The Seven Success Factors of
Social Business Strategy August 15, 2013 | #7socialfactors Charlene Li, Founding Partner and Analyst Brian Solis, Principal Analyst

1. Webinar hashtag: #7socialfactors 2.
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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:

The deep integration of social
media and social methodologies into the organization to drive business impact. 5 Definition: Social Business Strategy

A successful social business strategy
requires alignment with the strategic business goals of an organization and organizational alignment and support that enables execution of that strategy. Yet… 6

The Social Business Disconnect

26%Companies that approach social media
holistically, with business units operating against an enterprise vision and strategy Source: Altimeter Group. Social Business Survey, Q4 2012.8

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?

The Seven Success Factors of
Social Business Strategy A framework to help you audit your existing strategy

Seven Success Factors of a
Social Business Strategy

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

Cisco launches executive reverse mentoring
program to create executive alignment with social Source: Cisco Cisco Social Media Training, 201322

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

Altimeter‟s Approach to Social Media
Training & Education What you should do What you shouldn‟t do Judgment is needed in between

33 Identify and Prioritize Social
Media Education Practitioners Executives All Employees (Risk Mitigation) All Employees (Advocacy)

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.

Seven Success Factors of a
Social Business Strategy 1 2 3 4 5 6 7

AT THE END OF THE
DAY… …YOU ARE NOT ALONE. These are the steps to drive your customers, employees, and relationships forward in a meaningful way. We can help you.

Altimeter Supports Organizations Throughout Social
Business Maturity 37

© 2013 Altimeter Group Altimeter‟s
Social Business Strategy Process 38 1. Discovery 1A. Stakeholder interviews 1B. Social Readiness Audit 1C. Social Media Policy Review 1C. Opportunity Analysis 1D. Socialgraphics 2. Strategy Development 2A. Vision Statement 2B. Three-year Strategy Roadmap 2C. Metrics Development & Alignment 2D. Identify and Prioritize Initiatives 3. Organizational Development 3A. Organization & Governance Roadmap 3B. Content Strategy Roadmap 3C. Social Data & Analytics Roadmap 3D. Training Program Roadmap 3E. Technology Assessments More info: http://bit.ly/AG-SBS

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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 info@altimetergroup.com. ABOUT US