul><ul><li>If it were a country Facebook would be 3 rd largest in the world </li></ul><ul><li>25% of search results link to user generated content </li></ul><ul><li>78% of customers trust peer reviews </li></ul><ul><li>Only 14% trust adverts </li></ul>
  5. 6. Social Media Mindset <ul><li>Democratic </li></ul><ul><li>Inclusive </li></ul><ul><li>Mutuality </li></ul><ul><li>Open </li></ul><ul><li>Reduced barriers to entry </li></ul><ul><li>Expectation of return non traditional </li></ul><ul><li>Challenges convention </li></ul><ul><li>Self regulating and self organising </li></ul><ul><li>Iterative </li></ul><ul><li>Deeply rooted </li></ul>
  6. 7. Tribes Your tribes are assets
  7. 8. Reach
  8. 9. Porters Value Chain
  9. 10. Porters Value Chain Updated
  10. 11. So What? <ul><li>It will affect every organisation differently </li></ul><ul><li>There is no “magic bullet” or single approach </li></ul><ul><li>It gets over sold </li></ul><ul><li>You can’t ignore it </li></ul><ul><li>It’s both an opportunity and a threat </li></ul><ul><li>You probably need advice </li></ul>
  11. 12. What You Once Did Image credit
  12. 13. You Must Now Do Image credit
  13. 14. Because you need to <ul><li>Have conversations and build mutual trust </li></ul>
  14. 15. Social Media As A Threat <ul><li>“ We don’t have a choice on whether we do social media, the question is how well we do it” </li></ul><ul><li>Erik Qualman – Author Socialnomics </li></ul>
  15. 16. Social Media As A Threat <ul><li>“ It is not a question of if you “do” social media it is what social media can “do” to you.” </li></ul>
  16. 17. Porters Value Chain Updated
  17. 18. The Long Tail Products Popularity &quot; We sold more books today that didn't sell at all yesterday than we sold today of all the books that did sell yesterday.&quot; Josh Peterson - Amazon
  18. 19. Keys for success <ul><li>Have a plan </li></ul><ul><li>Be in it for the long term </li></ul><ul><li>Understand why you are doing it </li></ul><ul><li>Marshall your resources </li></ul><ul><li>Listen, listen, listen </li></ul><ul><li>Engage, engage, engage </li></ul><ul><li>Monitor </li></ul>
  19. 20. Action Plan Audit & Evaluate Intent Resource Targets Choose Channels Engage Monitor Listen
  20. 21. So Remember <ul><li>You are not in control </li></ul><ul><li>This is disruptive </li></ul><ul><li>You need to be ready </li></ul><ul><li>You will need to change </li></ul><ul><li>Gardener not engineer </li></ul><ul><li>Remember its inward facing too! </li></ul>
  21. 22. Get Involved 120+ FREE events 19 th - 23 rd September Register from 6 th Sept.
  22. 23. [email_address] @twintangibles social media at work