Reasons for a social media audit - 90:10 Group

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Questions for business:

-How much is your business, as a whole, spending on social media related activity?
-What innovations is it hoping to achieve?
-And what is the return on investment?

If you don’t know the answers to these vital questions you are in need of a Social Media Audit. We can help.

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Reasons for a social media audit - 90:10 Group

  1. 1. Social Media Business Audit Ensuring social business is efficient business Your Social Media Partner
  2. 2. <ul><li>Introduction </li></ul><ul><li>Social Media Landscape </li></ul><ul><li>Solution: Social Media Audit </li></ul>
  3. 3. We are.. <ul><li>We are a global network of leading social media specialists. </li></ul><ul><li>Our backgrounds are Marketing, PR, Research, Brand Planning, Business Consultancy & Web Development </li></ul><ul><li>We help departments or whole-businesses locally or internationally adapt and win in social media </li></ul>We are a crowd of European multi-lingual, multi-national researchers, planners, brand strategists, web developers and management consultants. All with a specialist knowledge in social media. Because of this we understand the implications of social media on business; its departments, functions and 3 rd part suppliers
  4. 4. Brands Agency ? People we have worked with
  5. 5. We believe in Open Business <ul><li>We believe there are positive gains to opening your business at the appropriate points to the consumer via social media </li></ul><ul><li>We believe in it because it can lead to deep customer insights, innovations and improved efficiencies. This means financial benefits get passed on to the client and there is less waste all around. </li></ul><ul><li>It’s this love of efficiency which has led us to discover that a number of the world’s large companies, in their enthusiasm to explore and adopt social media across their various departments, have done so in a wasteful and inefficient manner. </li></ul><ul><li>We help businesses as a whole understand the value of their activity to date, the waste and how to do it more efficiently and effectively. </li></ul>
  6. 6. <ul><li>Wasteful Social Media </li></ul><ul><li>Many companies are wasting hundreds and thousands on social media through uncoordinated ‘bubble up innovation’ </li></ul><ul><li>How much is your business, as a whole, spending on social media-related activity? </li></ul><ul><li>What innovations is it hoping to achieve? </li></ul><ul><li>What is the return on investment? </li></ul><ul><li>Are your agencies delivering? </li></ul><ul><li>As spend in digital peer-to-peer environments rise it’s time to take control – to get serious and efficient </li></ul>
  7. 7. Are you clear about your social media (ROI) Return on Innovation? Neutralisation - of competitive advantage providing a contextual return on innovation Differentiation – provides you with your core / primary vector of differentiation Optimisation – how has the innovation improved productivity allowing for operational excellence to be communicated Failed Attempts – turn them to your advantage by measuring and understanding leading to return in learnings and savings Waste – happens if Differentiation projects don’t go far enough, Neutralization projects go beyond good enough, Unaligned innovation efforts that cancel each other out Waste Optimisation (Productivity) Failed Attempts Neutralisation (Context) Differentiation (Core)
  8. 8. <ul><li>Introduction </li></ul><ul><li>Social Media Landscape </li></ul><ul><li>Solution: Social Media Audit </li></ul>
  9. 9. Questions for business: How much is your business, as a whole, spending on social media related activity? What innovations is it hoping to achieve? And what is the return on investment?
  10. 10. Social media usage is experiencing massive growth
  11. 11. January 22, 2010
  12. 12. Not like Dotcom <ul><li>This has become a cultural shift not a technological one </li></ul><ul><li>People can now connect to one another in real-time, globally for little to no cost </li></ul><ul><li>They can publish, host and share their content with no mediation or controls </li></ul><ul><li>They are not going to revert back to a world where they did not have this power </li></ul>
  13. 13. Your money is increasingly following the customer into social media
  14. 15. If these figures are anything to go by it would suggest predictions for increased spend are very modest. Spend is not at all representative of time spent with social media.
  15. 16. The Industry predicts this is going to increase over the next 5 years Social Media & Online PR Report by Econsultancy in association with bigmouthmedia (based on a survey of 1,100 companies and agencies). A new report published by eMarketer, “ Social Network Ad Spending: 2010 Outlook ” documents the major shifts in social network advertising spending that emerged in 2009 and will ultimately unfold in 2010. Research Compiled using:
