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Success Factor #2: Establish the Long-Term Vision Articulate a vision for becoming a social business and the value that will be realized internally among stakeholders and externally to customers (and shareholders).
This is an interesting data point. Companies seem to be overconfident in the idea that their social media efforts are connected to business outcomes (or at least the executives fielding the survey) – when you break into the data further, you can see the data points we just reviewed prove the contrary.
Businesses that uncover the gap between business objectives, social media strategies, and internal challenges and opportunities will open dialogue that both closes the gaps and creates alignment.
Be patient because there’s so much to tackle - you can’t do it all at once. Still get started, but always go back to the objectives you’re after. If you lose sight of that, you’ll be wasting time and resources quickly.
Goals are not enough. You need a long-term vision that communicates to all stakeholders why this journey is taking place. This covers future customer, employee, and stakeholder relationships and experiences to come as a result of a social strategy.
ARAMARK VP Consumer Strategies: “Get all stakeholders involved from the beginning, and make them as knowledgeable as possible. Let them take ownership…Remember: It’s a change management challenge as much as anything else.”
Having a c-level sponsor who is ready to take on risk is crucial to success. A lack of this person will create paralysis, especially in a regulated industry where people are careful and afraid.
Less than half of orgs surveyed had a detailed roadmap that extends longer than a year. Absent was: 1) How initiatives created business value; 2) long-term planning on investments; 3) an iterative process to re-evaluate initiativesThe heart of the matter is simple: Prioritize what you will and won’t do.
Most organizations have ad hoc approach to managing social, with most knowledge residing in a small group. Building and socializing clear processes while instilling discipline become key criteria for success. Training must be available AND an organizational priority.
Come to agreement on the governance model before moving on to the strategy and program.
Overtime, it’s crucial to lean away from agency support and develop more mature capabilities in house. These individuals will lead strategy and create internal alignment.
Start with clear roles and responsibilities and a cross-functional team that shares responsibility of leading into the future. Take off the day-to-day hat, and work for the broader good. Define roles clearly to help drive more success.
One executive comments, “There’s a lot of interest in social at our company, but it’s still not a primary driver of business, and its budget is much lower than traditional channels.” Avg social budget for companies up to $1B in revenue is less than 500k a year. CMO Survey reports that social spending represented just 7.4% of marketing budgets in 2012.
Jumping immediately into technology selection and implementation without a strategy, roadmap, or organization in place is ill-advised – you may get stuck with a listening platform or SMMS that doesn’t meet your business requirements at scale.
Success Factor #2: Establish the
The Seven Success Factors of
Social Business Strategy August 15, 2013 | #7socialfactors Charlene Li, Founding Partner and Analyst Brian Solis, Principal Analyst
Download our Open Research at
altimetergroup.com/research Available for purchase at altimetergroup.com/research/books Today‟s webinar is based on findings and interviews presented in our recent research:
At least 13 different business
units across the enterprise may deploy social media 7.8% 9.4% 10.9% 14.1% 14.8% 16.4% 16.4% 28.9% 35.2% 36.7% 39.8% 65.6% 73.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Market Research Legal Executive IT Customer/User experience Advertising Product development/R&D HR Social Media Digital Customer Support Corporate Communications/PR Marketing "In which of the following departments are there dedicated people (can be less than one FTE) executing social?" Source: Altimeter Group. Social Business Survey, 2012.
Twitter account: Check. YouTube videos:
Yup. Strategic plan: Sure, we‟ve got a content calendar for the next six months. Metrics: Engagement of course, likes, retweets, views. …We‟re all set. 10 Does this sound familiar?
Success Factor #1: Define the
Overall Business Goals Explore how social media strategies create direct or ancillary impact on business objectives. What are you trying to accomplish and how does it communicate value to those who don‟t understand social media.
David Fenech, VP Interactive Marketing
and Creative Services for Kelly Services 14 “Always go back to the objectives you‟re after. If you lose sight of that, you‟ll be wasting time and resources quickly.”
Write down your top
five strategic goals. Identify how you would measure progress or attainment of these business goals now. Brainstorm a few social business initiatives that could potentially support that business goal Identify metrics that connect social business metrics to the business goal metrics. Exercise: Connect Social Goals to Organizational Goals
Success Factor #2: Establish the
Long-Term Vision Articulate a vision for becoming a social business and the value that will be realized internally among stakeholders and externally to customers (and shareholders).
“To humanize the company by
connecting constituents with Ford employees and with each other when possible, providing value in the process.” 17 Ford‟s Social Media Vision Statement
Focus on relationships in
the future. Don‟t let today‟s constraints limit you. Define the experience you wish people to have, feel, share. Think of it as a story that you could tell about that relationship. Write a statement that will stand the test of time— and of technology. Do it quickly—your gut reaction is usually right. Keep it short and memorable. 18 Crafting your vision statement
Success Factor #3: Get Executive
Support Social media often exists in its own marketing silo. At some point, it must expand to empower the rest of the business. To scale takes the support of key executives and their interests lie in business value and priorities.
Having a c-level sponsor who
is ready to take on risk is crucial to success. A lack of this person will create paralysis, especially in a regulated industry where people are careful and afraid. Ed Terpening, former VP Social Media Strategy for Wells Fargo 20
Emphasize relationships and outcomes,
not social media channels. Use reverse mentoring to increase their practical knowledge of social media. Press for credibility. Connect the dots. Leverage social media as an enabler. Create a sense of urgency. 21 Getting executives on board
Success Factor #4: Define the
Strategy Roadmap and Identify Initiatives Once you have your vision and you‟re in alignment on business goals, you need a plan that helps you bring everything to life. A strategic social business roadmap looks out three years and aligns business goals with social media initiatives across the organization.
Success Factor #5: Establish Governance
and Guidelines Who will take responsibility for social strategy and lead the development of an infrastructure to support it? You‟ll need help. Form a „hub” or CoE to prioritize initiatives, tackle guidelines and processes, and assign roles and responsibilities.
COME TO AN AGREEMENT ON
THE GOVERNANCE MODEL BEFORE MOVING ON TO THE STRATEGY. 26 Jonathan Blank, Manager of Social Media Wellpoint
Most companies organize as Hub
& Spoke, but are moving toward Multiple Hub & Spoke 9.4% 29.1% 35.4% 23.6% 2.4% 2010 2012 Source: Altimeter Group. Social Business Survey, Q4 2012.
Success Factor #6: Secure Staffing,
Resources, and Funding Determine where resources are best applied now and over the next three years. Think scale among agencies but also internally to continually take your strategy and company to the next level. Train staff on vision, purpose, business value creation, and metrics/reporting to ensure a uniform approach as you grow business value and priorities.
“Start with clear roles and
a cross-functional team that shares the responsibility of leading into the future. Take off the day-to-day hat, and work for the broader good.” Renee Brown, SVP Director of Social Media for Wells Fargo
Success Factor #7: Invest in
Technology That Supports Objectives Ignore the shiny object syndrome. Resist significant investments until you better understand how social technology enables or optimizes your strategy.
40 Altimeter Group provides research
and advisory for companies challenged by business disruptions, enabling them to pursue new opportunities and business models. Visit us at http://www.altimetergroup.com or contact firstname.lastname@example.org. ABOUT US