The Little Book of Social Business 2014
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Gramercy Park Consulting's 'Little Book of Social Business' is an educational ebook providing a brief overview of; 'The New Social Landscape', 'What is a Social Business', 'What is Social Business Strategy', 'What are the Benefits of Social Business' and 'What are The 7 Success Factors of Social Business Strategy’? Enjoy the read and feel free to share :-) Contact Gramercy Park Consulting (Simon te Brinke) via email stebrinke@gramercypark.com.au or on Twitter @gramercypark. All quotes, text, trademarks, product names, company names and logos appearing in this booklet are the property of their respective owners.
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The Little Book of Social Business 2014
- 1. The Little Book of ! Social Business.! Gramercy Park Consulting! gramercypark.com.au! @gramercypark!
- 2. Contents! ! ! 3. The New Social Landscape. ! ! 5. What is a Social Business?! ! 7. What is Social Business Strategy?! ! 9. What are the Benefits of Social Business?! ! 16. What are ‘The 7 Success Factors of Social Business Strategy’?! ! 19. Contact Gramercy Park Consulting.! ! ! All quotes, text, trademarks, product names, company names and logos appearing in this booklet are the property of their respective owners.! 2!
- 3. The New Social! Landscape.! Business changes fast…but technology changes faster.! ! Today, the use of social technologies and social tools has moved beyond the domain of the marketing / communications department.! Organisations big and small are seeing significant business benefits through the use of social technologies inside the organisation.! ! Just some of these business benefits include; ! • enhanced employee engagement! • fostering collaboration! • increased innovation! • better knowledge capabilities! • increasing customer response times! • empowering teams! • engaging the right people and…! • increased sales.! ! 3!
- 4. However just like social media strategy, social business strategy isn’t about the technologies, the tools or the channels.! ! A successful social business strategy requires goals aligned with business objectives. It requires a succinct vision with senior executive support. It requires a detailed strategic roadmap with solid governance and guidelines. Plus an organisation will need the financial and human resources support for technology investments and social business initiatives. ! ! Todays new social technology landscape presents a world of innovative and exciting opportunities for those organisations prepared to embrace new ways of thinking, collaborating and working.! ! We hope you enjoy this little educational book about social business and hope it inspires you to embark on a journey outside the traditional boundaries of social media.! ! Exciting times!! ! 4!
- 5. What is a! Social Business?! Wikipedia definition: ‘Organisations that have adopted the social business model utilise social media tools and social networking behavioral standards across functional areas for communicating and engaging with external audiences, including customers, prospective customers, prospective employees, suppliers, and partners.’! 5!
- 6. “By 2015, the 20% of enterprises employing social media beyond marketing will lead their industries in revenue growth.”! ! gartner.com! 6!
- 7. What is ! Social Business! Strategy?! Technology research and advisory experts Altimeter Group (USA) describe ‘Social Business Strategy’ as: “The deep integration of social technology and social methodologies into the organization to drive business impact.”! 7! altimetergroup.com!
- 8. “Too often, companies implement social software without clear business objectives or a strategy for making an impact on organisational performance. These efforts typically fail. ”! ! deloitte.com! 8!
- 9. What are the Benefits of! Social Business?! IBM outlines five primary business functions where social business technologies can help leaders throughout an organisation create a competitive advantage:! ! 1. Human Resources! 2. Marketing! 3. Sales! 4. Customer Service! 5. Product & Service Innovation! ! (Source: IBM Social Business)! 9!
- 10. ! Benefits for Human Resources! ! ! ! Engage the right people:! Source talent by leveraging social networks and connect employees to improve enablement.! ! Motivate and empower: Improve employee engagement, motivation and effectiveness.! ! Foster success: Identify critical issues and address them with speed.! 10! (Source: IBM Social Business)!
- 11. Benefits for Marketing! ! Target more effectively:! Address individuals and build advocacy at every touch point.! ! Drive loyalty: Engage customers in dynamic, personalised experiences to keep them coming back.! ! Build your brand: Help your team execute consistently across all channels and with every engagement.! (Source: IBM Social Business)! 11!
- 12. Benefits for Sales !! Empower your team: Connect sellers with the right experts and information to anticipate and meet clients needs. ! Build relationships: Connect client, transaction and social data so you know your customers better than the competition.! ! Connect with clients:! Engage with clients in new ways through dedicated communities.! 12! (Source: IBM Social Business)!
- 13. ! Benefits for Customer Service! ! Anticipate problems: Listen and analyse customer feedback to understand emerging issues.! ! Respond faster: Find the right information and experts required to address issues as they emerge.! ! Enable self-service: Help clients find the answers they need 24/7.! (Source: IBM Social Business)! 13!
- 14. Benefits for Product & Service Innovation. ! Collaborate beyond borders:! Form global internal communities of interest to tackle common challenges.! ! Unlock innovation: Improve productivity by tapping into the collective intelligence inside and outside the organisation.! ! Break down silos: Share intellectual capital and content with the people who need it.! 14! (Source: IBM Social Business)!
- 15. “A social business is an engaged, transparent and nimble organisation whose culture and systems encourage networks of people to create business value.”! ! ! ! ! @IBMSocialBiz ibm.com/social! ! ! 15!
- 16. What are ‘The 7 Success Factors of Social Business Strategy.’?! 1. Define the Business Goals.! “You can’t align your social strategy with your business objectives if you don’t even know what your objectives are. Define & refine.”! ! 2. Establish Long-term Vision. “If you’re not striving toward the end goal, you’re likely to veer off the path. If you want your team to fully invest in your social strategy - and you need the support of your entire team - you’ll need to communicate your vision with clarity and passion.”! ! 3. Executive Support. “In the early days you may be able to fly under the radar, but at some point, if you want to truly have an impact on the business, you’ll need the backing and support of key executives.”! 16! (Source: Altimeter Group)!
- 17. 4. Strategic Roadmap.! “You already know your business objectives and have a clear vision. But how are you going to get there? Plan out your route, what roads you’ll travel, and what roads you’ll avoid.”! ! 5. Governance & Guidelines. “Who is responsible for executing the social strategy? What’s your process of listening & responding to customers? If you clearly define this process and then stick to it, you’ll spend less time floating along throughout the social sphere and more time strategising your social growth.”! ! 6. Staff, Resources & Funding.! “In the early stages of social growth, you might outsource your social media campaign to an agency, and that’s fine. But you should also be looking down the road and planning to develop internal resources to take your company to the next level as your social prowess – and your business – grows.”! (Source: Altimeter Group)! 17!
- 18. 7. Investment in Technologies. “Resist the temptation to jump on the latest technology bandwagon before you have a long-term strategic plan in place. Hold off on making significant technology investments until you’re equipped with a sound vision and strategic plan.”! ! (Source: Altimeter Group)! “A new Oracle study recently revealed 97% of executives place ‘High Importance’ on becoming a socially enabled ! enterprise.”! ! ! oracle.com/social! 18!
- 19. ! ! ! ! Social Business Strategy. Social Media Strategy. Digital Thinking.! ! Contact:! Simon te Brinke GAICD! Perth, Western Australia. ! E: stebrinke@gramercypark.com.au! Twitter: @gramercypark! LinkedIn: simontebrinke Blog: gramercypark.com.au!