  16. 17. 86% will spend more money on social media in 2010, and a further 13% are planning to keep the same level of budget. The majority of organisations (62%) are using Twitter for publicising new content. 54% are using the channel for marketing or brand monitoring (47%). In 2009, marketers spent an estimated $2.2 billion to advertise on social networks worldwide, with $1.2 billion spent in the U.S. In 2010, Facebook will account for nearly 25% of all social network ad spending worldwide earning $605 million U.S. social network ad spending will increase 7.1% in 2010 and 7.7% in 2011. Spend on integrated campaigns through social networks and agency fees for creating owned social media assets will top $3 billion by 2014
  17. 18. This is causing resourcing pressures
  18. 19. 54% cited biggest barrier to better social media engagement was a lack of resources 90% say that social media is taking up more time internally than a year ago. This means a growing reliance upon external parties Most companies are planning to invest more in social media next year but are struggling to find the time and resources to manage their activity, according to research published today.
  19. 20. This is not just a Marketing issue
  20. 21. Advertising, however, represents only one facet of an overall integrated marketing program. Engagement is something funded by ‘sweat equity’ human resource and input When companies budget for social media marketing in 2010 and beyond, a substantial portion of their expenses will go toward creating and maintaining a fan page, managing promotions or public relations outreach within a social network, and measuring the impact of a social network presence on brand health and sales. As more marketers incorporate social networks in their business, they will no longer look at them as siloed destinations. Instead, they will look to increase the impact of their social network presence by linking it to other marketing initiatives, both online and offline. 27% of companies are using Twitter as a customer service tool for reacting to issues and inquiries. 25% say they use Twitter as a customer feedback tool.
  21. 22. Most are struggling to find value
  22. 23. The reality is that most businesses understand how to listen, what to measure and where to engage but are struggling to define the value of engagement and reputation in social spaces. Only 25% say that they have gained “real, tangible value” from social media 60% say that they have gained some benefit but nothing concrete.
  23. 24. The social media service industry is relatively new but in part can be matched with the industry that grew around search engines such as Google in 2001.
  24. 25. 8 years on this is how the Search Industry looks Licensing of tools, outsourcing and development of internal teams is all required. Outsourcing accounts for 54% of spend. Search Engine Marketing (SEM) in its early days played on the ignorance of clients and the mystery of its success. This is sadly the case for social media now.
  25. 26. Our Summary <ul><li>The money your business will spend on social media services will go up over the next 5 years but is still well behind being any where near representative of where people spend their time </li></ul><ul><li>When business recognise this shift fully spend in these services will massively increase </li></ul><ul><li>Few companies are getting tangible results from their social media activity either as a department and as a business and are heavily reliant on outsourcing </li></ul><ul><li>This means there is huge need for a coordinated approach to the adoption of social media by businesses as a whole with clear ROI (Return On Innovation) objectives </li></ul>
  26. 27. Questions to ask: How much is your business, as a whole, spending on social media related activity? What innovations is it hoping to achieve? What is the return?
  27. 28. (ROI) Return on Innovation Neutralisation - of competitive advantage providing a contextual return on innovation Differentiation – provides you with your core / primary vector of differentiation Optimisation – how has the innovation improved productivity allowing for operational excellence to be communicated Failed Attempts – turn them to your advantage by measuring and understanding leading to return in learnings and savings Waste – happens if Differentiation projects don’t go far enough, Neutralization projects go beyond good enough, Unaligned innovation efforts that cancel each other out Waste Optimisation (Productivity) Failed Attempts Neutralisation (Context) Differentiation (Core)
  28. 29. <ul><li>Introduction </li></ul><ul><li>Social Media Landscape </li></ul><ul><li>Solution: Social Media Audit </li></ul>
  29. 30. Solution: Social Media Audit <ul><li>We have developed a solution for CEOs and CFOs to address all the issues raised in this research: a Social Media Audit </li></ul><ul><li>In it we provide independent and impartial advice working with your respective agencies and departments to deliver improved efficiencies, effectiveness and innovations </li></ul>
  30. 31. So what are you waiting for? Contact: Jamie Burke CEO 90:10 Group [email_address] Maitland Waters Strategy Director [email_address]

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