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ThinkDigital - Social Media at Work
Social media is increasingly prevalent in both personal and professional lives. Over half of UK adults use social networks, and nearly all employees use social media for work. While many organizations block social media access, fewer will do so in the future. Social media allows for new forms of collaboration and value creation through crowdsourcing, crowdfunding, social customer care, and open leadership. Adopting social practices can improve knowledge sharing, problem solving, innovation, and employee engagement. Organizations that embrace social media may see benefits like new products and revenue, better business outcomes, and lower employee turnover.
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ThinkDigital - Social Media at Work
- 1. Social Media atWork Tim Wright @twintangibles Think Digital 2012 #thinkdigital 20th March 2012 Contact us +44(0)7717714595 www.twintangibles.co.uk info@twintangibles.co.uk
- 2. The Contention • Socialtechnologies are here to stay • This changes has profound implications to the way we do business • Change is happening now • This presents opportunities • Those opportunities run much wider than marketing • You should be thinking about it!
- 3. The Change • Theannual British Internet Habits survey showed that in 2011, 57% of over-16s in the UK are using the internet for social networking, as opposed to 43% in 2010. • Using Social Networks • 91% 16-24 year olds • 76% 25-34 year olds • 58% 35-44 year olds • 42% 45-54 year olds • 30% 55-64 year olds • 18% 65+ Office of National Statistics – British Internet Habits
- 4. Corporate Access • 76% of firms surveyed had a corporate social media presence while 95% of employees use social media channels for personal and/or work related activities1 • Fewer than 30 percent of large organizations will block employee access to social media sites by 2014. • The number of organizations blocking access to all social media is dropping by around 10 percent a year.2 Source 1: DLA Piper Knowing your tweet from your trend: keeping pace with social media in the workplace 2011 *250+ employees and revenues of greater than £30m, all carried out during June 2011. Source 2: Gartner http://www.missioncriticalmagazine.com/articles/84775-gartner-says-fewer-than-30-percent-of-large-organizations-will-block-social-media-by-2014
- 5. Being Social “It isa mindset of sharing, openness, collaboration and communication that is facilitated by technical tools that provide for many to many non mediated exchange”
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- 9. Popularity Value The Long Tail Quantity Products
- 10. Expectation of Return Coase’s Penguin – Yochai Benkler “For decades our understanding of economic production has been that individuals order their productive activities in one of two ways: either as employees in firms, following the directions of managers, or as individuals in markets, following price signals. In the past three or four years, public attention has focused on …the emergence of a vibrant, innovative and productive collaboration, whose participants are not organized in firms and do not choose their projects in response to price signals.” Source: http://www.benkler.org/CoasesPenguin.html
- 11. So What? Your Staff, Clients, Customers, Partners and Suppliers will all expect you to be social, use the tools and honour the principles.
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- 15. We will lookat • Crowdsourcing • Crowdfunding • Social Customer Care • Open Leadership
- 16. Social Customer Care •Payback •Marketing •Support •App development Founded 2009 Giffgaff enables members to earn points that can be exchanged for money, which is redeemed in one of three ways: •airtime credit, •as cash which is sent directly to a PayPal account, or as a donation sent to a community-nominated charity, the value of which is matched by Giffgaff. Each point is worth one penny; these are redeemed every six months, on 15 June and 15 December. The first payback was made on 15 June 2010 and on the most recent payback in December 2011 Giffgaff paid out over £700,000 to its customers.
- 17. Crowdfunding “Crowdfunding isa method of raising capital, or resources, by collecting together lots of small amounts from a large number of people generally using the Internet and social media.” •Market testing Kickstarter 2011 •Distributed cognition Launched projects 27,086 •Not just cash •Successful projects 11,836 •Small sums quickly available •$ pledged 99,344,382 •Brand advocates •Expectation of return
- 18. Crowdfunding •Raised £75,000 using Crowdcube •15 per cent equity in the business. •Eighty-two investors each contributed between £10 and £7,500 Founded Sue Acton Initial Funding: Self, Friend and angel funded
- 19. Crowdsourcing “Crowdsourcing isa distributed problem-solving and production process that involves outsourcing tasks to a network of people, also known as the crowd. The difference between crowdsourcing and ordinary outsourcing is that a task or problem is outsourced to an undefined public rather than a specific other body.” •Quicker to market “It is a shift away from subject •Cheaper matter experts and toward subject •More acceptable to market matter networks.” •Draw on distributed cognition Harold Jarche •Emergent and customer driven
- 20. R&D Design Data & Prediction Skills& Recruitment
- 22. Open Leadership GREATER OPENNESS IS INEVITABLE “As your customers and employees become more adept at using social and other emerging technologies, they will push you to be more open, urging you to let go in ways in which you may not be comfortable.” Charlene Li Source: Charlene Li – Open Leadership
- 24. •Creates two-way dialog •Makes business personal Encourage Sharing •Reduces power distance to leaders •Connects globally, person by person •Forms private groups •Identify expertise Capture Knowledge •Avoid duplication and have better coordination •Transfer knowledge •Improve best practices •Solve problems faster and better Enable Action •Bring outsiders in •Streamline processes •Give employees a voice Empower People •Make meaningful contributions and innovations •Increase engagement, satisfaction, and retention Source: “Making the Case For Enterprise Social Networks”. Altimeter Group February 2012
- 25. Outcomes for Deloitte •Wehave developed new products using social media platforms which now drive revenue. •We have made tangible improvements to our business from harnessing the collective wisdom of our people. •We have engaged 4500 people in the process of building a marketing strategy •We have used social media to blitz the competition •Professionals with 10 or more posts on Yammer have an average turnover rate of 2%, compared to a firm-wide average of 15-20%. Source: Social media at Deloitte Participation, communication, transformation May 2010
- 26. Create Transform Disruptors Value Chain Innovators Improve Optimizers Customer Value Proposition Enhance Extend Invent Source: IBM Institute for Business Value analysis, 2012
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